INDIAN PHARMACEUTICAL

INDUSTRY
PLI scheme to help India become
Aatmanirbhar in APIs; boost
investments in high-value generics as
well
JUNE 2021
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Highlights
Click to Provide Feedback
PLI-I scheme focuses on reducing
import dependence for key input
materials; estimated reduction in
imports from China by 25-35%
PLI-I scheme has witnessed upfront
capex commitment of ~Rs. 54 billion by
various players, against PLI distribution
of ~Rs. 60 billion over FY2023-FY2029
period
PLI schemes will enable pharmaceutical industry to reduce reliance on imports and spur
investments in high-value generics
▪ The production linked incentive (PLI) schemes announced by the Government of India (GoI) for key raw
materials such as bulk drugs and formulations with a total incentive outlay of Rs. 210 billion will reduce import
dependence and boost domestic production of high-value products and increase the value addition in exports.
▪ High value-add pharmaceutical products are generally R&D intensive and difficult to manufacture products and
include products such as complex generics, patented products, biologics among others. Further, the GoI
announced the promotion of bulk drug parks scheme with financial outlay of Rs. 30 billion for three select states,
which will provide infrastructure assistance to the API players.
▪ ICRA expects the above measures to strengthen the business profile of R&D-based Indian pharmaceutical
companies and thus an increase in the scale of revenues through foray into production of high value-add
pharmaceutical products along with backward integration for input materials and reduce import dependence.
With entire capex being reimbursed by the GoI in the form of PLI over the period of the scheme, this will lead to
an increase in scale and market share for select Indian pharmaceutical companies while ensuring a steady
domestic supply of key input materials.
PLI-I scheme estimated to reduce import dependence on China by 25%-35%
▪ The Phase-I of PLI scheme (announced in July 2020 and approvals accorded through April 2021) for API players
focuses on reducing increased dependence on imports for four target segments by setting up greenfield plants
with prescribed minimum value addition. The scheme saw healthy participation by industry players with 215
applications for 36 products, against the scheme shortlisted 41 products. A total of 34 products were approved
by the GoI, distributed amongst 49 players.
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Highlights
PLI-II scheme to significantly boost
production of high-value products and
increase the value addition in exports
of formulations/ APIs/ KSMs/ DIs
PLI-II scheme entails staggered capex
and PLI of up to Rs. 150.0 billion. The
capex has to be incurred over FY2022-
2027 period, while incentive will be
distributed over FY2023-FY2028
period.
▪ The total disbursal of incentives under the scheme across categories is expected to be ~Rs. 60 billion over the
next six years (i.e. FY2023-FY2029), against a total capex commitment of ~Rs. 54 billion. With imports from China
being cheaper by ~25%, reimbursement of entire capex will make domestic production of APIs cost competitive
coupled with self sufficiency for key input materials.
▪ As per industry estimates, India imported approximately Rs. 250 billion worth of KSMs, DIs and APIs in FY2020,
with 65-70% of such imports from China. ICRA expects the imports from China to reduce by approximately 25-
35% once such capacities are fully commercialised.
PLI-II scheme will incentivise R&D-based investments in high value formulations products
▪ The PLI-II scheme (announced in February 2021) focuses on production and diversification into high value
pharmaceutical products (formulations/ KSMs/ DIs/ APIs/ Others) with thrust on exports. The PLI scheme covers
R&D expenses incurred for product development as part of the eligible investments in addition to provision to
change the initially committed product mix up to five times during the scheme’s tenure. This will provide much
needed flexibility for R&D-based investments, given the risks associated with successful product
commercialisation.
▪ With total approved outlay of Rs. 150 billion across categories to be disbursed over the FY2023-FY2028 period,
the scheme is expected to generate incremental sales of Rs. 2.94 trillion (including exports of Rs. 1.96 trillion)
over the six-year scheme period.
▪ With domestic formulations and exports (formulations and API) sales of Rs. 1.46 trillion and Rs. 1.78 trillion,
respectively, in FY2021e, this will provide a strong boost to growth prospects of Indian pharmaceutical
companies over the medium term. ICRA expects the scheme to add approximately 15% to the current market
size of the pharma market once fully implemented.
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Overview: PLI-I Scheme for API Manufacturers

