Ahead of the 2023–24 Union Budget, the US pharmaceutical industry recommended that India release an R&D policy for its pharmaceutical business. On February 1, Union Finance Minister Mrs. Nirmala Sitharaman is set to present the Union Budget to the legislature for the fiscal year 2023–24.

Mr. Karun Rishi, president of the USA-India Chamber of Commerce (USAIC), stated that it is high time that the government of India comes out with a research and development program for the pharmaceutical sector. He added that this budget should work toward advancing the value chain in the biopharma industry, which is driven by research and development.

He noted that India is a bright spot in the global economic slump and advised that Mrs. Sitharaman and her team should concentrate on growth initiatives, increased public healthcare spending, capacity building, skills development, and job creation. 

(Source:  https://health.economictimes.indiatimes.com/news/pharma/us-pharma-industry-seeks-rd-policy-for-indias-pharmaceutical-sector/97395541 )