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Business News/ Budget / Budget Expectations/  Budget 2024: Pharma industry seeks conducive policies
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Budget 2024: Pharma industry seeks conducive policies

Budget 2024: The pharma industry also expresses a need for incentives to promote research and development (R&D)

The pharma industry is likely to reach $400-450 billion market size by 2047. (Bloomberg)Premium
The pharma industry is likely to reach $400-450 billion market size by 2047. (Bloomberg)

In run-up to the interim Budget 2024, the pharma industry has sought conducive policies that provide benefits in terms of both direct and indirect taxes.

As the pharma industry is likely to reach $400-450 billion market size by 2047, it has also expressed a need for incentives to promote research and development (R&D).

There is a high risk, long gestation period and low success rate in research, and therefore, there is a need for continuous investments, Indian Pharmaceutical Alliance secretary general Sudarshan Jain said in a statement.

“The budget 2024-25 should outline conducive policies that provide benefits in terms of both direct and indirect taxes and also facilitate ease of doing business for the pharma companies," Jain said.

The domestic pharma industry is at the cusp of change, said Jain. “The Indian pharma sector aims to achieve USD 120-130 billion by 2030 and USD 400-450 billion by 2047. To achieve this vision, the Union Budget 2024-25 should accelerate the pace of innovation and R&D."

The interim Budget is scheduled to be presented by finance minister Nirmala Sitharaman on February 1.

The announcement of the Promotion of Research & Innovation Program (PRIP) Scheme in 2023 was a positive step to spur innovation, said the pharma industry statement.

According to a PTI report, healthcare industry body NATHEALTH has advocated for a hike in healthcare spending to 2.5 per cent of the GDP and the rationalisation of the GST framework.

“Additionally, we aim to enhance the medical value travel segment by addressing the MAT credit issue and strengthening the healthcare value chain, which is essential for driving economic growth and creating new job opportunities," NATHEALTH MD and CEO Ashutosh Raghuvanshi said. 

“We expect the interim Union Budget 2024-25 to unveil a roadmap for addressing long-term infrastructure financing, increasing the number of medical and nursing colleges, and fiscal reforms in the health insurance sector," Narayana Health Executive Vice Chairman Viren Shetty said, according to the PTI report. 

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Published: 14 Jan 2024, 03:33 PM IST
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