Favorable Union Budget For Pharma 2023- 2024
The Indian pharmaceutical sector received a positive push as Finance Minister Nirmala Sitharam announced a new program to promote research and innovation in pharmaceuticals that will be taken up through centers of excellence. During her Union Budget 2023-24 speech, she also stated that the government should encourage the industry to invest in research and development in specific priority areas.
Twenty-four top domestic pharmaceutical companies have joined to form the IPA, including Sun Pharma, Dr. Reddy's Laboratories, Aurobindo Pharma, Cipla, Lupin, and Glenmark.
According to Organisation of Pharmaceutical Producers of India (OPPI) Director General Vivek Sehgal, the government must encourage the transition to a discovery-oriented and science-driven approach by offering fiscal incentives and supportive policies for the life sciences sector to truly contribute to the "Atmanirbhar Bharat" vision for India.
Additionally, the government may look into offering incentive programs tied to research for businesses investing in the development of new pharmaceuticals, chemical compounds, or biological entities (NBEs) to fight outbreaks. It may also look into offering a 200 percent weighted deduction for businesses engaging in such R&D. (Research & Development), stated Sehgal.
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