Ahead of the Union Budget 2023-24, the pharmaceutical sector has highlighted the need for a comprehensive research and development policy. Research and development in healthcare requires substantial investment over a long period of time.
Recently the US pharma industry has also made such a request. India should come out with an R&D strategy for its pharmaceutical sector.
Karun Rishi, president of the USA-India Chamber of Commerce (USAIC), said, “The time has come for the Indian government to come out with a research and development policy for the pharmaceutical sector.”
Noting that amid the global slowdown, India is a bright spot, Rishi said the budget should focus on development strategies, increased public expenditure on health, capacity building, skill development and job creation.
The pharmaceutical industry is a booming sector for India and is known for affordable medicines in many countries.
In 2022, while presenting the budget, Finance Minister Nirmala Sitharaman highlighted that government contribution will be provided for research and development in sunrise opportunities, in addition to collaborative efforts between academia, industry and public institutions.
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Sitharaman had said, “Artificial Intelligence, Geospatial Systems and Drones, Semiconductor and its Ecosystem, Space Economy, Genomics and Pharmaceuticals, Green Energy and Clean Mobility Systems have immense potential to aid sustainable development and modernization of the country at a large scale. “
Bayer Pharma Managing Director Manoj Saxena also highlighted that Budget 2023 should focus more on pharma innovation and dedicated allocation of funds or encouraging research and development will help India to further boost its pharmaceutical industry .
Sudarshan Jain, secretary general of the Indian Pharmaceutical Alliance, said the pharmaceutical industry is around $50 billion today and aspires to grow to $120 billion-130 billion by 2030 and $450 billion by 2047.
This sector is a science-based and knowledge-driven industry, with scientific progress taking place at a rapid pace.
“Budget 2023-2024 should help fuel innovation and R&D, which will set the pace for the pharmaceutical industry to move forward. The budget should outline supportive policies, simplified rules and simplified GST norms to aid the growth of the pharmaceutical industry,” urged Jain.
Saxena expected to see an increase in budgetary allocation for health for programs aimed at preventing and treating non-communicable diseases (NCDs) such as the National Program for the Prevention and Control of Cancer, Diabetes, Heart Disease and Stroke.
“The budget may also encourage investment in women’s health and family planning and reproductive health initiatives,” Saxena said.
Measures to ease the ease of doing business will spur investments and contribute to the long-term growth of the industry. Jain underlined, ‘According toThe whole world is a family‘ principle, the industry is set to shift from ‘Make in India’ to ‘Discover and Make in India’ (One Earth, One Family, One Future).
Finance Minister Nirmala Sitharaman is going to present the Union Budget for the financial year 2023-24 before the Parliament on 1 February.
Income tax relief, home loan waiver, reducing inflation are some of the major demands of the middle class in India, among other demands from various sectors of the economy.
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