Union Budget 2023: Industry lauds focus on R&D
Pharma leaders and experts share their views on Union Budget 2023 and give insights on the impact of the measures
The latest initiatives to promote investments in R&D and healthcare infrastructure, as stated by Finance Minister Nirmala Sitharaman in the 2023–24 Union Budget, are a step in the right direction. Launching industry-specific new age courses as part of the redesigned Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0 is a strong start towards supporting a sustainable life science ecosystem in terms of skill development. The suggested emphasis on interdisciplinary courses in cutting-edge research, high-end manufacturing, and medical technologies is a step in the right way toward empowering the workforce with the most up-to-date skills required for the pharma and biopharma sectors. Innovations will be sparked by the proposal that some ICMR Labs would be open for collaborative research between public and private enterprises. We welcome these measures and look forward to their successful implementation.
– Dhananjay Singh, Head – Science and Lab Solutions, Merck Life Science
An inclusive Budget from the Finance Minister with a boost to critical areas such as education, agriculture, healthcare, environment, digital, start-ups, skilling and others. For pharma, announcements on a new programme to promote research and innovation through centres of excellence, collaboration with the ICMR laboratories, encouragement to investment in R&D point to much-anticipated support to innovation in pharma. Allocation of over 2% of GDP to health, dedicated multi-disciplinary courses for medical devices, the mission to eliminate sickle-cell anaemia and centres of excellence for artificial intelligence for cutting-edge solutions were other highlights. We welcome these announcements and look forward to studying the detailed proposals.
– Satish Reddy, Chairman, Dr Reddy’s Laboratories
A new program to promote pharmaceutical research & development (R&D) will help spur investment in innovations that can address areas of high disease burden and unmet health needs in India. This is a long-awaited move, and we hope such a program will provide sustained incentives for investment so that the Indian pharmaceutical industry becomes a global hub for both discovery and development work.
Another critical requirement in India’s journey to provide healthcare for all has been to augment health system resources and medical personnel. The move to introduce 157 new nursing colleges in co-location with existing medical colleges will help relieve pressures on doctors and in the long term, increase health system capacity. This will facilitate greater and faster access to primary and preventive healthcare.
– Manoj Saxena, MD, Bayer Zydus Pharma
Concerning health matters, in the Budget 2023-2024, It would be greatly beneficial if the government focuses on providing some tax relief to spur innovation and research in lowering the production cost that could potentially assist pharma owners in solving some of the world’s most pressing problems to provide better and faster health solutions across the country. Consequently, incentives or tax breaks could also encourage the development of new special regulatory measures to promote the Indian pharmaceutical industry’s continued expansion while preparing the country for any other foreseeable health crisis.
~ Dr Gagan Bhatia, Unimarck Pharma India
The pharma sector has played a crucial role in India’s economic development, especially during and post the pandemic. We welcome the government’s continued focus on boosting this sector, helping spur demand and growth. R&D is a crucial component for the continued growth and success of the pharmaceutical and API manufacturing industry. The allocation of funds for R&D for the sector is aligned with our expectations. We are glad to witness that the government is allied with the pharmaceutical industry in helping India become a global innovator. It will help the industry in discovering new and innovative technologies, consumer-centric solutions and developing evolved processes, resulting in improvements in efficiency, quality, and cost-effectiveness in the global market. Additionally, this can foster a culture of innovation within a company and the industry attracting and retaining talented scientists, engineers, and other professionals. We are optimistic about the future a