Union Budget: Will India’s life sciences sector get the prescription for success?
India Budget: India's life sciences sector, which has demonstrated remarkable resilience and is innovation driven, looks to the government for reforms that will reinforce its momentum and global standing. The Union Budget will be crucial to provided more oxygen for this sector.
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Budget Expectations
The industry's expectations are manifold, with a primary focus on the government's vision of 'Atmanirbhar Bharat' and propelling the sector towards an estimated value of USD 130 billion by 2030. A key ask for the sector is the introduction of incentives to promote investments in R&D and to promote domestic manufacturing of pharmaceutical products in India.
For R&D, the ask of the industry is for reintroduction of 200% tax deduction for R&D spend – atleast related to novel drugs.
Budget plan for better infra
To enhance Active Pharmaceutical Ingredient (API) manufacturing and reduce import dependency, it is essential to develop adequate infrastructure and introduce incentives to attract investors. The government should provide incentives for bulk materials used in API production to optimize the entire manufacturing supply chain within India.
While the PLI scheme aims to boost domestic manufacturing of bulk drugs, research-linked incentive schemes would further promote innovation in the API sector. Further,
