India's PLI Schemes Spark Massive Investment and Self-Reliance in Pharma, Medtech

India's Production-Linked Incentive (PLI) scheme have delivered a significant boost to the country's pharmaceutical and medtech sector, attracting massive investments and sharply reducing reliance on imports for critical components and high-value products. As of June 2026, the PLI scheme for pharmaceuticals alone has drawn over ₹46,744 crore in actual investment, far exceeding its target of ₹17,275 crore, while the bulk drugs scheme has secured ₹5,210.74 crore, surpassing its ₹4,330 crore commitment. This surge reflects a clear success in domestic manufacturing across vital healthcare segments, fostering self-sufficiency and driving job creation. The initiatives, aligned with the 'Make in India' and 'Atmanirbhar Bharat' visions, cover a wide range of products, from critical Active Pharmaceutical Ingredients (APIs) and Key Starting Materials (KSMs) to advanced medical devices like MRI machines and CT scanners. The PLI for bulk drugs has already commissioned 39 projects for 28 APIs/KSMs, enabling domestic production of crucial fermentation-based products such as Penicillin-G, which were previously imported heavily. Similarly, the medical devices PLI has seen 57 unique devices commence production, attracting global manufacturers and driving technology transfer within the country. Looking ahead, India aims to further cement its position as a global manufacturing hub, with projections indicating the pharmaceutical industry could reach USD 83.90 billion by 2029 and the medical device market growing to USD 16 billion in 2026. The focus will now shift to deepening component-level manufacturing, enhancing R&D capabilities, and integrating MSMEs into larger supply chains to sustain this momentum. This strategic shift is not just about economic growth; it's about building resilience in India's healthcare supply chain, reducing vulnerabilities, and ensuring greater access to affordable medicines and medical technology for its citizens.