Venus Remedies receives significant boost with PLI Scheme disbursement
Venus Remedies Ltd, a leading player in India’s generic drug manufacturing sector, has recently been awarded a pivotal disbursement of Rs 7.5 crore under the Central Government’s Production Linked Incentive (PLI) scheme for the financial year 2022-23. This disbursement, which represents 75% of the total incentive due to the company for the year, marks a significant milestone in Venus Remedies’ journey under the PLI scheme, showcasing the government’s support for the pharmaceutical sector’s growth and innovation.
Selected in December 2021 as one of the few pharmaceutical companies to benefit from the PLI scheme, Venus Remedies Ltd has made considerable strides in expanding its manufacturing infrastructure and product portfolio. The company successfully met the government’s stringent investment and sales criteria, qualifying for the scheme as a non-MSME pharmaceutical company in Category C. The received funds are expected to enhance the company’s manufacturing capabilities and support its aim of diversifying into complex generics, aligning with the Atmanirbhar Bharat initiative’s vision for self-reliance and innovation in the pharmaceutical sector.
Saransh Chaudhary, CEO of Venus Medicine Research Centre, expressed his enthusiasm for the achievement, stating, “We are thrilled to receive the first disbursement under the PLI scheme, which emphasises our commitment to driving innovation, creating employment opportunities, and contributing to the country’s economic development. This milestone not only validates our efforts but also propels us to enhance our manufacturing capabilities further and contribute to India’s self-reliance goals.” He highlighted how this accomplishment strengthens Venus Remedies’ position as a significant contributor to advancing healthcare in India through manufacturing excellence and innovative R&D efforts.
The PLI scheme is designed to incentivize eligible companies for incremental sales of pharmaceutical products, encouraging substantial investments in advanced manufacturing infrastructure and technology. With investments exceeding Rs 1.03 lakh crore registered by November 2023, the scheme has played a crucial role in promoting growth and competitiveness across various sectors, including the pharmaceutical industry.
The first disbursement under the PLI scheme to Venus Remedies Ltd signifies a commendable advancement towards enhancing India’s pharmaceutical sector’s capabilities. It underscores the importance of government support in fostering innovation, increasing competitiveness, and achieving self-sufficiency in critical industries like pharmaceuticals. As the scheme continues to gain traction, it is expected to catalyze further development and innovation within the sector, contributing significantly to India’s vision of Atmanirbhar Bharat.