Venus Remedies Ltd, a prominent Indian manufacturer of generic drugs, has achieved a significant milestone by receiving its first disbursement of Rs. 7.5 crore under the Central government’s Production Linked Incentive (PLI) scheme for the financial year 2022-23. This disbursement, which covers 75% of the total incentive due to the company for the year, highlights Venus Remedies’ commitment to driving innovation and fostering product diversification, including the production of complex generics.
Selected as one of the few pharmaceutical companies under the PLI scheme in December 2021, Venus Remedies has since focused on expanding its manufacturing infrastructure and product portfolio to meet the government’s stringent investment and sales criteria. The company, belonging to Category C of non-MSME pharmaceutical companies under the PLI scheme, aims to enhance its manufacturing capabilities and contribute to the vision of Atmanirbhar Bharat.
Saransh Chaudhary, CEO of Venus Medicine Research Centre, expressed his excitement about the achievement, stating, “We are thrilled to receive the first disbursement under the PLI scheme, which emphasizes our commitment to driving innovation, creating employment opportunities, and contributing to the country’s economic development. This milestone validates our efforts and propels us to enhance our manufacturing capabilities further.”
With this accomplishment, Venus Remedies has solidified its position as a significant contributor to India’s pharmaceutical landscape. The company remains dedicated to advancing healthcare through its manufacturing prowess and cutting-edge research and development.
The PLI scheme incentivizes eligible companies for incremental sales of pharmaceutical products, encouraging investment in advanced manufacturing infrastructure and technology. The scheme has garnered significant traction, with over Rs. 1.03 lakh crore in investments registered till November 2023, fostering growth and competitiveness across various sectors.
Venus Remedies’ successful implementation of the PLI scheme underscores its commitment to innovation, quality, and contributing to India’s self-reliance goals in the pharmaceutical sector. As the company continues to expand its capabilities and product offerings, it is poised to make further strides in advancing healthcare and driving economic growth in India.
