Budget: FM proposes plan to boost R&D, innovation in pharma sector
1 min read . Updated: 01 Feb 2023, 12:20 PM IST
PremiumSitharaman said that a dedicated multidisciplinary courses for medical devices will be supported in institutions to ensure skilled manpower for futuristic medical tech and high-end manufacturing and research.
New Delhi: The Union Budget, presented by finance minister Nirmala Sitharaman, on Wednesday announced a programme to promote research and innovation in the pharmaceutical sector to be taken up through centres of excellence.
Establishment facilities in select Indian Council of Medical Research labs will be made available for research by public and private medical college faculty, private sector research teams for encouraging collaborative research and innovation, Sitharaman said, urging the industry to invest in R&D in priority areas.
Mint was first to report these developments.
Sitharaman said that a dedicated multidisciplinary course for medical devices will be supported in institutions to ensure skilled manpower for futuristic medical tech and high-end manufacturing and research.
It may be noted that India imports ₹63,000 crore worth of medical devices every year, comprising 80% of its needs. The aim is to make medical devices one of the champion sectors, and lift India’s share of the global medical devices industry from 10-12% currently.
The minister said that this is the first budget in Amrit Kaal, and it hopes to build on the foundation laid in the previous budget and the blueprint laid for India@100, “we envision a prosperous and inclusive India in which the fruits of development reach all," she said.
The union budget’s economic agenda focuses on facilitating opportunities for citizens, providing strong impetus to growth and job creation and strengthening macroeconomic stability.