Category & product type No. of products approved Committed capex (Rs. bn) % share of total capex Incentive period and rate*

Category-I:
Fermentation 4 37.6 69%
FY2024 to FY2027 - 20%,
FY2028 - 15% and FY2029
- 5%
Category-II: 5 4.2 8%
Fermentation

Category-III: 3 4.4 8%
Chemical

FY2023-FY2028 – 10%

Category-IV: 22 8.1 15%

Chemical

Source: Department of Pharmaceuticals; ICRA research. *Incentive linked to incremental sales compared to base year i.e. FY2020
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Overview: PLI-I Scheme for API Manufacturers

Exhibit: PLI-I scheme capex and incentive Exhibit: API Imports - India

61.0 60.00
60.0
Rs. 250 billion
59.0
58.0
57.0
56.0
65-70%
55.0 54.0
54.0
53.0
52.0
25-35%
51.0
Capex (Rs. billion) PLI (Rs. billion)

Source: Department of Pharmaceuticals; ICRA research

▪ As per industry estimates, currently India imports Rs. 250 billion worth of KSMs/ DIs/ APIs, of which 65-70% are from China. Several products covered under this PLI scheme have
almost 100% procurement dependence on China
▪ The PLI scheme will reimburse up to 110% of the committed capex over the scheme period based on expected sales performance. The largest outlay will be on 4 fermentation
based products (Pen-G, 7-ACA, Erythromycin Thiocynate, Clavulanic Acid), which will garner ~70% of the capex.
▪ Imports from China are expected to reduce by 25-35% coupled with self-reliance on critical APIs/ KSMs/ DIs.
▪ Among the key beneficiaries include Aurobindo Pharma Limited with total committed capex of Rs. 30.1 billion (57% of total scheme capex) spread across three fermentation
products.
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Overview: PLI-II Scheme for Pharmaceutical Companies

Product type Eligible investments Incentive Incentive period & rate*

▪ New Plant & Machinery Total Incentive: Rs. 150.0 billion

Category I:
▪ Plant Building (Excluding Land) GMR: Global Manufacturing Revenues,
Formulations
MI: Minimum Investments
▪ Research & Development
expenses ▪ Group A: Rs. 110 billion; (GMR>Rs. FY2023-FY2026 -10%, FY2027 - 8%
50 billion; MI of Rs. 10 billion) and FY2028 – 6%
▪ Transfer of Technology agreements
Category II:
APIs ▪ Group B: Rs. 22.5 billion; (GMR: Rs.
▪ Product Registration
5-50 billion and MI of Rs. 2.5
billion)

▪ Group C: Rs. 17.5 billion; (GMR<Rs.

Category III: FY2023-FY2026: 5%, FY2027-
5 billion and MI of Rs. 0.5 billion)
Others 4%,FY2028 – 3%

Will generate incremental sales of Rs. 2.94 trillion (of which exports will be Rs. 1.96 trillion) over the scheme period of
FY2023-FY2028; likely to add ~15% to the FY2021e domestic and export pharma market size by FY2028

Source: Department of Pharmaceuticals; ICRA research. *Incentive linked to incremental sales of pharmaceutical goods based on yearly threshold criteria of minimum
cumulative investment and minimum percentage growth in sales 66
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Annexure – Scheme Details

