India's Pharma and MedTech Sectors Urge Strategic Funding for Innovation

A strategic funding framework is urged to foster innovation in India's pharmaceutical and MedTech sectors, essential for the realization of Viksit Bharat. Industry leaders emphasize the need for alignment between science, policy, and industry, calling attention to the upcoming Union Budget for deeper research investment and supportive ecosystems.

Industry leaders are calling for a structured funding framework to drive innovation in the pharmaceutical and MedTech sectors across India, seen as vital to realizing the vision of Viksit Bharat. Emphasis is placed on the upcoming Union Budget as a critical opportunity for investment in research and development.

Leaders from top firms, including Dr Reddy's Laboratories and Poly Medicure, highlight the necessity of aligning science, policy, and industry to advance innovation. They stress the importance of creating a supportive ecosystem that ensures sustained financing and addresses current policy barriers.

Key measures such as the rationalization of customs duties, investment in MedTech R&D, and leveraging AI for healthcare innovation are cited as pivotal. By addressing these issues, India aims to strengthen its position as a competitive MedTech manufacturing hub globally.

(With inputs from agencies.)