India plans to set up a nearly Rs 1 lakh crore (US$ 1.3 billion) fund to provide boost to companies to manufacture pharmaceutical ingredients domestically. This move comes after supply chain was disrupted due to the coronavirus pandemic exposed the country’s dependence on China and raised the threat of drug shortages.
The program consists of spending on infrastructure for drug manufacturing centers and financial incentives of up to 20 per cent of incremental sales value over the next eight years, according to a government statement.
Currently, India imports almost 70 per cent of its active pharmaceutical ingredients, the chemicals that make a finished drug work, from China. Hubei province, the epicenter of the coronavirus outbreak has been major source of these ingredients. As the world’s single largest exporter of generic drugs, India is responsible for about 20 per cent of the world’s supply.
Source: IBEF
Image Courtesy: Pharmaceutical Technology
You may also like
-
India’s Electronics Exports to China Surge as Made-in-India Components Enter Chinese Supply Chains
-
India Makes BIS Standards Mandatory for Smartphone Screen Protectors From April 2027
-
Netrasemi Advances Indigenous Edge AI With 12-nm Vision and Surveillance SoC
-
Addverb Expands Beyond Warehouses as Indian Semiconductor Fabs Open New Market for Precision Robotics
-
Integra Robotics Secures Indian Patent for VR-Controlled Remote Robotic Manipulation Technology
