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FM announces new program to promote research and innovation in pharmaceuticals

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ET Online    01 February 2023

Finance Minister Nirmala Sitharaman announced the launch of a new initiative to support pharmaceutical research and innovation through a number of centres of excellence and to encourage businesses to spend money on R&D.

 

In order to secure the availability of competent labor for futuristic medical technology, high-end manufacturing, and research, she also stated that specific multidisciplinary courses for medical devices would be encouraged in the existing institutions.

 

Prior to the Budget, the US pharmaceutical industry recommended that India release an R&D policy for its pharmaceutical business.

 

The president of the USA-India Chamber of Commerce (USAIC), Mr. Karun Rishi, stated that it is past due for the Indian government to release an R&D strategy for the pharmaceutical industry. He added that ‘the budget for the BioPharma industry should aim to advance along the value chain supported by research and development. India might become the world′s R&D hub with the right policy push. The Budget should support R&D and manufacturing for the sake of national security and to stabilize the global supply chain, particularly by enhancing API (active pharmaceutical ingredient) production in India. With the correct policy push, India may emerge as the global R&D hub.’

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