Budget 2024: More funds and focus on R&D can solve many problems of pharma sector, say stakeholders

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Budget 2024: More funds and focus on R&D can solve many problems of pharma sector, say stakeholders - Economic Times

Quick Summary:

The upcoming budget should focus on streamlining regulatory compliance and help the domestic pharma sector to boost their manufacturing capacity.

In the last few years, there have been positive policy initiatives like production-linked incentive schemes, Ayushmaan Bharat Digital Mission (ADBDM), CoWIN (a digital vaccine delivery platform), health registry and telemedicine.“There is a lot more to be done to make India a global healthcare and research hub.

Implementing digital solutions for regulatory submissions and approvals would enhance efficiency and reduce processing times, he adds.“We believe increased collaboration between the government and the pharmaceutical industry is crucial.