Government taking steps to promote pharma sector

Government taking steps to promote pharma sector

 

January 05, 2016: The government is taking several steps to promote the pharma sector including setting up a Rs 500 crore pharma technology upgradation fund which will help in facilitating cheaper loans to entities who would be upgrading their manufacturing facilities.Also the Department of Pharmaceuticals is working on a proposal to set up a venture capital fund with the same corpus that will provide cheaper loans to small and marginal companies who are planning to set up new units.There is also discussion of launching a scheme for giving financial assistance in the form of soft loans or interest subsidies to selected manufacturing facilities.

 

Also on the cards are the establishment of parks for pharma products and medical devices and increase in the number of National Institutes of Pharmaceutical Education and Research (NIPER) to be set up in partnership with private players for drug discovery over the course of the next five years.

 

To give relief to pharmaceutical exporters,dates have been extended for putting the trace and track system on consignments of drug formulations. The date has been extended till April 2016 for non SSI (small scale industry) manufactured drugs and for SSIs till April 2017.The manufacturers or exporters of the drug formulations would be expected to print the barcode as per global standards at different packaging levels including primary, secondary and tertiary to facilitate trace and track of their products. The exercise of barcoding helps in tracing and tracking the origin of the drugs to minimise the chances of genuine medicines being considered spurious, sub-standard or counterfeit.

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