Key Points
Budget 2024: As Finance Minister Nirmala Sitharaman presents Union Budget for record-seventh time in coming month, India's pharmaceutical companies are hoping for tax incentives and financial assistance for research on innovative drugs...
For the country to be 'pharmacy of the world,' Indian drug markers would need a push beyond generic variety, and focus on developing complex drugs, experts say.. 'Think out of the box':..
"If the Indian government can give some income tax exemptions for 5-10 years for any new molecule developed in India...that can pull innovation to grassroot level...companies will start investing in innovation," Bharat Biotech's Chairman Krishna Ella told Reuters on the sidelines of an event in Hyderabad on Friday...
"I think government is evaluating on how their existing scheme is working...but industry is expecting a policy from the government to boost research and development in companies," HIV drugs maker Hetero Drugs' Chairman Partha Saradhi Reddy told Reuters...
"During 2023-29, 15 blockbuster drugs (including biological products) are going to be off-patented worth USD 112 billion which would provide a tremendous growth opportunity for India pharmaceutical companies by another USD 10 billion," an official said.. India, whose pharmaceutical market is expected to be valued at $130 billion by the end of the decade, is the world's third largest manufacturer of drugs by volume after the United States and China and is a hub of generic drug manufacturers..
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