Lucknow, June 16: The Uttar Pradesh government is bringing about some major changes in the existing pharma policy to make it simpler and attractive for those companies that had signed MoUs with it during the Global Investors Summit in February 2023 to invest in the state. The idea is to develop Uttar Pradesh as a hub of pharmaceutical products in the country.

The new document, the Pharmaceutical Industry Policy 2023, will replace the existing Pharmaceutical Industry Policy-2018. Chief Minister Yogi Adityanath is learnt to have held a meeting to discuss the changes that have to be brought about in the existing policy to provide more incentives to investors. Global Investors Summit 2023: Development of Uttar Pradesh Necessary To Make India a Five Trillion Dollar Economy, Says Home Minister Amit Shah.

G N Singh, advisor to the chief minister, said as per the new policy, the state government will pay 50 per cent interest for a maximum of seven years on the loan received from a bank for the purchase of land to establish the industry, up to a maximum of Rs 1 crore per year. "Through the policy, the government will identify plots and develop parks for bulk manufacturing of allopathic medicines, AYUSH products, medical devices and key ingredients used in bulk drug manufacturing," said Singh.

The new policy will be applicable for a period of five years from the time of its notification. He said the 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. "It will focus on creating a conducive environment for the development of the pharma sector in the state and providing subsidies, incentives and land to promote the industry," he said. Strong Growth Path; USD 25 Trillion Economy Target Achievable', Say Leading Industrialists in Uttar Pradesh GIS.

Singh said major focus of the policy will be on creating a strong ecosystem for research and development. "For this, the government has proposed setting up state of-the-art facilities and collaborating with academic institutions. The new policy will give a further push to the local economy with its focus on the need for specialised technology, quality control systems and specialised ecosystem for the pharmaceutical and medical device sector," he said.

(The above story first appeared on LatestLY on Jun 16, 2023 04:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).