Finance Minister Nirmala Sitharaman on Wednesday announced the launch of a new programme to promote research in pharmaceuticals with a view to promoting the growth of the sector. She also said facilities in select ICMR (Indian Council of Medical Research) labs will be made available for research by public and private medical faculties
The domestic pharma industry had demanded that Budget 2023-24 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry.
The Organisation of Pharmaceutical Producers of India had demanded that the government encourage the transition to a discovery-oriented and science-driven approach by offering fiscal incentives and supportive policies in order for the life sciences sector to truly contribute to the vision of Aatmanirbhar Bharat.
Charu Sehgal, Partner, Deloitte India said," The announcement of providing investment and setting up centres of excellence to promote research and development in pharma is much needed and will help India move up the value chain in the life sciences sector."
The focus on providing skilled manpower availability for high-end research and manufacturing in the medical technology sector will help India become more self-reliant and reduce the current high dependence on imports, Sehgal added.