Lincoln Pharmaceuticals | ICRA has upgraded company's long term rating to ICRA A and short term rating to ICRA A1
Government on April 13 approved funds to set up 16 manufacturing plants for Active Pharmaceutical Ingredients (API) in the country under the production-linked incentive scheme for active pharmaceutical ingredients.
According to the Chemicals and Fertilisers Ministry, the government will invest Rs 348.70 crore in the setting of these plants which will make the country self-reliant with respect to these bulk drugs. The commercial production of these plants is projected to commence on 1 April 2023.
The government's move comes in the wake of states reporting a shortage of vaccines for COVID-19, at a time when the country is witnessing a resurgence in coronavirus cases. On March 13th the country reported 1,61,736 new cases in the past 24 hours.
The government has given the approval to set up manufacturing plants for active pharmaceutical ingredients including Valsartan, Losartan, Levofloxacin, Sulfadiazine, Ciprofloxacin, Ofloxacin, Telmisartan, Diclofenac Sodium, Levetiracetam, Carbidopa, and Levodopa.
Last month, the government had approved a total of 33 applications with a committed investment of Rs 5,082.65 crore under the Production Linked Incentive scheme for Active Pharmaceutical Ingredients.
Under the production-linked incentive scheme for active pharmaceutical ingredients, the government has received a total of 215 applications have been received for 36 products spread across the four target segments.
Nineteen applications with a committed investment of Rs 4,623.01 crore have already been approved under target segments I, II, and III, the government said in a press release.
Besides, 174 applications were received for 23 products under target segment IV -- other chemical synthesis-based KSMs or drug intermediates or APIs.
79 of them received for 11 eligible products were considered as per the decided evaluation and selection criteria.
Applications of 14 companies that have committed minimum/more than the minimum proposed annual production capacities and fulfill the prescribed criteria have been approved, the ministry said.
The Indian pharmaceutical industry is the 3rd largest in the world by volume. It has a high market presence in several advanced economies such as the US and EU. The industry is well known for its production of affordable medicines, particularly in the generics space. However the country is significantly dependent on the import of basic raw materials, viz., Bulk Drugs that are used to produce medicines. In some specific bulk drugs, the import dependence is 80 to 100 per cent.