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Annexure: Scheme Details: Production-Linked Incentive Scheme – I
(concluded in April 2021)
Description
Financial incentives shall be given based on sales made by selected manufacturers for 41 products. These 41 products (across four target segments) cover all the identified 53
APIs, for which India is heavily dependent on imports. These 41 identified products include
▪ Fermentation-based KSMs/ DIs – Pen-G, 7-ACA, Erythromycin Thiocynate, Clavulanic Acid
▪ Fermentation-based niche KSMS/ DIs/ APIs – Neomycin, Gentamycin, Betamethasone, Dexamethasone, Prednisolone, Rifampicin, Vitamin B1, Clindamycin Base,
Scope Streptomycin, Tetracycline
▪ Key chemical synthesis-based KSMs/ DIs – 1,1 Cyclohexane Diacetic Acid, 2-Methyl-5Nitro-Imidazole, Dicyandiamide, Para amino phenol
▪ Other chemical synthesis-based KSMs/ DIs/ APIs – Meropenen, Atrovastatin, Olmesartan, Valsartan, Losartan, Levofloxacin, Sulfadiazine, Ciprofloxacin, Ofloxacin,
Norfloxacin, Artesunate, Telmisartan, Aspirin, Diclofenac Sodium, Levetiracetam, Carbidopa, Ritonavir, Lopinavir, Acyclovir, Carbamazepine, Oxcarbazepine, Vitamin B6,
Levodopa
Applicability The scheme is applicable only for greenfield projects
The tenure of the scheme is FY2021-FY2030, with incentives for fermentation-based products over FY2024-FY2029 and chemical synthesis-based products over FY2023-FY2028
Tenure
period
Financial incentive under the scheme shall be provided on sales of above-mentioned 41 identified products for six years at the rates given below:
Quantum of incentive ▪ For fermentation-based products, incentive for FY2024 to FY2027 - 20%, incentive for FY2028 - 15% and incentive for FY2029 - 5%
▪ For chemical synthesis-based products, incentive for FY2023 to FY2028 - 10%
Support under the scheme shall be provided only to manufacturers of critical KSMs/ DIs and APIs registered in India. Eligibility shall be subject to threshold investment in
greenfield projects as given below
▪ Fermentation-based 4 KSMs/ DIs – threshold investment of Rs. 4.0 billion
Eligibility ▪ Fermentation-based 10 niche KSMs/ DIs/ APIs – threshold investment of Rs. 0.5 billion
▪ Key chemical synthesis-based 4 KSMs/ DIs – threshold investment of Rs. 0.5 billion
▪ Other 23 chemical synthesis-based KSMs/ DIs/ APIs – threshold investment of Rs. 0.2 billion
The net worth of the applicant (including that of Group companies), as on the date of application, shall not be less than 30% of the committed investment
▪ Fermentation-based 4 KSMs/ DIs - Rs. 37.6 billion
▪ Fermentation-based 5 niche KSMs/ DIs/ APIs – Rs. 4.0 billion
Capex commitment
▪ Key chemical synthesis-based 3 KSMs/ DIs - Rs. 4.4 billion
▪ Other chemical synthesis-based 22 KSMs/ DIs/ APIs – Rs. 8.0 billion
Financial Outlay ▪ Rs. 60.0 billion (against budgetary outlay of Rs. 69.4 billion)

Source: Department of Pharmaceuticals

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Annexure: PLI-I Scheme: Products Approved
Category-I; Approval accorded under PLI Scheme for Promotion of Domestic Manufacturing of critical KSMs/DI/APIs

S.No. Name of approved Applicant Name of Eligible Product Committed Production Capacity (in MT) Committed Investment (in Rs. crores)
1 M/s Aurobindo Pharma Limited (through LyfiusPharmaPvt. Ltd.) Penicillin G 15000 1392
2 M/s Karnataka Antibiotics & Pharmaceuticals Ltd. 1000 275
7 - ACA
3 M/s Aurobindo Pharma Limited (through LyfiusPharmaPvt. Ltd.) 2000 813
4 M/s Aurobindo Pharma Limited (through Qule Pharma Pvt. Ltd.) Erythromycin Thiocyanate (TIOC) 1600 834
5 M/s Kinvan Pvt. Ltd. Clavulanic Acid 300 447

Category -II; Approval accorded under Production Linked Incentive (PLI) Scheme for Promotion of Domestic Manufacturing of critical KSMs/DI/APIs

S.No. Name of approved Applicant Name of Eligible Product Committed Production Capacity (in MT) Committed Investment (in Rs. crores)
1 M/s Natural Biogenex Private Limited Betamethasone 12 31
2 M/s Natural Biogenex Private Limited Dexamethasone 10 26
3 M/s Natural Biogenex Private Limited 15 39
Prednisolone
4 M/s SymbiotecPharmalab Private Limited 15 5
5 M/s Macleods Pharmaceutical Limited 200 198
Vitamin B1
6 M/s Optimus Drugs Private Limited 200 35
7 M/s SudarshanPharma Industries Limited 200 57
Streptomycin
8 M/s Optimus Drugs Private Limited 50 30

