Ahead of the Union Budget 2023-24, the pharmaceutical sector has highlighted the need for a comprehensive research and development policy. R&D in healthcare requires substantial investments over a long period of time.
Recently, the US pharma industry has also urged that India should come out with a R&D policy for its pharmaceutical sector.
“It is time that the government of India comes out with a research and development policy for the pharmaceutical sector,” Karun Rishi, president of USA-India Chamber of Commerce (USAIC) told PTI.
Observing that in the midst of a global downturn, India is a bright spot, Rishi said the budget should focus on growth strategies, increasing public expenditure on healthcare, capacity building, skills development and employment creation.
The pharmaceutical industry is a sunrise sector for India and has been recognised for affordable medicines to many countries.
In 2022, while presenting the budget, finance minister Nirmala Sitharaman highlighted that for R&D in the sunrise opportunities, in addition to efforts of collaboration among academia, industry and public institutions, government contribution will be provided.
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“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 assist sustainable development at scale and modernise the country,” Sitharman had said.
Bayer Pharma’s managing director Manoj Saxena also highlighted that the budget 2023 should have a stronger focus on pharma innovation and dedicated allocation of funds or incentivising research and development will help India to further boost its pharmaceutical industry.
Sudarshan Jain, secretary general, Indian Pharmaceutical Alliance said that the pharmaceutical industry is around $ 50 billion today and aspires to grow to 120 billion-130 billion by 2030 and $450 billion by 2047.
The sector is a science-based and knowledge-driven industry, with scientific advances occurring at a rapid pace.
“The Budget 2023-2024 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry forward. The budget should outline supportive policies, simplified regulations, and simple GST norms to aid in the development of the pharmaceutical industry,” Jain urged.
Saxena also hoped to see increased budgetary allocation to health for programs that aim to prevent and treat non-communicable diseases (NCDs), such as the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases & Stroke.
“The budget can also encourage investment in women’s health and family planning and reproductive health initiatives,” Saxena added.
Measures to facilitate the ease of doing business will increase investment and contribute to the industry’s long-term growth. Jain underlined, adding that in accordance with the ‘Vasudhaiva Kutumbakam‘ principle, the industry is poised to shift from ‘Make in India’ to ‘Discover and Make in India’ (One Earth, One Family, One Future).
Finance minister Nirmala Sitharaman is scheduled to present the Union Budget for the financial year 2023-24 before parliament on February 1.
Among other demands from various quarters of the economy, relief in income tax, rebates in home loans, curtailing inflation are some of the key demands of the middle class in India.
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