In the Budget presented for financial year 2023-24, the current scenario, developments and proposals in the pharma and healthcare sector were extensively presently.
India’s success in COVID-19 vaccine development has proved the potentiality of the pharmaceutical industry. With the pharma sector’s main focus being on research and development, production, and supply chain of pharmaceutical raw materials and finished products has changed the entire working of this industry.
Indian Pharma industry
India contributes 20 percent of global pharmaceutical volume and ranks third in supply and production. As a result of a growing consensus on the availability of new, innovative medications to patients, the Indian pharma market is expected to reach $130 billion by the end of 2023.
Development of biologics and biosimilars is in trend and their production is on a full scale. Moreover, the presence of pharmaceuticals (raw materials to finished medicines) available online is expected to boost the market to a greater extent.
Budget Highlights on Pharma Industry
The budget prioritized many sectors, including the pharmaceutical and health sector. For the pharma sector, the priority proposals were as follows:
Some of the Indian Council of Medical Research (ICMR) laboratory facilities will be open for R&D teams of private companies. This will encourage and promote innovations and available opportunities for collaboration.
For promoting research and innovation in the sector, new programs by various centers of excellence are to be initiated soon.
Encouraging industries to invest in R&D facilities and potential projects.
The FY 2023-24 budget carved out various opportunities in the pharmaceutical industry. Research and Development have been in focus for the innovation of new therapeutics. Over the years, the pharma sector has become prosperous and will reach great heights in the coming years.
India is leading in producing and supplying pharmaceutical raw materials around the globe. For the past 12 years, Global Pharma Tek has been active in sourcing quality pharmaceutical ingredients and providing them to our clients involved in the production of therapeutics.