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Strengthening Pharmaceuticals Industry

This article will cover detailed information about Strengthening Pharmaceuticals Industry

Why in the News?

Recently, the government launched three schemes to strengthen Micro, Small and Medium Enterprises (MSMEs) in the pharmaceutical sector.

Key Points:

  • The schemes envision
    • Setting up of common research centres
    • Technology upgradation
    • cluster of effluent treatment plants for the pharma MSMEs.
  • Nodal Ministry: Ministry of Chemicals and Fertilizers

The three schemes are:

  • The Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS):
      • It would facilitate pharmaceutical MSMEs with proven track record to upgrade their technology.
  • Assistance to Pharma Industries for Common Facilities Scheme (API-CF):
      • It would increase capability of current pharmaceutical clusters for sustained growth.
      • It allows for financial support of up to 70% of the approved project cost.
  • Pharmaceutical and Medical Devices Promotion and Development Scheme (PMPDS):
    • It would involve preparation of study reports on topics of importance for the Indian pharma and medical device industry.
    • It is aimed at creating a database of pharma and medical device sectors.

Significance:

  • Encourage research and innovation
  • Increase investment
  • Enable the sector to develop futuristic products and ideas.