This is being done in order to encourage domestic production of critical APIs (active pharmaceutical ingredients)/ KSM (key starting material) and medical devices, it added.
In addition,the government has also announced, "a production linked incentive (PLI) scheme for promoting domestic manufacturing of key critical starting materials/drug intermediates & APIs and medical devices across the country," the statement said.
Total financial implications of these schemes would be about Rs 13,760 crore, it added.
"The scheme for promotion of bulk drug park is expected to result in incremental production of bulk drugs
worth about Rs 46,400 crore, while scheme for promotion of medical device park will lead to incremental production of medical devices worth about Rs 68,437 crore," the ministry said.
These schemes will also result in significant generation of jobs, it added.
Development of these parks will not only reduce the country's dependence on imports but will also be helpful in making India a major player in global pharma exports, Gowda had earlier said.