Sanjay Vyas, Executive Vice President and Managing Director, Parexel India shares his budget expectations
With the country focusing on Research and Development (R&D) and healthcare with much more tenacity than earlier, expectations towards similar allocation of budget towards these areas is expected for FY24-25. Additionally, continued encouragement of Foreign Direct Investment in the healthcare sector could be sustained in the months and years to come.
With the Indian Pharma sector trying to reach the USD 130 Billion target by 2030, there is a renewed spirit of research in the areas of cell and gene therapy, biologics and biosimilars apart from the already strong generic and vaccine manufacturing sectors of the country. Collectively, the industry is looking forward to the financial budget of 2024-2025 with renewed anticipation specifically about R&D and healthcare focus.
In the upcoming budget, the focus can be inclined towards the establishment of Centres of Excellence, with a focus on encouraging research and innovation in the pharmaceutical sector. The budget can also focus on technological advancements such as Gen AI, where the government can boost investments in AI, identify new research areas for the pharma sectors and additionally promote academia-industry collaboration.
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