Budget 2024: Pharma industry seeks incentives for R&D, conducive policies

The pharma industry has sought fiscal incentives to promote research and development (R&D) in the sector, as it is likely to reach USD 400-450 billion market size by 2047. In a statement, Indian Pharmaceutical Alliance Secretary General Sudarshan Jain said there is a high risk, long gestation period and low success rate in research, and therefore, there is a need for continuous investments.

“The budget 2024-25 should outline conducive policies that provide benefits in terms of both direct and indirect taxes and also facilitate ease of doing business for the pharma companies,” Jain noted.

Healthcare industry body NATHEALTH said it is advocating for an increase in healthcare spending to 2.5 per cent of GDP and the rationalisation of the GST framework.

Source: ETPharma.Com