Government initiates new scheme to enhance small pharmaceutical units to meet global standards

New Delhi, March 11 (IANS) Department of Pharmaceuticals announced a wider Revamped Pharmaceuticals Technology Upgradation Assistance Scheme to upgrade the technological capabilities of India’s pharmaceutical industry. The scheme covers all units with a turnover of less than Rs 500 crore, aiming to align with global standards.

The revised scheme aims to support the industry’s upgradation to Revised Schedule-M & WHO-GMP standards, enhancing the quality and safety of pharmaceutical products. It includes broadened eligibility criteria, flexible financing options, support for compliance with new standards, dynamic incentive structure, state government scheme integration, and an enhanced verification mechanism.

Reflecting a more inclusive approach, eligibility has been expanded beyond MSMEs to include any unit with a turnover of less than 500 crores. The scheme introduces more flexible financing options, emphasizing subsidies on a reimbursement basis, and supports a broader range of technological upgrades in line with revised standards. Units will be classified into three categories based on turnover for incentives.

The new scheme also allows integration with state government schemes, enabling units to benefit from additional assistance. A robust verification mechanism through a Project Management Agency will ensure transparency and efficient allocation of resources. The initiative aims to support the pharmaceutical industry in their technology upgradation efforts.

Overall, the Revamped Pharmaceuticals Technology Upgradation Assistance Scheme is a significant step towards enhancing the quality and safety standards of pharmaceutical products manufactured in India. It aims to provide comprehensive support for units to upgrade their technological capabilities and align with global standards, ultimately benefiting the entire industry.