While India anticipates the Union Budget 2024, the pharmaceutical industry in India is looking forward to initiatives that will improve their expansion and reinforce India's standing as a global leader. At present, the pharmaceutical industry is experiencing an increasing trend and aiming to reach the target of USD 130 Billion by 2030.
The key expectations are as under
1) Strong Focus on Innovations: research in the areas of cell and gene therapy, new molecular entities, biologics and biosimilars should be promoted.
2) R&D Engine: The industry seeks increased incentives for research and development, such as tax deductions. This may fuel innovation, particularly for diseases prevalent in India.
3) Promoting indigenous manufacturing, and ensuring the affordability and accessibility of medicines will give boost to central government initiative of ‘Vocal for Local’.
4) A streamlined regulatory framework for drug development and approval is very important to get drugs approval quicker, but maintains the high safety standards patients deserve.
5) A revision of the GST on Active Pharmaceutical Ingredients can significantly reduce production costs.
6) An increase in the overall healthcare budget allocation would provide more resources for research, infrastructure development, and potentially higher public drug procurement, benefiting both the industry and patients.
7) Intellectual property protection should be promoted and will incentivise innovation and attract foreign investment in R&D within India.
Abhishek Sinha, Co-founder, HealSpan says "As we approach the Union Budget for 2024, we urge the Finance Minister to prioritize comprehensive healthcare funding and robust support for pharmaceutical innovation. Given the recent global health challenges, it is crucial to strengthen our healthcare infrastructure to withstand future crises and improve accessibility for all citizens"
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