Category -III; Approval accorded under Production Linked Incentive (PLI) Scheme for Promotion of Domestic Manufacturing of critical KSMs/DI/APIs

S.No. Name of approved Applicant Name of Eligible Product Committed Production Capacity (in MT) Committed Investment (in Rs. crores)
1 M/s Saraca Laboratories Limited 3000 50
1,1 Cyclohexane Diacetic Acid
2 M/s EmmennarPharma Private Limited 1500 22
(CDA)
3 M/s Hindys Lab Private Limited 3000 38
2-Methyl-5Nitro-Imidazole
4
M/s AartiSpeciality Chemicals Limited (2-MNI) 4000 78
5 M/s Meghmani LLP 13500 55
Para amino phenol
6 M/s Sadhana Nitro Chem Limited* 36000 197

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Annexure: PLI-I Scheme: Products Approved
Category-IV; Approval accorded under Production Linked Incentive (PLI) Scheme for Promotion of Domestic Manufacturing of critical KSMs/DI/APIs

S.No. Name of approved Applicant Name of Eligible Product Committed Production Capacity (in MT) Committed Investment (in Rs. crores)
1 M/s Anasia Lab Private Limited 8 26
Meropenem
2 M/s Rajasthan Antibiotics Limited 48 28
3 M/s Centrient Pharmaceuticals India Private Limited Atorvastatin 180 138
4 M/s Anasia Lab Private Limited 75 27
Olmesartan
5 M/s Andhra Organics Limited 75 31
6 M/s Solana Life Sciences Private Limited Artesunate 40 20
7 M/s RMC Performance Chemicals Private Limited Aspirin 1500 12
8 M/s Surya Remedies Private Limited Ritonavir 20 20
9 M/s Honour Lab Limited Lopinavir 49 31
10 M/s Hindys Lab Private Limited Acyclovir 525 30
11 M/s Dasami Lab Private Limited Carbamazepine 260 30
12 M/s Dasami Labs Private Limited 195 26
Oxcarbazepine
13 M/s Hetero Drugs Limited 195 19
14 M/s Hazelo Lab Private Limited Vitamin B6 70 22
15 Honour Lab Limited Valsartan 300 26.88
16 Anasia Lab Private Limited Losartan 400 29.12
17 Hetero Drugs Limited 230 9.00
18 Chemex Global Levofloxacin 115 20.00
19 Surya Life Sciences Limited 230 20.00
20 Andhra Organics Limited Sulfadiazine 360 38.70
21 Sreepathi Pharmaceuticals Limited Ciprofloxacin 900 16.05
22 Sreepathi Pharmaceuticals Limited 300 16.05
Ofloxacin
23 Global Pharma Healthcare Private Limited 200 16.49
24 Andhra Organics Limited Telmisartan 360 40.00
25 Kreative Actives Private Limited 350 20.74
26 Amoli Organics Private Limited Diclofenac Sodium 175 6.56
27 Vapi Care Pharma Private Limited 525 21.00
28 Honour Lab Limited Levetiracetam 840 31.36
29 Hetero Drugs Limited Carbidopa 16 18.00
30 Hetero Drugs Limited Levodopa 40 18.75

