India unveils new incentive structure to boost growth and innovation

India's Department of Pharmaceuticals introduced the Revamped Pharmaceuticals Technology Upgradation Assistance Scheme aimed at enhancing the technological prowess of the country's pharmaceutical sector to meet global standards.

Notable updates to the scheme include broader eligibility criteria, now encompassing pharmaceutical manufacturing units with a turnover of less than $50 million, in addition to micro, small, and medium enterprises (MSMEs).

The aim is to provide financial assistance to pharmaceutical companies for upgrading their facilities to produce medicines meeting global standards, according to an official statement. Preference will be given to MSMEs, but the scheme will support smaller players in achieving high-quality manufacturing standards.