Uttar Pradesh government is formulating the Pharmaceutical Industry Policy-2023, with the aim of establishing the state as a prominent hub for pharmaceutical products in the country. This new policy will be implemented for a period of five years.

During a recent meeting, Chief Minister Yogi Adityanath discussed the necessary modifications to the Pharmaceutical Industry Policy 2018 in order to incorporate proposals received during the UPGIS 2023.

The Chief Minister’s Advisor, GN Singh, stated that the forthcoming policy intends to enhance the pharmaceutical and medical device industry in the state. It seeks to achieve this by promoting local production, encouraging research and development, and improving the accessibility of affordable medicines for citizens.

The policy will concentrate on creating a favorable environment for the growth of the pharmaceutical sector, offering subsidies, incentives, and land to support the industry. It also aims to establish advanced research and development facilities and foster collaborations with academic institutions.

The new policy is being designed to bolster the local economy, addressing the specific requirements of specialized technology, quality control systems, and a conducive ecosystem for the pharmaceutical and medical device sectors.

Under the policy, the Yogi government will provide a 50% interest subsidy for up to seven years on loans obtained from banks for purchasing land to establish industries, with a maximum annual limit of Rs 1 crore. Special emphasis will be placed on Pharma and Medical Device Parks.

The policy’s objective is to identify suitable plots and develop parks for the large-scale manufacturing of allopathic and AYUSH products, medical devices, and key ingredients used in bulk drug manufacturing.

It is noteworthy that the Global Investors Summit-23 in Lucknow attracted investments worth Rs 28,402 crore from 212 companies in the pharmaceutical and medical equipment sectors, which are expected to generate 57,000 new employment opportunities.

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