India’s Pharma PLI Outperforms Targets with Record Investments

India’s PLI schemes for pharmaceuticals have attracted investments of Rs 41,943 crore across greenfield and brownfield projects, Parliament was informed on Friday.

The investments have significantly surpassed the initial target of Rs 17,275 crore set for the six-year duration of the scheme, Minister of State for Chemicals and Fertilisers Anupriya Patel said in a written reply in the Lok Sabha.

The scheme has generated total sales worth Rs 3,35,036 crore from 1,988 products, according to a statement by the Ministry of Chemicals and Fertilizers.

This includes exports valued at Rs 2,15,248 crore. The ministry also noted that 726 Active Pharmaceutical Ingredients (APIs), Key Starting Materials (KSMs), and Drug Intermediates (DIs) are now being produced under the scheme, with 191 of these being manufactured in India for the first time.

Sales of these APIs, KSMs, and DIs have resulted in cumulative domestic revenues of Rs 28,067 crore, contributing to reduced import dependence in the sector.

The PLI scheme for pharmaceuticals, approved in 2021, aims to enhance India’s manufacturing capabilities by boosting investment and production. It focuses on incentivising high-value medicines, complex generics, and APIs.

Meanwhile, the PLI scheme for bulk drugs, launched in 2020, targets critical KSMs, DIs, and APIs to reduce reliance on imports from limited sources.

Under the bulk drugs scheme, investments of Rs 4,814 crore have been made in greenfield projects, exceeding the committed Rs 4,329.95 crore over six years.

The scheme has committed a production capacity of 91,077 metric tonnes per annum for 33 products, surpassing the originally planned capacity of 82,270 metric tonnes per annum for 41 products.

Additionally, six new manufacturing units have been set up in Visakhapatnam, Andhra Pradesh, an aspirational district.

With Inputs From IANS