Venus Remedies Nets INR 7.5 Cr under PLI Scheme

This disbursement will enable Venus Remedies to expand its manufacturing capabilities and venture into complex generics with the help of the disbursement.

Haryana-based pharmaceutical company Venus Remedies has secured its initial disbursement of INR 7.5 Cr under the central government's Production Linked Incentive (PLI) scheme. 

Since its selection as a beneficiary of the PLI scheme in December 2021, Venus Remedies has expanded its manufacturing infrastructure and broadened its range of pharmaceutical offerings. 

As a result of these incentives, the company will be able to increase production capabilities and diversify its product portfolio in fiscal year 2022-23, covering 75% of the total due. 

Additionally, as a Category C participant among non-MSME pharmaceutical firms, Venus Remedies plans to leverage the disbursement towards strengthening its manufacturing prowess and venturing into the production of complex generics.

Sharing insights, Saransh Chaudhary, CEO, Venus Medicine Research Centre, said, "We are thrilled to receive the first disbursement under the PLI scheme. This underscores our dedication to innovation, job creation, and contributing to the nation's economic progress." 

He further emphasized Venus Remedies' intent to capitalize on this momentum to bolster its manufacturing capabilities and support India's self-reliance goals in the pharmaceutical sector.

Government's Push for Self-Reliance

The PLI scheme, designed to incentivize incremental sales of pharmaceutical products, catalyzes investments in advanced manufacturing infrastructure and technology. 

With a notable influx of over INR 1.03 Lakh Cr in investments by November 2023, the scheme has gained traction, fostering growth and competitiveness across various sectors. 

Recently, Union Minister for Chemicals and Fertilizers Mansukh Mandaviya inaugurated 40 new facilities including bulk drug manufacturing plants and medical device manufacturing units, nationwide under this scheme,

In his address, the minister underscored the significance of self-reliance in the pharmaceutical domain, particularly in light of the challenges posed by the COVID-19 pandemic. 

Venus Remedies: Recent Developments

In parallel developments, Venus Remedies strategically realigned its consumer healthcare division, R3SET, to make substantial inroads into the wellness sector. 

Furthermore, the company's foray into international markets, exemplified by the introduction of Bleomycin 15,000 IU Powder for solution for injection/infusion in the United Kingdom and the launch of Elores, a novel antibiotic formulation in Ecuador, South America, as part of efforts to combat multidrug-resistant infections. 

The company also expanded its oncology portfolio in South Eastern Europe, securing 511 marketing approvals for its oncology products across 66 countries, aligning with its vision to enhance global healthcare.

Founded in 1989, the global pharmaceutical company operates in 70 countries with a portfolio of over 500 marketing authorizations from regulated and emerging markets.