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Annexure: Scheme Details: Production-Linked Incentive Scheme – II (February
2021)
Description
The manufacturers of pharmaceutical goods registered in India will be grouped based on their Global Manufacturing Revenue (GMR)
▪ Group A: Applicants having GMR (FY2020) more than or equal to Rs. 50.0 billion
Scope
▪ Group B: Applicants having GMR (FY2020) between Rs. 5.0 billion and Rs. 50.0 billion
▪ Group C: Applicants having GMR (FY2020) less than Rs. 5.0 billion
The scheme shall cover pharmaceutical goods under three categories as mentioned below:
I) Category 1 - Bio-pharmaceuticals, Complex generic drugs, Patented drugs or drugs nearing patent expiry, Cell based or gene therapy drugs, Orphan drugs, Special empty
capsules like HPMC, Pullulan, enteric etc., Complex excipients, Phyto-pharmaceuticals, Other drugs as approved
Category of goods
II) Category 2 – APIs/ KSMs/ DIs
III) Category 3 - Drugs not covered under Category 1 and Category like repurposed drugs, auto-immune drugs, anti-cancer drugs, anti-diabetic drugs, anti-infective drugs,
cardiovascular drugs, psychotropic drugs and anti-retroviral drugs, in-vitro diagnostic devices, other drugs as approved, other drugs not manufactured in India
Tenure The tenure of the scheme is FY2021-FY2029, with incentives for the period FY2023 to FY2028
The total quantum of capex and incentive (inclusive of administrative expenditure) under the scheme is about Rs. 150.0 billion staggered across scheme period. The incentive
allocation among the Target Groups is as follows:
Quantum of capex and
▪ Group A: Rs. 110.0 billion
incentive
▪ Group B: Rs. 22.5 billion
▪ Group C: Rs. 17.5 billion
▪ The rate of incentive on incremental sales (over base year) of pharmaceutical goods covered under Category 1 & 2 will be 10% for FY2023 to FY2026, 8% for FY2027 and 6%
for FY2028.
▪ The rate of incentive on incremental sales (over base year) for pharmaceutical goods covered under Category 3 will be 5% for FY2023 to FY2026, 4% for FY2027 and 3% for
Rate of Incentive
FY2028.
▪ Maximum yearly cap on incentive as determined at the time of submission. Up to 40% higher incentive allowed for the year (cap of 20% for the total incentive approved)
if funds for the scheme year remain unutilized during the respective year.
▪ The selected participants in the scheme will be eligible for incentives on incremental sales of pharmaceutical goods based on yearly threshold criteria of minimum
cumulative investment and minimum percentage growth in sales (7.0% YoY after first year).
Eligibility for incentive ▪ Minimum Investment over FY2022-2026 period: Category 1: Rs. 10 billion; Category 2: Rs. 2.5 billion; Category 3: Rs. 0.5 billion
▪ Eligible expenses include expense on Plant, Machinery, Utilities, R&D expenses, Product registration, Technology transfer though excludes Land.
▪ Eligible products as per scheme defined list; option to change product mix upto 5 times during scheme period

Source: Department of Pharmaceuticals

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Annexure: Scheme for Promotion of Bulk Drug Parks

GoI approved the ‘Promotion of Bulk Drug Parks’ Scheme on March 20, 2020, notified by the Department of Pharmaceuticals on
July 21, 2020
Description

Financial assistance under the Scheme will be provided for creation of common infrastructure facilities in three Bulk Drug Parks proposed by State
Scope
Governments and selected under the scheme

Common The common facilities provided to individual bulk drug units in the Bulk Drug Park such as central effluent treatment plant, solvent recovery and distillation
Infrastructure plant, steam generation and distribution system, common cooling system and distribution network, common logistics facilities, advance laboratory testing
Facilities centre, emergency response centre, centre of excellence etc.

Tenure of the Scheme The tenure of the scheme is from FY2021 to FY2025

Financial Outlay Total financial outlay of the scheme is Rs. 3,000 crore

Financial assistance to a selected Bulk Drug Park would be 70% of the project cost of common infrastructure facilities. In case of North Eastern States and
Financial Assistance Hilly States (Himachal Pradesh, Uttarakhand, Union Territory of Jammu & Kashmir and Union Territory of Ladakh), financial assistance would be 90% of the
project cost. Maximum assistance under the scheme for one Bulk Drug Park would be limited to Rs. 1000 crore.

Financial assistance under the Scheme will be provided for creation of common infrastructure facilities in three Bulk Drug Parks proposed by State
Scope
Governments and selected under the scheme

Source: Department of Pharmaceuticals, ICRA research

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Annexure – ICRA Rated Entities in Pharmaceutical Sector

