Budget 2023: Big boost to Pharma industry as FM Sitharaman unveils scheme to promote R&D

Promoting research and innovation in pharmaceuticals, Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2023 in the Parliament stated that new programmes will be taken up through various centers of excellence to promote research and innovation in pharmaceuticals. She said the pharma industry will be encouraged to invest in research. It is to mention that pharmaceutical industry has been urging for incentives to promote R&D investments. 

“We shall also encourage industry to invest in research and development,” the Finance Minister said. 

"Dedicated multidisciplinary courses for medical devices will be supported in existing institutions to ensure availability of skilled manpower for future futuristic medical technologies, high end manufacturing and research," she added.

US Pharmaceutical industry’ recommendation accepted 

Prior to the Budget, the US pharmaceutical industry recommended that India release an R&D policy for its pharmaceutical business.

“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 news agency PTI.

“For national security and stabilising the global supply chain, the budget should incentivise R&D and manufacturing, especially enhancing API (active pharma ingredients) manufacturing in India,” Rishi added. 

Speaking about the BioPharma sector, he said that the budget should aim to move up the value chain driven by research and development. "Right policy push can provide India the fuel to become the R&D hub of the world," he said.