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40 drug firms interested in investing Rs. 400 crore in upcoming pharma park in MP
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Laxmi Yadav, Mumbai
August 24 , 2021
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About 40 drug firms have collectively proposed to pump in Rs. 400 crore in the upcoming pharma park on Ujjain-Indore highway which will generate around 2,000 jobs.
The pharma park is likely to see light of the day soon as MSME department is scouting for a land parcel of minimum 50 acres on Ujjain-Indore highway where around 90 per cent of pharmaceutical companies are located.
Acting on the pharma park proposal submitted by Madhya Pradesh Small Scale Drug Manufacturer Association and state unit of Labhu Udyog Bharati, Om Prakash Saklecha, MSME minister instructed the concerned officials to look for land on the highway.
As many as 40 drug companies have evinced interest in investing Rs. 400 crore in the upcoming pharma park, said Amit Chawla, Secretary, MP Small Scale Drug Manufacturers Association.
The upcoming park at highway will help MSMEs and local drug industry grow exponentially. As of now pharma MSMEs are finding Indore financially non-viable to expand base due to skyrocketing real estate prices. On the other hand, there is hardly any MP based unit functioning in special economic zones in the state, said Chawla.
“We have submitted a proposal to the MSME Minister urging him to set up a new pharma pharma on Ujjain-Indore highway. As per our proposal, a well-equipped pharma park can be established on 50-acre of land. Around 90 per cent of pharmaceutical companies are located in Indore, Ujjain, Pithampur. If the proposed pharma park is set up in the suggested area, then it will benefit the industry as they need additional land for expansion. Besides, there are many pharmacy colleges located in this region and it will provide the required technical manpower for the industry and create jobs,” he said.
Once developed, the park will have state of the art infrastructure consisting of a common effluent treatment plant, a training centre, an exhibition hall etc. It will provide ample opportunities to draw in lucrative investments in the pharma sector, said Chawla.
Besides formulation units, the park will have the presence of allied industry and raw material manufacturers. The association feels that the proposed pharma park can lower the cost of production by 20 per cent, resulting in better availability and affordability of drugs in the domestic market.
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