Pharma firm Venus Remedies makes the cut for PLI Scheme

Under this scheme, Venus Remedies will make a committed investment in plant and machinery, get incentives on incremental sales of pharmaceutical products

Venus Remedies Ltd has figured among the select pharmaceutical firms in India which have been picked for the Production-Linked Incentive (PLI) Scheme of the Central government under the Aatmanirbhar Bharat initiative.

The company, which is entitled to PLI to build on its existing capacities FY23-FY28, is among the non-MSME pharmaceutical companies that have been granted approval under the PLI Scheme in Category C involving companies with a manufacturing turnover of less than Rs 500 crore.

Stating that the company got the approval as a beneficiary of the PLI Scheme on account of impressive marketing authorisations and dossier wealth in regulated markets, Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd, and CEO, Venus Medicine Research Centre (VMRC), said, “This is an acknowledgement of our research competencies and manufacturing abilities. We have secured this approval on the basis of our world-class R&D, potential to grow in size and scale using cutting-edge technologies and capabilities to penetrate global value chains.”

Chaudhary said that under this scheme, Venus Remedies would make a committed investment in plant and machinery, and expanding its product portfolio, apart from adding new innovative and complex generics over the coming years. The company will get incentives on incremental sales of pharmaceutical products based on yearly threshold criteria of prescribed percentage of growth in sales on year-on-year basis. The benefits accruing from this incentive will enhance the manufacturing capabilities of Venus Remedies through increase in both investment and production.

The PLI scheme has the potential to contribute significantly to achieving the larger objective of ensuring affordable healthcare in India as well as abroad on a sustained basis. It aims to give impetus to innovation, research and development and widen the product profile of Indian manufacturers. As many as 278 pharma companies had applied for benefits three product categories under the scheme, out of which 55 were finally selected.

Panchkula-based Venus Remedies Ltd is among the leading injectable manufacturers inthe world. Having presence in 75 countries with a portfolio of as many products spread over Europe, Australia, Africa, Asia-Pacific, Commonwealth States, Middle East, Latin America and Caribbean region, the company has nine globally benchmarked facilities in Panchkula, Baddi and Werne (Germany), apart from 11 overseas marketing offices.