Very Positive response from pharmaceutical and medical device industry to PLI Schemes for Bulk Drugs and Medical Devices which closed on 30-11-2020;
Production Linked Incentive(PLI) Scheme for Bulk Drugs and PLI Scheme for Medical Devices have shown a very positive response from the pharmaceutical as well as the medical device industry. The industry has shown a very good response to these schemes whereby 215 applications made by 83 pharmaceutical manufacturers have been received under the PLI Scheme for bulk drugs. Similarly, 28 applications made by 23 medical device manufacturers have been received under the PLI Scheme for medical devices. The closing date of applications was 30.11.2020. IFCI Ltd. is the Project Management Agency (PMA) for implementation of both the schemes.
The appraisal process of the applications will commence from today onwards and a maximum of 136 applications under the PLI scheme for bulk drugs and a maximum of 28 applications under the PLI scheme for medical devices will be approved. The time duration for giving approval to the applicants is 90 days under the PLI scheme for bulk drugs and 60 days under the PLI scheme for medical devices. However, best efforts will be done by the PMA and the Department of Pharmaceuticals to give early approvals to the participants under the scheme.
Looking at the increasing imperative of drug security, support to domestic production capability in bulk drugs would ensure higher resilience of the Indian pharmaceutical industry to external shocks. The PLI scheme for medical devices will help meet the objective of product diversification and production of innovative and high value medical devices in India. These initiatives have the potential to contribute significantly to achieving higher objective of affordable healthcare in the country and globally on a sustained basis.
The PLI Schemes for Bulk Drugs and for Medical Devices was approved by the Government on 20.03.2020. The initial guidelines for implementation of both the schemes which were initially issued on 27.07.2020 were amended based on the feedback received from the industry. These revised guidelines were issued on 29.10.2020. Both the schemes have shown a very encouraging response from the pharmaceutical as well as the medical device industry.
***
RCJ/SS