Pharma Park in focus: GoUP's vision for Lalitpur district attracts industry leaders

Hyderabad: The Government of Uttar Pradesh (GoUP) announced today that it will organize a 'Pharma Conclave' in Hyderabad on Thursday, January 18, 2024, in collaboration with the Bulk Drug Manufacturers Association of India, Indian Drug Manufacturers Association (IDMA) – TS and AP Chapter, and other associations. The primary objective of the conclave is to attract investments in the healthcare and pharmaceuticals sector in Uttar Pradesh.

GoUP has partnered with industry experts as Brand Ambassadors of the Pharma Sector in Southern India to facilitate investments. The conference aims to enlighten industry stakeholders about the incentives provided through GoUP's Industrial Policy and the Pharmaceutical Policy 2023. Distinguished leaders from the pharmaceutical industry and institutions in Hyderabad will participate in the event.

The focus of the conclave is to shed light on the opportunities in pharmaceutical research and manufacturing, particularly in the upcoming Pharma Park in Lalitpur district and other designated areas. GoUP aims to leverage the event to showcase the state's policy framework, offering single window clearance for regulatory approvals, lucrative incentives like interest and capital subsidies, and stamp duty exemption, creating an ideal environment for pharma parks and individual units.

Shri. Mayur Maheshwari, CEO-UPSIDA, GoUP, highlighted, "The government will seek investments from healthcare and pharmaceutical companies from Hyderabad at the conclave. The conference will demonstrate several measures being taken by GoUP to attract healthcare and pharmaceutical companies to the state."

With a vision to foster pharmaceutical, generic medicines, and medical devices industries, GoUP is establishing an exclusive bulk drug park in Lalitpur district with a substantial investment of Rs. 8,000 crores. The proposed bulk drug park spans 1,472 acres across five villages in the Bundelkhand region.

The UP Pharmaceutical & Medical Device Industry Policy 2023 offers attractive incentives, including a capital subsidy of 15 per cent, 100 per cent electricity duty exemption for a decade, a 50 per cent capital interest loan subsidy for plant & machinery procurement, and various waste management incentives for pharma units. Additionally, the policy provides a 100 per cent stamp duty exemption, incentives for R&D and innovation, and a special package for units in Bulk Drug Parks & Medical Devices Parks.

High-ranking officials from the UP government, including Dr G N Singh, Advisor to Hon’ble Chief Minister, Shri. Abhishek Prakash, CEO, of InvestUP, and Shri Mayur Maheshwari, CEO of UPSIDA, will represent the government at the conclave.

Uttar Pradesh, the country's fourth-largest state and second-largest economy, has positioned itself as an investment-friendly destination, attracting 100 per cent FDI for greenfield projects and 74 per cent for brownfield projects. The state's robust policy framework, coupled with a strong foundation in the healthcare sector, makes it a promising hub for pharmaceutical investments. The Pharma Conclave in Hyderabad is poised to play a pivotal role in further catalyzing growth and investment in the healthcare and pharmaceutical sector in Uttar Pradesh.