-By ArdorComm News Network
May 26, 2023
Chemicals and Fertilisers Minister Mansukh Mandaviya announced plans to introduce the Product Linked Incentive (PLI) scheme for fundamental chemicals on Friday and urged the pharmaceutical and medical device sector to concentrate on producing high-quality goods at competitive prices to compete globally.
The minister stated that Modi government is “pro-poor, pro-farmers but also industry-friendly” when speaking at an international conference on the pharmaceutical and medical device industries. He also stated that all policies are being developed following extensive talks with the industry and other stakeholders.
Mandaviya emphasised that India is the “pharmacy of the world” and that the sector needs to concentrate on research and developments as well as be aware of global development in order to maintain its position as a leader.
He stated that the sector should be prepared for international competition. Mandaviya stated that in order to succeed in the global marketplace, companies must “bring affordability, and do quality manufacturing.”
“We have to advance our reputation with affordability and quality. Bargaining with quality damages our world-class reputation. I do not want to tolerate that,” he said. He urged industry support for the government’s initiatives to ensure the quality of the pharmaceutical and medical device industries.
“Any negligence in the quality will prove to be detrimental in the global competition,” the minister stated, adding that he does not wish to take harsh measures on the industry.
The government has introduced PLI-I and PLI-II initiatives for this industry, according to Mandaviya, to increase domestic production and exports while also making it more self-sufficient. According to Mandaviya, “in the coming days, we are coming up with PLI scheme for basic chemicals also,” based on the industry’s feedback.
Mandaviya emphasised the need for research and development in this industry and urged MSMEs working in it to make advantage of government facilities that have been made available to everyone. The minister published the National Medical Devices Policy 2023 and its strategy document prior to his speech. Additionally, he established the Medical Devices Export Promotion Council.
The “Assistance to Medical Device Clusters For Common Facilities (AMD-CF)” scheme was also launched by Mandaviya.