India Pharma Outlook Team | Monday, 01 July 2024
India's Production Linked Incentive (PLI) program has prompted significant investments in the pharmaceutical industry with the intention of strengthening domestic manufacturing and decreasing import dependence, as per the data from the Department of Pharmaceuticals (DoP).
The government stated that the sector attracted Rs. 29,268 crore to diversify the pharmaceutical base and increase production capacities. In May, ventures totalled Rs. 940 crore, denoting a 3.32% expansion from April 2024's Rs. 28,328 crore. May saw a 12.3% increase in production, reaching Rs. 1,61,209 crore, up from Rs. 1,43,553 crore in the previous month.
Employment under the PLI for drugs rised by 20%, reaching 71,763 people in comparison with April's 59,768, with 261 manufacturing locations commissioned by May 2024, the public authority information showed. Investment in the bulk drugs sector increased to Rs. 3,737.33 crore, down from 3,715 crore in April. At Rs, production increased by 10.3%. 1,067.45 crore in May, with business becoming by 19% to 3,565 positions contrasted with 2,994 in April. The fragment presently flaunts 31 authorized projects.
The Medical Devices industry also received Rs. 958.72 crore in investments improving production capacity to Rs. 5,986.56 crore. The sector became a hub for technology and innovation by the establishment of 17 new manufacturing facilities, which employed 5,396 people.
"The success of the PLI scheme extends beyond financial investments, with strategic implications for India's pharmaceutical industry," noted Dr. Vivek Desai, Founder & Managing Director of HOSMAC. "Reducing reliance on medical technology imports and boosting domestic production is vital as we head towards the Union Budget 2024-25,” he said.
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