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Pharma industry confident, allocation for health sector will increase in the budget

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Pharma industry confident, allocation for health sector will increase in the budget

The industry registered a remarkable growth last year.

New Delhi:

Upcoming to the Domestic Pharmaceuticals (Pharmaceutical) Industry general budget Have high hopes from 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 with tax exemptions on various drugs in the Budget for 2022-23. Apart from this, the industry also wants simplification of various processes, which will improve the ease of doing business for private sector companies. President of the Association of Pharmaceutical Producers of India (OPPI), S Sridhar said, “The allocation for the health sector in the budget should be increased from 2.5 to 3 percent of GDP from the current 1.8 percent. Apart from this, separate allocation should be made for research and development in the bio-pharmaceutical sector.

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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 critical to sustain the growth of the industry and access to innovative health solutions not only for covid but also for other diseases.

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.

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Indian Pharmaceutical Alliance (IPA) General Secretary Sudarshan Jain said, “Additional measures should be taken to ease the ease of doing business in the pharma sector. The processes should be simple and industry friendly. Also, steps should be taken to remove the bottlenecks and encourage investment.

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(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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