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Pharma firms seek tax sops for research & development

Pharma firms seek tax sops for research & development
PTI
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First Published: Sat, Jun 20 2009. 12 05 AM IST

Updated: Sat, Jun 20 2009. 12 05 AM IST
New Delhi: The domestic pharmaceutical industry has demanded exemption in income-tax and fiscal incentives in the forthcoming Budget for promoting research and development (R&D) in the field of drug discovery in India.
“We have sought exemption in income-tax under section 80, for promoting R&D in the pharmaceutical sector,” Piramal Healthcare executive director Swati Piramal said.
She said India is lagging behind countries such as Canada and Israel in R&D, which is very worrisome for the domestic pharma industry.
“The provision for the exemption for R&D was there till 2007 and we simply want to revive it,” Piramal added.
Echoing similar sentiments, Indian Pharmaceutical Alliance secretary general D.G. Shah said, “We are not making any special demand from the government but are only seeking that government must recognise the high risk associated with drug discovery and should provide adequate funding for that.”
The industry has also demanded a decision on the central drug authority bill, which is pending in Parliament for the last five years.
Apex body of drug exporters Pharmaexcil, in its representation to the finance ministry and commerce ministry, has demanded a Rs1,000 crore fund to support small and medium enterprises for Schedule M compliance (minimum standards set by government for producing drugs) and to meet global regulatory standards.
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First Published: Sat, Jun 20 2009. 12 05 AM IST