Gujarat based pharma cos propose big ticket investments worth Rs. 3,703.61 crore
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Having approved layout designs for
185 companies, the Gujarat Food and Drug Control Administration (FDCA) has
got proposals of big ticket investments from a total 250 pharmaceutical
companies including MNCs of worth Rs. 3,703.61 crore as part of 9th
Vibrant Gujarat (VG) Summit -2019 to be held from 18 to 22 this month. It
will also translate into total direct employment to an estimated more than
13,000 people.
There was an investment of Rs. 2,558 crore in VG Summit 2015 and an investment of Rs. 2,438.51 crore in VG Summit 2017. VG Summit was conceptualized in 2003 by the then Chief Minister of Gujarat Narendra Modi to re-establish Gujarat as a preferred investment destination within India. This comes at a time, when Gujarat government is also awaiting a favourable policy on bulk drugs and medical devices as the Centre is mulling over to frame an exclusive policy on the same. Today, the summit has evolved into a platform for brainstorming on agendas of global socio-economic development, in addition to being a facilitator for knowledge sharing and forging effective partnerships. The 8th Vibrant Gujarat Global Summit, held in January 2017, witnessed participation from 25,000 plus delegates from 100 plus countries. While US based Amneal Pharmaceutical Pvt Ltd has proposed an investment of Rs. 300 crore, Gujarat based MNC Alembic which is one of the oldest companies has also proposed an investment of Rs. 300 crore. Pune based Emcure Pharmaceuticals which has got plant design approvals for its facility at Sanand has proposed to invest Rs. 175 crore and Dishman Carbogen Amcis Ltd has proposed to invest RRs. 150 crore. Elysium Pharmaceuticals Ltd has proposed an investment of Rs. 150 crore with Corona Remedies Pvt Ltd, Ami Lifesciences Pvt Ltd and Shivam Petrochem Industries with an investment of Rs. 100 crore each. Japanese company Otsuka Pharmaceutical Company Ltd, MedTech companies like Abbott, Israel based Teva Pharmaceutical Industries Ltd and Baxter will also set up facilities based on the plant design approvals. Other companies to follow suit are Punishka Healthcare Pvt Ltd, which is into injectables proposes to invest Rs. 400 crore for its plant in Ahmedabad among other major ones like Edkem Pharmaceuticals Pvt Ltd to start operations with an investment of RRs. 150 crore among others like Avantika Medex Pvt Ltd, Derek Healthcare, Dewcare Concept Pvt Ltd, Afeel Life Care, Rajkot and Moksh Pharmaceuticals Pvt Ltd, Vadodara. The state has witnessed a surge in interest from both foreign and domestic big players in commissioning plants of APIs, formulations and medical devices since July 2015 after the introduction of goods and services tax (GST). In a major boost to the domestic pharmaceutical industry, a large number of pharmaceutical companies have got approvals for their plant layout designs which had to shut down their production facilities in the northern part of the country in the event of expiry of tax holidays granted during 2001-02. It is also easier and timely for the pharma companies to start their operations smoothly without much hiccups as Gujarat government has revised its time line for grant of manufacturing licenses to 60 days from the earlier stipulated time line of 120 days. Revision of timeliness for grant of manufacturing licenses has been a major initiative of the government as part of Pharma Vision 2020 under the Right of Citizens to Services for speedy issuance of licenses. |
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