UP Government to Launch New Pharmaceutical Industry Policy-23
The Uttar Pradesh government, led by Chief Minister Yogi Adityanath, is set to introduce a new Pharmaceutical Industry Policy-23 to further promote the state as a hub for the pharmaceutical industry. The new policy will be valid for five years and aims to encourage local production while improving the availability of affordable medicines to the people.
The state government has felt the need for some important changes in the existing policy due to the investment proposals received in the pharma sector in the Uttar Pradesh Global Investors Summit 23. The new policy is expected to attract more investment in the pharma and medical devices sector. The government will provide subsidies, incentives, and land allotment to the pharma industry in the state.
Under the new policy, the government will give a 50% interest subsidy on a bank loan for a maximum of seven years for the purchase of land for setting up industry, which will not be more than Rs. 1 crore per annum. The policy also focuses on creating a conducive environment for research and development by establishing better and state-of-the-art facilities and collaborating with educational institutions.
The new policy is being prepared with the aim of giving maximum boost to the local economy. In which attention is being focused on the need for technology, quality control system, and special ecosystem regarding the pharmaceutical and medical device sector. The policy is expected to create 57,000 new employment opportunities in the state.
Overall, the new pharmaceutical policy is a significant step towards strengthening the pharma industry in Uttar Pradesh, improving the availability of affordable medicines, and creating more job opportunities for the youth.
English Summary:
The Uttar Pradesh government led by Chief Minister Yogi Adityanath is going to introduce a new Pharmaceutical Industry Policy-23 soon to promote the state as a hub for the pharmaceutical industry. The new policy will be valid for five years and aims to encourage local production while improving the availability of affordable medicines to the people. The policy also focuses on creating a conducive environment for research and development by establishing better and state-of-the-art facilities and collaborating with educational institutions. The new policy is expected to create 57,000 new employment opportunities in the state.
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