Karnataka reveals new policy to boost pharmaceutical sector

Karnataka reveals new policy to boost pharmaceutical sectorThe state government of Karnataka has revealed a new pharmaceutical policy that is aimed at promoting the pharmaceutical sector in the state.

The state’s Health and Family Welfare Minister Arvind Limbavali released at a function yesterday, which was also attended by several industry players including Biocon CMD Kiran Mazumdar-Shaw.

Under the new policy, the government is aiming to offer ready-to-use infrastructure for the establishment of pharmaceutical firms at pharmaceutical parks on a cluster basis at various locations across the southern state. The government will also work to provide employable manpower for all levels in the pharmaceutical sector. The policy will cover most segments of the industry including bulk drugs, drugs intermediate, bio-pharmaceuticals and formulations.

“This policy makes Karnataka vibrant in pharmaceutical sector which is bound to create additional employment opportunities for the people of Karnataka through inclusive development approach,” Limbavali said.

The state will also provide support to the firms based in the state through price preference in government tenders. The policy will also enable the government to provide an enhanced facilitation mechanism allowing investors to set up projects easily with lesser transportation cost. The government will also offer additional incentives and concessions to the firms in the sector.