The transformative potential of recent government measures aimed at boosting India's pharmaceutical and healthcare businesses is highlighted in a recent analysis conducted by Centrum. This analysis is based on an instructive roadshow that took place over the course of three days and included professionals from the pharmaceutical and healthcare industries.

The Production-Linked Incentive (PLI) plan is a key initiative that aims to improve local manufacturing skills while also strengthening the sector's resilience to foreign shocks. The Bulk Drug Parks project aims to enhance domestic drug production and encourage global and Indian investments in high-value pharmaceuticals and crucial bulk meds. The Promotion of Research and Innovation in Pharma-MedTech (PRIP) plan demonstrates the government's commitment to encouraging innovation and R&D in the sector.

The government has made a major financial commitment to these programs. Each Bulk Drug Park will receive $117.8 million (Rs. 1,000 crore), for a total budget of $353.4 million (Rs. 3,000 crore). Himachal Pradesh, for example, will receive up to 90% financial support for project implementation. These parks aim to reduce production costs, maintain a consistent supply of high-quality raw materials, and boost the industry's competitiveness.

The PRIP scheme in the research and innovation arena is budgeted at $82.5 million (Rs. 700 crore). This plan will create centers of excellence at the National Institute of Pharmaceutical Education and Research (NIPER) and provide milestone-based financing for private sector research projects.  These steps are likely to accelerate advances in pharmaceuticals and medical technology, fostering innovation and global competitiveness.

Another crucial focus is the rapid expansion of the AYUSH sector, which has grown significantly. The market expanded from less than US$ 3 billion (Rs. 25,464 crore) in 2014 to US$ 23.3 billion (Rs. 1,97,770 crore) in 2022, representing a 17% cumulative annual growth rate (CAGR). This growth reflects the growing use of traditional healthcare systems both domestically and globally.

The industry also expect significant growth in the larger healthcare sector, with healthcare spending rising from 1.3% to 3% of GDP. These forward-thinking measures position India to become a global leader in pharmaceutical manufacturing, research, and healthcare delivery.\