Even as the domestic pharma sector is estimated to touch $130 billion by 2030, the Yogi Adityanath government in Uttar Pradesh will invest Rs 8,000 crore in the proposed bulk drug park in Lalitpur district.
The mega infra spanning 1,472 acres in the arid Bundelkhand region will boost the state’s vision to pitch itself as a pharmaceutical, generic medicines and medical devices hub in Asia.
The Lalitpur bulk drug park, piloted by UP State Industrial Development Authority (UPSIDA), will witness immediate development of 300 acres.
Earlier, the state government signed 236 memorandum of understanding (MoU) worth Rs 11,000 crore with different companies and consortiums to set up their plants in the pharma domain.
The pharma park is a strategic move by UP towards fostering industrial growth and economic development.
Lalitpur project will be dedicated to bulk drugs, starting/raw materials and active pharmaceuticals under the new UP Pharma Policy 2023. The state has roped in Adani Gas for supplying piped natural gas (PNG) to the park.
Besides, UP has partnered with top scientific institutions such as Council of Scientific and Industrial Research (CSIR) and Defence Research and Development Organisation (DRDO) as knowledge partners for developing generic and low cost medicines.
These partnerships will foster R&D on innovative drugs and medical devices for the diagnosis and treatment of severe and chronic diseases in India and 200 countries.
Under its pharma sector roadmap, the state is targetting to increase its share in India’s pharma industry from 2 percent to 10-12 percent. India is the global leader in generic medicines by volume, commanding a 20 percent market share.
India imports 80 percent of its domestic medical devices needs. UP is aiming to tap this segment by ramping up its manufacturing capacity.
The domestic pharmaceutical industry, valued at $42 billion in 2021, is estimated to touch $130 billion by 2030. Pharma shipments from India are valued at $25 billion while India ranks among the top three globally in terms of producing medicines by volume.