Lucknow, June 16 (KNN) The Uttar Pradesh government is drafting the Pharmaceutical Industry Policy 2023 with the aim to make state a hub of pharmaceutical products, a government official said.

The aim of the policy is to identify plots and develop parks for bulk manufacturing of allopathic, AYUSH products, medical devices and key ingredients used in bulk drug manufacturing.

As per reports, the Pharmaceutical Industry Policy will be valid for next five years.

Chief Minister Yogi Adityanath in a recent meeting discussed the important changes required in the Pharmaceutical Industry Policy 2018 to incorporate proposals received during the UP Global Investors Summit 2023, an official added.

During the Global Investors Summit, the state attracted an investment of Rs 28,402 crore from 212 companies in the pharmaceutical and medical equipment sector and it is expected to create 57,000 jobs.

GN Singh, the chief minister’s Advisor, said, “The new policy aims to improve the state’s pharmaceutical and medical device industry by encouraging local production, promoting research and development, and improving the availability of affordable medicines to citizens.”

“The revised policy will focus on creating a conducive environment for the development of the pharma sector in the state and prove subsidies, incentives and land to promote the pharmaceutical industry,” he said.

Singh said that the government would create a strong ecosystem for research and development by setting up state-of-the-art facilities and collaborating with academic institutions. 

According to the policy, the state government will provide a 50 per cent interest for a maximum of 7 years on the loan received from a bank for the purchase of land to set up the industry, which will not exceed Rs 1 crore per year.  (KNN Bureau)