The Union Cabinet has approved Production Linked Incentive (PLI) Scheme for Pharmaceuticals from Financial Year 2020-21 to 2028-29.
The Scheme is expected to benefit domestic manufacturers, help in creating employment and contribute to the availability of wider range of affordable medicines for consumers.
It is expected to promote the production of high-value products in the country and increase the value addition in exports. Total incremental sales of Rs.2,94,000 crore and total incremental exports of Rs.1,96,000 crore are estimated during six years from 2022-23 to 2027-28.
The scheme intends to generate employment for both skilled and unskilled personnel, estimated at 20,000 direct and 80,000 indirect jobs as a result of growth in the sector.
“It is expected to promote innovation for the development of complex and high-tech products including products of emerging therapies and in-vitro diagnostic devices as also self-reliance in important drugs. It is also expected to improve the accessibility and affordability of medical products including orphan drugs to the Indian population. The scheme is also expected to bring in investment of Rs.15,000 crore in the pharma sector.,” informed a release from the Ministry of Chemicals and Fertilizers.