By Prabhat Prakash and Abhijeet Singh
Mumbai: Several celebrated economists around the world argue that the annual budget is more than just numbers, it is a statement of government priorities and a blueprint for the future and if it is a newly formed government, it becomes even more important and influential.
Building upon this, several pharma experts from the Indian pharma industry shared with ETPharma their expectations from the upcoming Union Budget 2024–25 of the newly formed government.
Shweta Rai, Country Division Head – South Asia, Bayer Pharmaceuticals
“The Union Budget 2023 gave a thrust to pharmaceutical research and development (R&D) through new programmes and allocation. We look forward to the government’s continued focus on advancing R&D in the upcoming Union Budget. Health Minister JP Nadda’s strategic emphasis on non-communicable diseases (NCDs) and expanding Ayushman Bharat coverage to the elderly in his 100-day agenda is a welcome move in the backdrop of rising ageing population and increased incidence of NCDs such as diabetes and chronic kidney disease. We hope that increased budgetary allocations in these areas can help make innovative therapies accessible to people across the country.
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We expect that the focus on women’s health announced in the interim Budget earlier this year is maintained in this Union budget. As India progresses towards integrating digital health solutions, we look forward to budgetary measures that strengthen healthcare infrastructure and delivery capabilities. These investments are crucial for enhancing efficiency and accessibility in healthcare services, ultimately ensuring improved health outcomes and quality of life for all citizens.”
Dr Saloni Wagh, Director, Supriya Lifescience Ltd
“As we look forward to the Union Budget, we are hopeful about its potential to benefit the healthcare and pharmaceutical sectors. Extending health coverage to ASHA and Anganwadi workers through Ayushman Bharat would acknowledge their crucial contributions to India’s rural health system. Enhancing maternal and child healthcare programmes will improve service delivery and health outcomes for vulnerable communities. Empowering women remains a priority, with a focus on entrepreneurship and improving their quality of life. We urge the government to prioritise research and development (R&D) and innovation in the pharmaceutical sector while also improving infrastructure. These steps are essential for keeping India’s competitive edge in global markets and addressing health challenges effectively. The government’s commitment to providing over 30 crore Mudra Yojana loans to women entrepreneurs is praiseworthy. The upcoming budget offers a significant opportunity to further the goal of ‘Viksit Bharat.’ We expect increased efforts to boost women’s workforce participation through skill development and entrepreneurship, ensuring their key role in our nation’s progress. Incentives for R&D, such as tax breaks and financial support, along with easier access to imported materials, could help reduce production costs. Additionally, focusing on the manufacturing of Active Pharmaceutical Ingredients (APIs) would encourage more local production and value addition in India. Prioritising these measures will be crucial for fostering sustainable growth in the coming years.”
Dr Sujit Paul, Group CEO, Zota Healthcare Ltd
“The newly-elected government should prioritise promotive and preventive health measures, as well as sanitation under the Swachh Bharat mission. A comprehensive agenda should be aimed at transforming the healthcare sector is crucial for creating a healthy India. Increasing government spending on healthcare is essential to achieve universal health coverage and effectively address pressing issues. Expanding the Ayushman Bharat scheme and implementing revised Schedule for quality drug production and the pharma marketing code should be the top priorities for the health ministry and Department of Pharmaceuticals.”
Deepak Pahwa, Director, Delair
“The pharmaceutical industry is optimistic about the upcoming budget, especially following the government’s implementation of enhanced quality control measures like Good Manufacturing Practices and revised Schedule M. With the Indian pharma sector making significant strides globally, increased budget allocation can bolster our international standing. We anticipate initiatives incentivising R&D to support the local manufacturing of high-quality pharma products. Additionally, PLI schemes could greatly assist in establishing advanced manufacturing facilities and integrating cutting-edge technologies and machinery. These steps are vital for promoting innovation and sustainable growth within the industry.”
