Three Bulk Drug Parks and Four Medical Devices Park to be established in India

On July 13, 2020, the Union Ministry of Chemicals and Fertilizers finalised guidelines to select three bulk drug parks and four medical devices parks.

Highlights

The parks are to be set up at Bhatindia in the state of Punjab. Bhatindia has been selected as it has good connectivity of water and land availability. The state of Punjab already houses well established leading pharmaceutical institutes in the country namely IISER, NIPER, AIIMS, etc. Therefore, the parks being established will develop faster.

About the parks

The park will encourage domestic production of Active Pharmaceutical Ingredients (API) and medical devices. The Government of India is to provide a grant of Rs 1000 crores per bulk drug park and Rs 100 crore per medical device park.

Significance

The GoI in addition has announced Production Linked Incentive Scheme to promote domestic manufacturing of key starting materials, APIs, drug intermediates and medical devices.

The scheme is expected to increase the production of bulk drugs to about Rs 46,400 crores. The promotion of medical device park is expected to increase the production of medical devices to about Rs 68,437 crores.

The schemes will also help in generating significant employment in the country.

Month: Current Affairs - July, 2020