‘Create an ecosystem that encourages innovative R&D in the pharma space’

We believe that a decisive mandate for the Modi Government is definitely a welcome outcome. A decisive mandate will create a favourable environment for speedy resolution of policy bottlenecks and reforms and will contribute in spurring economic growth. There will be quicker decision making which will be beneficial for the industry and economy at large.

Modi’s mantra for pharma should be:

• Increase GDP allocation on healthcare with a more favourable policy environment
• Make universal healthcare a priority and create a road map for ensuring quality, affordability and accessibility of medicines and treatment to patients at all times
• Create an ecosystem that encourages innovative R&D in the pharma space in the form of tax incentives, regulations and grants for various research projects in the sector.
• Address the critical challenge of providing access to high quality medicines and medical treatment to our 1.2 billion plus population
• Government should work to make India the hub for discovery research and development, to usher the same change that software brought to the country in the late 1990s and early 2000
• Strengthen and increase capital outlay for academic institutions engaged in scientific research
• Accord ‘National Priority Status’ to healthcare and pharma sectors 

Top five priority areas

• Government should have a clear set of economic policies to kick start a period of higher growth for the economy
• Take efforts to create jobs, curb inflation
• Healthcare for all is a critical need and the government will need to play a key role to drive India’s healthcare
• Create an ecosystem that encourages and fosters innovation
• Substantially increase government spend on healthcare and reform the public health system

Send out right signals to global markets by:

• Providing incentives to boost exports
• Focusing on infrastructure development
• Ushering in transparency in operations
• Lowering corporate taxes, simplify tax laws

– Rajesh Desai, Executive Director – Finance, Glenmark Pharma