Highlights

  • Healthcare sector seeks increased funding for Research & Development and innovation
  • Finance Minister Nirmala Sitharaman gears up to present the interim budget on February 1

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Budget 2024 expectations: Healthcare sector seeks increased funding for R&D and innovation

The current valuation of the pharmaceutical industry stands at approximately $50 bn, with ambitious growth targets set by the government—$120 bn to $130 bn by 2030 and an impressive $450 bn by 2047

Budget 2024 expectations: Healthcare sector seeks increased funding for R&D and innovation

As Finance Minister Nirmala Sitharaman gears up to present the interim budget on February 1, industry experts are hoping for increased allocations for research and development (R&D), healthcare funding, and pharmaceutical innovation by the Government of India.

The pharma sector, is hopeful for a substantial boost in government support to address the evolving healthcare needs of the nation.

According to a mint report, Vibcare Pharma CEO, Siddharth Singhal, emphasized that a focus on advanced R&D would facilitate the introduction of improved and more cost-effective medicines.

Also read/watch - Budget 2024: Paper industry pushes for 25% increase in import duty

Singhal added that the upcoming budget provides a transformative opportunity for the pharmaceutical industry to excel in innovation, sustainability, and global competitiveness, solidifying India's position as a global pharmacy.

The industry, currently valued at approximately $50 billion, has ambitious growth targets of $120 billion to $130 billion by 2030 and $450 billion by 2047, according to government estimates.

Healthium Medtech CEO and MD Anish Bafna highlighted India's growing role as a global medtech hub, expecting continued expansion, growth, investment opportunities, and technological innovation in the sector during FY 2024-25.

Bafna emphasized the need for a collaborative action plan through public-private partnerships involving the government, medical device companies, hospitals, manufacturers, suppliers, healthcare providers, and insurance players.

Additionally, he stressed that conducive policies would support the industry, promote local manufacturing, and expedite the delivery of new medical devices to benefit patients and healthcare providers.


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