The industry welcomed the government's move to release guidelines for schemes for development of bulk drug and medical device parks across the country to boost domestic manufacturing.
The objective of the schemes is to make India self-reliant in production of 53 critical active pharmaceutical ingredients (APIs) or key starting materials (KSMs) and in production of medical devices, for which India is crucially dependent upon imports, the government said on Monday.
Industry body Ficci said India should not only aim at becoming self-reliant but also at global exports for bulk drug industry.
"Making India self-sufficient in APIs and KSMs will go a long way in enhancing India's end-to-end pharmaceuticals capabilities and move towards an Atmanirbhar Bharat," FICCI Pharma Committee Chair and Pfizer MD S Sridhar said.
Ficci believes that this is a first step towards what must be a sustained effort to help create a thriving API industry in the country, he added.
"In subsequent phases, we hope to see measures that enable access to easier loans, enhanced taxation benefits, priority issue resolution across ministries and further improvement in access to infrastructure," Sridhar said.
Bulk Drug Park and Production Linked Incentive (PLI) schemes will help India become ''Pharmacy of the World'', Ficci said.
Similarly, the Medical Technology Association of India (MTaI) said it welcomed the announcement of new medical device parks and PLI schemes.
"These schemes are targeted to promote manufacturing of medical devices in India which are competitive in quality as well as cost and help contribute to achieve Atmanirbharta in MedTech," MTaI Chairman and DG Pavan Choudary said.
These are also aimed at attracting global innovators as well as large domestic companies from allied industries to invest in MedTech, he added.
The objective of the schemes is to make India self-reliant in production of 53 critical active pharmaceutical ingredients (APIs) or key starting materials (KSMs) and in production of medical devices, for which India is crucially dependent upon imports, the government said on Monday.
Industry body Ficci said India should not only aim at becoming self-reliant but also at global exports for bulk drug industry.
"Making India self-sufficient in APIs and KSMs will go a long way in enhancing India's end-to-end pharmaceuticals capabilities and move towards an Atmanirbhar Bharat," FICCI Pharma Committee Chair and Pfizer MD S Sridhar said.
Ficci believes that this is a first step towards what must be a sustained effort to help create a thriving API industry in the country, he added.
"In subsequent phases, we hope to see measures that enable access to easier loans, enhanced taxation benefits, priority issue resolution across ministries and further improvement in access to infrastructure," Sridhar said.
Bulk Drug Park and Production Linked Incentive (PLI) schemes will help India become ''Pharmacy of the World'', Ficci said.
Similarly, the Medical Technology Association of India (MTaI) said it welcomed the announcement of new medical device parks and PLI schemes.
"These schemes are targeted to promote manufacturing of medical devices in India which are competitive in quality as well as cost and help contribute to achieve Atmanirbharta in MedTech," MTaI Chairman and DG Pavan Choudary said.
These are also aimed at attracting global innovators as well as large domestic companies from allied industries to invest in MedTech, he added.