Uttar Pradesh Formulates Pharmaceutical Industry Policy-2023

June 16, 2023

The Government of Uttar Pradesh is taking significant strides to establish the state as a prominent hub for pharmaceutical products in India. With this goal in mind, the state government is preparing the draft of the Pharmaceutical Industry Policy-2023. This policy, set to be implemented for the next five years, aims to boost the local pharmaceutical and medical device industry, foster research and development, and improve the accessibility of affordable medicines for the citizens of Uttar Pradesh.

Objective and Key Focus

The primary objective of the Pharmaceutical Industry Policy-2023 is to promote the overall development of the pharmaceutical sector within the state. By focusing on local production, research and development, and ensuring the availability of cost-effective medicines, the policy aims to create a robust ecosystem for growth and innovation.

Incentives and Support

To propel the growth of the pharmaceutical industry, the policy outlines various incentives and support measures. The government plans to provide subsidies, incentives, and land to encourage the establishment of pharmaceutical companies. Additionally, special attention will be given to the creation of a conducive environment for research and development by collaborating with academic institutions.

Target Sectors and Manufacturing

The Pharmaceutical Industry Policy-2023 places significant emphasis on the pharmaceutical and medical device sectors. It aims to identify plots and develop dedicated parks for bulk manufacturing of allopathic and AYUSH products, medical devices, and essential ingredients used in drug manufacturing. This focus on manufacturing will facilitate the growth of the industry and generate employment opportunities.

Loan Interest and Investment

To attract investment and promote industry development, the government offers a notable incentive in the form of loan interest assistance. Under the policy, the State Government will provide a 50% interest subsidy on loans for land purchases, up to a maximum of seven years. This financial support will aid in establishing pharmaceutical facilities and encourage investors to participate in the growth of the industry.

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