Budget 2022 Wishlist: The domestic pharmaceuticals (drug) industry has high expectations from the upcoming Union Budget. The industry believes that Finance Minister Nirmala Sitharaman will take steps like increasing the allocation for the healthcare sector, promoting research and development activities and continuing tax exemption on various medicines in the budget of 2022-23.
OPPI Chairman S Sridhar expressed hope
S Sridhar, President of the Association of Pharmaceutical Producers of India (OPPI), said, “The allocation for the health sector in the budget should be increased from the current 1.8 per cent of GDP to 2.5 to three per cent. In addition, research and development in the bio-pharmaceutical sector should be undertaken. A separate allocation should be made for
Industry ahead in providing vaccine and medicines for Kovid-19
He said that the industry registered a remarkable pace last year. The industry was ahead especially in providing vaccine and medicines for Kovid-19. Sridhar said that this year’s budget will be crucial to sustain the growth of the industry and access innovative health solutions not only for COVID but also for other diseases.
Customs duty exemption on drugs to be continued
He said that the government should continue with the customs duty exemption on medicines. If the government does not do this, then in the present scenario it will not be possible to make such medicines available at a reasonable price. He said that import duty exemption on innovative drugs for rare types of diseases should be considered.
Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance (IPA), said, “Additional measures should be taken to ease the ease of doing business in the pharma sector. Processes should be simplified and industry-friendly. At the same time removing bottlenecks and Steps should be taken to encourage investment.” Apart from this, the industry also wants simplification of various processes, which will improve the ease of doing business for private sector companies.
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