Pharma's Call for Innovation and Policy Support in Budget 2024
As we approach Budget 2024-2025, the pharmaceutical industry eagerly awaits pivotal decisions that will shape India's trajectory towards becoming the 'Pharmacy to the World' and embracing 'OneHealth' principles. Mr. Saransh Chaudhary, President of Global Critical Care at Venus Remedies Ltd and CEO of Venus Medicine Research Centre (VMRC), recently shared insightful perspectives with leading publications, highlighting crucial aspects for consideration.
In conversations with IndiaMedToday and the Financial Express, Mr. Chaudhary emphasized the critical role of continued incentives in research and development (R&D) and manufacturing to foster growth and innovation. He stressed the importance of initiatives like the Promotion of Research and Innovation in Pharma Med-Tech Sector (PRIP) scheme, urging for its reinforcement in Budget 2024. With a specific focus on combating antimicrobial resistance (AMR), Mr. Chaudhary urged for innovative economic models to incentivize antibiotic research, proposing market entry rewards and delinked subscription models.
Moreover, the necessity for policy measures to support domestic API manufacturers was underscored. Mr. Chaudhary advocated for incentives, reduced GST, and import duty on APIs, alongside the establishment of Special Economic Zones (SEZs) for research, exempted from GST. These measures, coupled with the continuation of Research-Linked Incentive schemes and tax exemptions for R&D materials, are deemed essential for fostering a conducive ecosystem for R&D-driven pharma companies to compete globally.
In the realm of digital integration, Mr. Chaudhary emphasized the significance of prioritizing funds for enhancing the pharma supply chain. Real-time access and uninterrupted deliveries are identified as crucial for facilitating healthcare transformation, aligning with India's aspirations for global leadership in the pharmaceutical sector.
As we await Budget 2024-2025, the voices from the pharma industry, represented by Mr. Saransh Chaudhary, resonate with a unified call for strategic policy interventions and innovative approaches to bolster India's pharmaceutical prowess while addressing pressing healthcare challenges.
