Prescription for Indian Pharma's Future: R&D Incentives and Fiscal Reform

Industry bodies urge the government to enhance R&D incentives and fiscal policies in the forthcoming budget to transform India's pharmaceutical sector into a USD 130-billion innovation-led industry by 2030. They emphasize GST structure rationalization, regulatory simplification, and increased healthcare spending to boost competitiveness and growth.

Industry leaders have called on the government to prioritize globally competitive research and development (R&D) incentives and comprehensive fiscal support for the domestic pharmaceutical industry. The goal is to evolve into a USD 130-billion innovation-driven sector by 2030, as highlighted by leading industry bodies.

The upcoming budget should rationalize the GST structure, restore weighted R&D deductions, and simplify compliance frameworks to promote an innovation-led pharmaceutical future, according to the Indian Pharmaceutical Alliance (IPA). Sudarshan Jain of IPA emphasizes aligning R&D incentives with India's innovation aspirations.

Amidst global challenges like tariffs and geopolitical tensions, the industry seeks strategic policy support to maintain its competitive edge. Experts recommend forming a unified regulatory authority for pharmaceuticals and medical devices to streamline business operations, fostering growth and investments.