Aiming to emerge as a pharmaceutical and medical devices hub in South Asia, Uttar Pradesh has netted private investment proposals of more than Rs 28,000 crore in this fast growing sector.
Even as India’s current pharma market, estimated at $65 billion, is expected to touch $120 billion by 2030, UP accounts for roughly 17 percent of the total sales.
To capitalise on the state’s large market and sales volume, the Yogi Adityanath government is pitching UP in the domestic pharmaceutical and medical devices value chain.
“Over 210 companies have committed to invest Rs 28,500 crore to set up modern pharma and medical devices plants in UP,” a senior government official said.
The composite pharma sector is expected to grow by 38 percent, and generate almost 60,000 jobs going forward.
“These projects will make UP self-reliant and contribute to the state’s economic growth,” he added.
India’s pharma industry is among the top three globally in terms of medicines by volume. The country is the global leader in supplying generic medicines by volume, commanding a robust 20 percent market share.
Meanwhile, the Yogi government has earmarked 2,350 acres for setting up pharma and medical devices parks in Lalitpur, Pilibhit and Gautam Buddha Nagar (Noida) districts.
The proposed projects include a mega pharma park spanning 2,000 acres in Lalitpur under the new UP Pharma Policy 2023. It will be dedicated to bulk drugs, starting/raw materials and active pharmaceuticals.
Another project entails a medical devices park spanning 350 acres in Yamuna Expressway Industrial Development Authority (YEIDA) jurisdiction in Greater Noida. It will house more than 100 medical equipment and devices manufacturing units.
Moreover, YEIDA is developing flatted factories for medical devices firms, a majority of which fall under the purview of the small and medium enterprises.
These companies will manufacture an array of medical devices viz. orthopedic implants, oxygen concentrator, anaesthesia kit, spinal implant, X- ray machine, endoscopic, ICU ventilator, ECG machine, chemotherapy device, radiology device, portable mobile lab, electrolyte analyzer etc.
At the same time, the state is also planning to develop a biotech park in Pilibhit district to aid the state in cutting down on import of fermentation-based goods.
By importing 80 percent of medical devices requirement, India banks upon foreign supplies, particularly high end equipment viz. cancer diagnostics, medical imaging, ultrasonic scans etc.
UP is not only looking to cater the domestic medical market but simultaneously tap the lucrative global export market.