UP Government Plans to Develop Pharma Industry Through New Policy by 2023

The Uttar Pradesh government is drafting a new policy to develop the state into a hub for pharmaceutical products in India. The Pharmaceutical Industry Policy-2023, which will be valid for five years, aims to encourage local production, research and development, and improve the availability of affordable medicines for citizens. The policy’s objective is to create a strong environment for research and development with state-of-the-art facilities and academic institutions. It will focus on the need for specialized technology, quality control systems, and a specialized ecosystem for the pharmaceutical and medical device sector. The government will provide subsidies, incentives, and land to promote the pharmaceutical industry while also identifying plots to develop parks for bulk manufacturing. The government has announced a 50% interest subsidy for a maximum of seven years on loans for land purchase to industry players, provided it does not exceed Rs 1 crore per year. According to the government, the Global Investors Summit-23 in Lucknow saw Rs 28,402 crore in investment from 212 companies in the pharmaceutical and medical equipment sector, set to create 57,000 new job opportunities. The policy will focus on the establishment of Pharma and Medical Device Parks, as well.