General Budget 2023-24 | India should frame R&D policy for pharmaceutical sector: US pharma industry

Washington. Ahead of the Union Budget 2023-24 being presented by Finance Minister Nirmala Sitharaman, the US pharma industry has said that India should come out with an R&D policy for its pharmaceutical sector. Sitharaman is scheduled to present the general budget for the financial year 2023-24 in Parliament on February 1. Karun Rishi, president of the US-India Chamber of Commerce (USAIC), said, “The time has come for the Indian government to come out with a research and development policy for the pharmaceutical sector.”

Boston-based USAIC has been organizing the India-US Healthcare Summit for the past 16 years, which is attended by pharma leaders from India and the US. Responding to a question, Rishi said, “The budget in the biopharma sector should be aimed at moving up the value chain based on R&D. The right policy can provide the fuel for India to become the R&D hub of the world.”

He emphasized that R&D and manufacturing should be encouraged in the budget for national security and to stabilize the global supply chain. Rishi said the budget should specifically promote manufacturing of APIs (ingredients responsible for the medicinal properties of the drug) in India. Claiming that India is not affected much by the global recession, Rishi said Sitharaman and her team should focus on development strategies, increasing public expenditure on health, capacity building, skill development and job creation.

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