Venus Remedies Ltd, one of India’s leading manufacturers of generic drugs, has been awarded its first disbursement of Rs 7.5 crore under the Central government’s Production Linked Incentive (PLI) scheme for the financial year 2022-23, which covers 75% of the total incentive due to the company for the year.
Having been selected as one of the few pharmaceutical companies under the PLI scheme in December 2021, Venus Remedies has since embarked on a journey to amplify its manufacturing infrastructure and expand its product portfolio. The company has met the government’s rigorous investment and sales criteria to qualify for the scheme. Venus Remedies belongs to the Category C of non-MSME pharmaceutical companies chosen under the PLI scheme. The disbursement will bolster the company’s manufacturing capabilities and foster product diversification, including manufacturing of complex generics, in line with the vision of Atmanirbhar Bharat.
Commenting on the achievement, Saransh Chaudhary, CEO, Venus Medicine Research Centre, said, “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 said that with this accomplishment, Venus Remedies has reinforced its position as a significant contributor to India’s pharmaceutical landscape, which remains committed to advancing healthcare through its manufacturing prowess and cutting-edge R&D.
The PLI scheme incentivises eligible companies for incremental sales of pharmaceutical products, thereby encouraging investment in advanced manufacturing infrastructure and technology. With over Rs 1.03 lakh crore in investments registered till November 2023, the PLI scheme has witnessed significant traction, fostering growth and competitiveness across various sectors.