Before the Union Budget 2023–24, the US pharmaceutical industry recommended that India release an R&D policy for its pharmaceutical business. On February 1, Union Finance Minister Nirmala Sitharaman is set to present the Union Budget to the legislature for the fiscal year 2023–24.
According to Karun Rishi, president of the USA-India Chamber of Commerce (USAIC), “it is time that the government of India comes out with a research and development policy for the pharmaceutical sector,” according to PTI.
The USAIC, based in Boston, has been hosting the India-US health care summit for the past 16 years, which attracts the crème de la crème of the pharmaceutical industry from both countries.
“The budget for the BioPharma sector should strive to advance along the value chain, which is driven by research and development. In answer to a query, Rishi said that with the right policy push, India might become the global R&D hub.
The budget should encourage R&D and production, particularly through improving API (active pharmaceutical ingredient) manufacturing in order to protect national security and stabilize the global supply chain.
The finance minister should adhere to the budget deficit goal notwithstanding the difficulty. The Indian government provided subsidies and a much-needed boost to capital spending during the COVID-19 pandemic. The fiscal deficit increased as a result, according to Rishi.
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