AHMEDABAD: Ahead of Vibrant Gujarat Global Summit, the state raked in 230 investment proposals for Rs 15,000 crore. Domestic and multinational pharma companies have sent their investment proposals and detailed project reports (DPR) to the state government. The Food and Drug Control Administration (FDCA) officials said that in the coming months, more proposals are expected.

Gujarat FDCA commissioner H G Koshia said, “Ahead of VGGS, interested companies are submitting their investment proposals online. So far, in the pharmaceuticals sector, we have received 230 such proposals with a total investment intention of Rs 15,000 crore.

The pharma sector is considered a high turnover and low investment sector and therefore Rs 15,000 crore in investment proposals is significantly high. We anticipate that the proposals will continue coming in till January because Gujarat is the pharma hub of the country, accounting for 30% contribution to the country’s pharma industry.”

He added that companies submitting investment intentions are being told to provide DPRs to ensure their proposals are genuine. Several domestic companies are expanding their capacities in the state, while some companies from other states and countries are also planning to set up their manufacturing bases in Gujarat, he said. According to Koshia, the biggest investment proposal has come from P&G, which will set up a pharma plant in Sanand with an investment of Rs 2,200 crore.

According to the FDCA, it approved plans for 139 new allopathic drugs manufacturing units in 2022-23, and the flow of new investments has continued this financial year too. The state now has close to 4,000 allopathic drugs manufacturing units.

A majority of the new units focus on the domestic and export markets and get required regulatory approvals, so Gujarat’s pharma exports are expected to increase significantly in the coming years. The size of the state’s pharma industry is around Rs 1.42 lakh crore, and the Indian Drug Manufacturers’ Association (IDMA) believes that it will reach Rs 2 lakh crore by 2026.

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