Last Updated on January 9, 2024 by The Health Master
Finance Minister Nirmala Sitharaman announced launch of a new programme to promote research in pharmaceutical industry with a view to promoting growth of the sector.
She also said facilities in select ICMR (Indian Council of Medical Research) labs will be made available for research by public and private medical faculties.
The domestic pharmaceutical industry had demanded that Budget 2023-24 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry.
In order for the life sciences sector to truly contribute to the vision of Aatmanirbhar Bharat, the Organization of Pharmaceutical Industry of India demanded that the government encourage the transition to a discovery-oriented and science-driven approach by offering fiscal incentives and supportive policies.
The announcement of providing investment and establishing centers of excellence to promote pharmaceutical research and development is much-needed and will assist India in moving up the value chain in the life sciences sector, according to Charu Sehgal, Partner, Deloitte India. _
The focus on providing skilled manpower availability for high-end research and manufacturing in the medical technology sector will help India become more self reliant and reduce the current high dependence on imports, Sehgal added.
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