Advancing Healthcare, Advancing the Industry with the Production-Linked Incentive Scheme for Pharmaceutical Drugs
The Production-linked Incentive (PLI) schemes are a comprehensive policy initiative implemented by the government of India to boost the manufacturing sector in the country. These schemes offer varying incentives to eligible companies across different sectors, with the goal of attracting domestic and global players to invest and produce in India. The PLI schemes are designed to promote the manufacturing of products that are globally competitive and also to encourage innovation and R&D in the country.
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One of the key features of the PLI schemes is that they offer varying incentives across sectors, and the savings generated from one sector can be allocated to other sectors in order to maximize returns. This flexibility allows the government to respond to changing market conditions and focus on sectors that are critical for economic growth and development.
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The Sectors Currently Covered Under India's PLI Scheme Include:
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Automobiles and auto components: The scheme aims to boost domestic production of automobiles and auto components and reduce dependency on imports.
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Drones and drone components: The scheme aims to promote the development of the domestic drone industry and make India a global hub for the manufacture of drones.
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Advanced chemical cell batteries: The scheme aims to promote the development of a domestic industry for advanced chemical cell batteries and reduce dependence on imports.
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Electronics and IT hardware: The scheme aims to boost domestic production of electronics and IT hardware and reduce dependency on imports.
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Food processing: The scheme aims to promote the development of a domestic food processing industry and make India a global hub for the manufacture of food products.
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Medical devices: The scheme aims to boost domestic production of medical devices and reduce dependency on imports.
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Specialty steel: The scheme aims to promote the development of a domestic specialty steel industry and reduce dependence on imports.
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Pharmaceuticals (PLI Phase 1.0 and PLI Phase 2.0): The scheme aims to boost domestic production of essential drugs, reduce dependency on imports, and promote the country as a global hub for the manufacture of pharmaceuticals.
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White goods: The scheme aims to boost domestic production of white goods, such as refrigerators, washing machines, and air conditioners, and reduce dependency on imports.
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Solar photovoltaic modules: The scheme aims to promote the development of a domestic solar photovoltaic industry and reduce dependence on imports.
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Telecom and networking products: The scheme aims to boost domestic production of telecom and networking products and reduce dependency on imports.
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Textiles and apparels: The scheme aims to promote the development of a domestic textiles and apparel industry and reduce dependence on imports.
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Targeting Pharmaceutical Drugs
The Production Linked Incentive (PLI) scheme for the Indian pharmaceutical industry seeks to increase domestic production of necessary medications, lessen reliance on imports, and promote the nation as a hub for the production of pharmaceuticals on a global scale. In accordance with the plan, the government offers financial incentives to businesses that boost production and hit predetermined performance targets.
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To be qualified for the PLI scheme, companies must manufacture active pharmaceutical ingredients (APIs) and/or finished dosage forms (FDFs) in India. They must also invest in new production facilities and equipment, and meet certain performance targets such as increasing exports and achieving a certain level of localization of the value chain.
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The Scheme Has Several Key Features, Such As:
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Targeting essential drugs: The scheme focuses on the production of essential medicines, which are critical for public health and for which there is a high demand in the domestic and international markets.
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Financial incentives: Companies that meet the performance targets can receive financial incentives, which will be provided as a percentage of the incremental sales of the targeted products over the base year.
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Focus on technology and innovation: The scheme encourages companies to adopt state-of-the-art technology and innovate in areas such as process development and scale-up, quality control, and environmental sustainability.
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Export promotion: The scheme aims to promote exports of pharmaceutical products, and companies that increase their exports will be eligible for additional incentives.
A Win-Win Situation for the Industry
The pharmaceutical drugs industry is a profitable and expanding industry due to the increasing demand for medications and treatments for various health conditions. With an aging population and advancements in technology, the need for new and improved drugs is on the rise.
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One way that the industry can benefit from this growth is through the use of a product-linked incentive scheme. This type of program provides financial incentives to companies that invest in the research and development of new and innovative drugs. This can help to encourage companies to invest more resources into creating new treatments and medications, which can lead to more effective and efficient treatments for patients.
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Additionally, a product-linked incentive scheme can also help to lower costs for patients by providing incentives for companies to produce generic versions of drugs. This can make medications more affordable and accessible for individuals who may not be able to afford the high costs of brand-name drugs.
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A product-linked incentive scheme can help to drive innovation and improve patient outcomes in the pharmaceutical drugs industry. It can also help to lower costs for patients and make treatments more accessible, making it a win-win for all involved.
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Scheme Initiative
In the pharmaceutical sector , the PLI Scheme aims to promote the production of bulk drugs and medical devices in India. The government has set a target of increasing the share of domestic production in the country's total bulk drug consumption from the current level of around 60 percent to 80 percent by 2025.
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Under the PLI Scheme for the pharmaceutical sector, eligible companies will be given a financial incentive of 3-10% on incremental sales (over a base year) of goods manufactured in India for a period of six years. The incentive will be provided for the manufacture of specified bulk drugs and medical devices.
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The scheme is expected to attract investments worth around Rs 15,000 crore in the pharmaceutical sector, and create direct and indirect employment opportunities for around 50,000 people.
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A forward-thinking initiative, the PLI scheme seeks to advance the nation's manufacturing sector, particularly the pharmaceutical industry. The scheme will benefit not only the companies but also the people of India by making essential medicines more affordable and increasing job opportunities.
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