DoP to select financial partner for pharma tech upgrade scheme

The Department of Pharmaceuticals (DoP) will soon initiate the process to select a financial institution for implementing the Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS) for small and medium enterprises.

Expression of interest to select the public sector financial institution will be called shortly, Joint Secretary, DoP, Mr. Navadeep Rinwa said at a Pharmaceuticals Export Promotion Council of India (Pharmexcil) event in Hyderabad recently.

PTUAS seeks to facilitate the enterprises upgrade plant and machinery to World Health Organisation-Good Manufacturing Practices (WHO-GMP) standards, thus enabling them to compete in global markets. At the heart is an interest subvention that will be available to small and medium scale pharma units having GMP compliant manufacturing facilities both for bulk drugs and pharmaceutical formulations. The scheme has got a budgetary allocation of Rs. 144-crore for two years (2018-2020), Mr. Rinwa said presenting the export performance awards instituted by Pharmexcil. Around 250 pharma SMEs are likely to benefit from the scheme. The Department, a part of Union Ministry of Chemicals and Fertilisers, has proposed interest subvention up to 6% per annum for a period of three years. The maximum loan eligible to the SMEs for upgradation will be Rs. 4-crore.