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ICRA Rated Entities – Pharmaceuticals Sector
Name of Issuer Long-term Rating Outlook Short-term Rating
Aarti Drugs Limited [ICRA]AA- Stable [ICRA]A1+
Adcock Ingram Limited [ICRA]A+ Stable [ICRA]A1+
Aishwarya Healthcare [ICRA]BBB- Stable
Aishwarya Lifesciences [ICRA]BBB- Stable
Akums Drugs & Pharmaceuticals Limited [ICRA]AA- Stable [ICRA]A1+
Amoli Organics Pvt Ltd [ICRA]A- Stable [ICRA]A2+
Andhra Organics Limited [ICRA]A+ Stable [ICRA]A1+
Ang Lifesciences India Limited [ICRA]BB+ Stable [ICRA]A4+
Anthem Biosciences Pvt. Ltd. [ICRA]A Stable [ICRA]A1
Anuh Pharma Limited [ICRA]BBB+ Positive [ICRA]A2+
Aurigene Discovery Technologies Limited [ICRA]AA Stable
Aurigene Pharmaceutical Services Limited [ICRA]AA+(CE) Stable
Aurore Life Sciences Pvt Ltd [ICRA]BBB+ Stable [ICRA]A2
Aurore Pharmaceuticals Private Limited [ICRA]BBB+ Stable [ICRA]A2
Bal Pharma Limited [ICRA]BB Stable [ICRA]A4
Bharat Biotech International Limited [ICRA]AA- Stable [ICRA]A1+
Bharat Serums and Vaccines Limited [ICRA]A+ Stable [ICRA]A1
Biocon Limited [ICRA]AA+ Stable [ICRA]A1+
Biological E. Limited [ICRA]A+ Stable [ICRA]A1
Bioplus Life Sciences Private Limited [ICRA]A3+
Brawn Laboratories Limited [ICRA]BBB+ Positive [ICRA]A2
Celebrity Biopharma Ltd. [ICRA]BBB- Stable
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ICRA Rated Entities – Pharmaceuticals Sector
Name of Issuer Long-term Rating Outlook Short-term Rating
Century Pharmaceuticals Limited [ICRA]BBB+ Stable [ICRA]A2
Chemiloids Life Sciences Pvt. Ltd. [ICRA]BB+ Stable
Chromachemie Laboratory Private Limited [ICRA]BBB+ Stable [ICRA]A2
Clininvent Research Pvt. Ltd. [ICRA]A Stable [ICRA]A1
Concord Biotech Limited [ICRA]AA- Stable [ICRA]A1+
Covalent Laboratories Private Limited [ICRA]A- Stable [ICRA]A2+
Credo Life Sciences Private Limited [ICRA]BB Positive
Dhanuka Laboratories Limited [ICRA]BBB- Stable [ICRA]A3
Discovery Laboratories Private Limited [ICRA]BB- Stable
Dr. Reddy's Laboratories Ltd. [ICRA]AA+ Stable
East India Pharmaceutical Works Limited [ICRA]BBB- Stable [ICRA]A3
Everest Organics Limited [ICRA]BBB- Stable [ICRA]A3
Gopaldas Visram And Company Limited [ICRA]BBB+ Stable [ICRA]A2
Gufic Biosciences Limited [ICRA]BBB Stable [ICRA]A3+
HealthCaps India Limited [ICRA]BBB+ Stable [ICRA]A2
Hexagon Nutrition (Exports) Private Limited [ICRA]BBB+ Positive [ICRA]A2
Hexagon Nutrition (International) Private Limited [ICRA]BBB+ Positive [ICRA]A2
Hexagon Nutrition Private Limited [ICRA]BBB+ Positive [ICRA]A2
Hikal Limited [ICRA]A Positive [ICRA]A1
Hll Biotech Limited [ICRA]D [ICRA]D
Indoco Remedies Limited [ICRA]A+ Stable [ICRA]A1
Innovassynth Technologies (I) Limited [ICRA]BBB Positive [ICRA]A3+
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ICRA Rated Entities – Pharmaceuticals Sector
Name of Issuer Long-term Rating Outlook Short-term Rating
Intas Pharmaceuticals Limited [ICRA]AA Stable [ICRA]A1+
Jagsonpal Pharmaceuticals Limited [ICRA]BBB- Positive [ICRA]A3
Jodas Expoim Pvt. Ltd [ICRA]BBB- Stable [ICRA]A3
JRS Pharma & Gujarat Microwax Pvt. Ltd. [ICRA]A Stable [ICRA]A1
Kwality Pharmaceuticals Ltd. [ICRA]BBB Stable [ICRA]A3+
Laborate Pharmaceuticals India Limited [ICRA]A+ Stable [ICRA]A1
