Yogi Government Targets Pharma And Medical Device Growth To Power UP’s $1 Trillion Economy Vision

The Yogi Adityanath-led government is set to take a major step towards positioning Uttar Pradesh as a leading pharmaceutical and medical device manufacturing hub in India.

As part of this effort, the state government will organise Pharma Conclave 1.0: Investment Opportunities in Uttar Pradesh on February 3 at Hotel Taj in Lucknow, where several of the country's top pharmaceutical companies are expected to participate.

The conclave is being jointly organised by the Uttar Pradesh Food Safety and Drug Administration and Invest UP. It will be inaugurated by Chief Minister Yogi Adityanath, while Union Health, Family Welfare and Chemicals and Fertilisers Minister Jagat Prakash Nadda will address the gathering via video message.

National and global pharma leaders to attend conclave

Several senior leaders from the pharmaceutical and healthcare sector will be present at the event, along with key members of the Uttar Pradesh government. Deputy Chief Minister Brajesh Pathak, cabinet ministers Nand Gopal Gupta Nandi and Rakesh Sachan, ministers of state Mayankeshwar Sharan Singh and Jaswant Singh Saini, and minister of state with independent charge Daya Shankar Mishra Dayalu will also attend.

Among industry leaders expected at the conclave are Ramco Group chairman and Rajya Sabha MP Ayodhya Rami Reddy, Sun Pharma chairman Dilip Shanghvi, Mankind Pharma chairman Ramesh Juneja, Dr Reddy's chairman Satish Reddy, Zydus Lifesciences chairman Pankaj R. Patel, and Torrent Pharma vice chairman Jinal Mehta. Senior executives from MSN Laboratories, Dabur and Alkem will also participate in various sessions.

Pharma and medical devices key to $1 trillion economy goal

FSDA secretary and commissioner Roshan Jacob said that Chief Minister Yogi Adityanath has set a target of making Uttar Pradesh a $1 trillion economy, with the pharmaceutical and medical device sectors being developed as its backbone.

"Keeping this goal in mind, the state government is continuously working on strengthening infrastructure, policy reforms and creating an investor friendly environment," Jacob said. He added that leading pharma companies from India and abroad would deliberate on investment, manufacturing, research and innovation opportunities in Uttar Pradesh during Pharma Conclave 1.0.

The conclave is being supported by major industry bodies such as the Indian Pharmaceutical Alliance, Indian Drug Manufacturers' Association, Bulk Drug Manufacturers Association of India, Organisation of Pharmaceutical Producers of India and the Federation of Pharma Entrepreneurs.

Incentives and policies driving investor confidence

According to Jacob, the Uttar Pradesh Pharmaceutical and Medical Device Industry Policy 2023 has been implemented to accelerate the state's transformation into a pharma hub. Under this policy, investors are offered capital subsidies of up to 15 percent, 100 percent exemption on stamp duty and complete waiver of electricity duty.

In addition, policies such as the UP FDI and FCI and Fortune Global 500 and Fortune India 500 Investment Promotion Policy 2023, Industrial Investment and Employment Promotion Policy 2022, and Global Capability Centres Policy 2024 are further simplifying investment processes. These initiatives have already led to rapid progress on the proposed bulk drug park in Lalitpur and the medical device park in Greater Noida.

Ease of doing business and strong talent base

Uttar Pradesh has made significant gains in ease of doing business through systems such as Nivesh Mitra, which offers a single window platform from application to project operations. The FSDA is also playing a key role by providing time bound approvals and regulatory support to investors.

The state has a strong talent ecosystem with 81 medical colleges, over 450 pharmacy colleges, and premier institutions such as NIPER Raebareli, KGMU, SGPGI, IIT Kanpur and IIT BHU, ensuring a steady supply of skilled human resources for the pharma and medical device sectors.