Department of Pharmaceuticals to Provide Financial Aid for MSMEs

New Delhi, Jan 20 (KNN) The Department of Pharmaceuticals has put forth a proposal to extend financial support to Micro, Small, and Medium Enterprises (MSMEs) in their efforts to upgrade facilities and enhance the quality of medicines.

According to Arunish Chawla, Secretary of the Department of Pharmaceuticals, MSMEs can avail financial assistance through the Pharmaceutical Technology Upgradation Assistance Scheme.

Chawla emphasised that this scheme provides a new avenue for MSMEs to receive assistance and obtain the mandatory quality certifications.

He stated "Under a central scheme, which is called Pharmaceutical Technology Upgradation Assistance Scheme, MSMEs can seek financial assistance from the government.”

Chawla further added, "This will open a new window for MSMEs who have an opportunity to get some assistance and be able to get the quality certifications that are now mandatory."

The health and family welfare ministry has mandated good manufacturing practices for pharmaceutical companies.

In a recent notification, the ministry outlined the revised Schedule M rules, covering manufacturing practices and requirements for premises, plant, and equipment related to pharmaceutical products.

The notification includes provisions for an annual product quality review, risk management, and a quality system.

According to the health ministry's directive, drug manufacturers with an annual turnover exceeding Rs 250 crores must comply with the standards within six months, starting from August 1, 2023.

Smaller companies will have a one-year timeframe to meet the requirements, as stated by the minister.

(KNN Bureau)