VENUS REMEDIES MAKES THE CUT FOR PLI SCHEME.
Secures approval on the basis of its world-class R&D, growth potential through
cutting-edge technologies, capabilities to penetrate global value chains
Under this scheme, Venus Remedies will make a committed investment in plant
and machinery, get incentives on incremental sales of pharmaceutical products
Mumbai, December 10, 2021: Riding on its outstanding R&D and global manufacturing
capabilities, Venus Remedies Ltd, one of India’s leading research-driven pharmaceutical companies,
has figured among the select pharmaceutical firms in India which have been picked for the
Production-Linked Incentive (PLI) Scheme of the Central government under the Aatmanirbhar
Bharat initiative.
The company, which is entitled to PLI to build on its existing capacities from the financial year (FY)
2022-23 to FY 2027-28, is among the non-MSME pharmaceutical companies which have been granted
approval under the PLI Scheme in Category C involving companies with a manufacturing turnover of
less than Rs 500 crore.
Stating that the company got the approval as a beneficiary of the PLI Scheme on account of
impressive marketing authorisations and dossier wealth in regulated markets, Saransh Chaudhary,
President, Global Critical Care, Venus Remedies Ltd, and CEO, Venus Medicine Research Centre
(VMRC), said, “This is an acknowledgement of our research competencies and manufacturing
abilities. We have secured this approval on the basis of our world-class R&D, potential to grow in
size and scale using cutting-edge technologies and capabilities to penetrate global value chains.”
Chaudhary said that under this scheme, Venus Remedies would make a committed investment in
plant and machinery, and expanding its product portfolio, apart from adding new innovative and
complex generics over the coming years. The company will get incentives on incremental sales of
pharmaceutical products based on yearly threshold criteria of prescribed percentage of growth in
sales on year-on-year basis. The benefits accruing from this incentive will enhance the manufacturing
capabilities of Venus Remedies through increase in both investment and production.
The PLI scheme has the potential to contribute significantly to achieving the larger objective of
ensuring affordable healthcare in India as well as abroad on a sustained basis. It aims to give impetus
to innovation, research and development and widen the product profile of Indian manufacturers. As
many as 278 pharma companies had applied for benefits under three product categories under the
scheme, out of which 55 were finally selected.
About Venus Remedies
Panchkula-based Venus Remedies Ltd (NSE: VENUSREM, BSE: 526953) is among the leading injectable manufacturers in
the world. Having presence in 75 countries with a portfolio of as many products spread over Europe, Australia, Africa,
Asia-Pacific, Commonwealth States, Middle East, Latin America and Caribbean region, the company has nine globally
benchmarked facilities in Panchkula, Baddi and Werne (Germany), apart from 11 overseas marketing offices. Its
manufacturing units are certified for ISO 9001, ISO 14001, ISO 18001 and OHSAS. The company has also been approved
by European-GMP, WHO-GMP and Latin American GMP (INVIMA), among others. Venus Remedies has more than 100
patents, 70 trademarks and 12 copyrights for its innovative research products worldwide.
