Plan to make Uttar Pradesh a hub of pharma sector
The state government is more than willing to extend all support to the pharmaceutical sector to make UP a hub of pharma industries like Himachal Pradesh and Gujarat.Updated: Jan 06, 2018 17:55 IST
The state government is more than willing to extend all support to the pharmaceutical sector to make UP a hub of pharma industries like Himachal Pradesh and Gujarat.
- Subsidy on interest up to Rs 50 lakh per annum till seven years on loan availed to purchase land in pharma parks.
- Rs 50 crore subsidy on interest on loan availed to construct a building in pharma park.
- On construction of hostel, subsidy of Rs 30 crore on interest generated on loan availed for construction work.
- For purchasing of machines and development of infrastructure, subsidy on interest has been assured by the state government.
- Tax rebate, subsidy on stamp duty and electricity bills.
Tax rebate, subsidy on interest on loan availed to set up pharma industry in proposed pharma parks, plots for setting up units and lower electricity traffic have been finalised for the pharmaceutical sector.
Among all sectors, the pharma sector has been the most neglected in Uttar Pradesh with only few companies having their manufacturing units in the state.
After formulation of the pharma policy, the state government is going to ensure that the forthcoming investors’ summit in February concludes with sizable investment in the pharma sector.
A Mumbai-based pharmaceutical company has already expressed its desire to invest in the state. In the summit, the company could announce its plan to invest in UP.
In the new pharma policy finalised by the state government, several districts have been selected where pharma parks would be set up.
The government has proposed green field pharmaceutical parks in Kanpur, Lakhimpur Kheri, Hardoi, Shahjahapur and Ghaziabad.
These parks would be developed by private developers where medicines and surgical equipment would be manufactured. They would also have research laboratories, diagnostic centres, godowns of pharma companies, common facility centres, hostels and a power station for uninterrupted power supply.
The pharma units coming to Uttar Pradesh would be divided into three formats – mega, large and MSME. The mega units investing more than Rs 100 crore would have to ensure that 75% of their total workforce comprises local people. Large pharma units investing between Rs 10 crore and 100 crore would have to ensure that 50% of their workforce is local.
- The government has also proposed to create a special fund to promote start-ups in the pharma sector. This corpus would also be utilised to fund research in the pharma sector.
Along with manufacturing allopathic medicines, the state government would also promote manufacturing of AYUSH medicines in the proposed pharma parks. Those willing to set up AYUSH units would also get special concessions from the government in terms of allotment of land and other related facilities.
“We are hopeful that the state government will look into specific concerns of the pharma industry. This will encourage pharma industrialists to invest in the state,” said Manish Goel, state president, IIA.