Lincoln Pharmaceuticals Ltd. [ICRA]A Stable [ICRA]A1
Lupin Limited [ICRA]A1+
Malik Lifesciences Private Limited [ICRA]AA- Stable [ICRA]A1+
Maxcure Nutravedics Ltd. [ICRA]AA- Stable [ICRA]A1+
Medreich Limited [ICRA]A+ Stable [ICRA]A1+
Naari Pharma Pvt. Ltd. [ICRA]BBB-(CE) Negative [ICRA]A3(CE)
Natco Pharma Limited [ICRA]AA Stable [ICRA]A1+
Natural Capsules Limited [ICRA]BBB Stable [ICRA]A3+
Natural Remedies Private Limited [ICRA]A Stable [ICRA]A1
NGL Fine-Chem Limited [ICRA]BBB+ Stable [ICRA]A2
Nosch Labs Private Limited [ICRA]A- Stable [ICRA]A2+
Orbit Lifesciences Private Limited [ICRA]BB Stable [ICRA]A4+
Palamur Biosciences Private Limited [ICRA]BB+ Positive
Pure & Cure Healthcare Private Limited [ICRA]AA- Stable [ICRA]A1+
Raghava Life Sciences Private Limited [ICRA]BB- Stable
Rpg Life Sciences Limited [ICRA]A Stable [ICRA]A1
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ICRA Rated Entities – Pharmaceuticals Sector
Name of Issuer Long-term Rating Outlook Short-term Rating
Safe Parenterals Private Limited [ICRA]B+ Stable
Sainor Laboratories Pvt. Ltd. [ICRA]BBB- Positive [ICRA]A3
Sakar Healthcare Limited [ICRA]BBB Stable [ICRA]A3+
Sapphire Lifesciences Private Limited [ICRA]D
Satya Deeptha Pharmaceuticals Limited [ICRA]BBB Stable [ICRA]A3+
Shodhana Laboratories Limited [ICRA]A- Positive [ICRA]A2+
Sionc Pharmaceuticals Private Limited [ICRA]BB- Stable [ICRA]A4
Sri Krishna Pharmaceuticals Ltd. [ICRA]BBB+ Stable [ICRA]A2
Stelis Biopharma Pvt. Ltd. [ICRA]A+(CE) Stable
Strides Pharma Science Limited [ICRA]A+ Stable [ICRA]A1
Sun Pharma Laboratories Limited [ICRA]A1+
Sun Pharmaceutical Industries Limited [ICRA]AAA Stable [ICRA]A1+
Supriya Lifescience Ltd. [ICRA]BBB+ Stable [ICRA]A2
Syngene International Limited [ICRA]AA+ Stable [ICRA]A1+
Tablets (India) Limited [ICRA]A- Stable [ICRA]A2+
TCG Lifesciences Private Limited [ICRA]A Stable [ICRA]A1
Tenshi Kaizen Private Limited [ICRA]BBB-(CE) Negative
Tenshi Life Sciences Private Limited [ICRA]BBB- Negative [ICRA]A3
Theon Pharmaceuticals Ltd [ICRA]A- Stable [ICRA]A2+
Therapiva Private Limited [ICRA]B- Stable
Torrent Pharmaceuticals Limited [ICRA]AA Stable [ICRA]A1+
Trikona Pharmaceuticals Pvt Ltd [ICRA]B+ Stable
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ICRA Rated Entities – Pharmaceuticals Sector
Name of Issuer Long-term Rating Outlook Short-term Rating
Uma Medicare Limited [ICRA]BBB Stable
Unichem Laboratories Limited [ICRA]A Stable
Vidya Herbs Pvt. Ltd. [ICRA]A- Negative [ICRA]A2+
Vins Bioproducts Limited [ICRA]BBB+ Positive
Virchow Drugs Limited [ICRA]A- Stable [ICRA]A2+
Virchow Laboratories Limited [ICRA]A+ Stable [ICRA]A1+
Virchow Petrochemicals Private Limited [ICRA]A+ Stable
Windlas Biotech Private Limited [ICRA]A Stable [ICRA]A1

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 Contact Details

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Vice President Vice President Vice President

shamsherd@icraindia.com kinjal.shah@icraindia.com gaurav.jain@icraindia.com

+91 95605 55399 +91 93729 22486 +91 90113 83014

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Thank You!

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