Speaking to reporters in New Delhi, Gowda said Setting up of drug parks and Medical Devices Park will reduce the country’s import dependency significantly. He said Selection of Drugs and Medical Devices Park will be based on cooperative federalism.
Saying he wants to see India a front runner in the Pharma sector, Gowda expressed hope that drugs and medical devices park will attract significant investment and latest technology. Gowda said It will make India a global pharmaceutical hub and give a boost to the country’s economy.
In order to encourage domestic production of critical APIs(Active Pharmaceutical Ingredients)/ KSM(Key Starting Material) and medical devices, Union Cabinet on March 12, 2020 has approved a scheme for development of three bulk drugs and four medical devices parks in which Government of India will give incentive to States with a maximum limit of 1000 Crore rupees per bulk drug park and 100 crore rupees per medical device parks.