Union Budget: Pharma gets a double-booster shot; focus on medicines and R&D

The pharma industry has got a growth pill with Rs 1,250 crore for the development of bulk drug parks and medical device parks, and a new R&D programme through centres of excellence. FM Nirmala Sitharaman said the government will encourage the industry to invest in R&D in specific priority areas. Details of these sectors are awaited, but funds could be spent on development of vaccines, medical devices and specific drugs, industry experts told TOI.
The Budget proposals cheered the industry.“The provision of facilities for R&D and the encouragement for industry investment are a testament to the government’s recognition of the crucial role that innovation and technology will play in the country’s future. With such a wellrounded and forward-looking approach, it’s no wonder that India is poised to shine on the global stage,” said Bharat Biotech founder and executive chairman Dr Krishna Ella.
“Centres of excellence for innovation and the government’s initiatives to encourage investment in R&D will go a long way in bringing Indian innovation to the forefront,” said Pankaj Patel, chairperson of Zydus Lifesciences. “The programme on innovation is a step in the right direction. Having the impetus and encouragement from the government to invest in R&D will strengthen the industry’s commitment towards innovation,” said Glenn Saldanha, Chairman & Managing Director of Glenmark Pharma.