Budget 2025: Pharma industry lays out a plan to curb Chinese dependence

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Budget 2025: Pharma industry lays out a plan to curb Chinese dependence - Economic Times

Quick Summary:

India's pharmaceutical industry holds immense promise, but experts and stakeholders assert that to unlock its full potential, the Budget 2025 must focus on providing R&D support and checking API imports.

For context, the government has set a target to increase healthcare expenditure to 2.5% of the country's gross domestic product (GDP) by 2025, according to India's National Health Policy (2017).“The actual expenditure has been around 1.7% to 1.8% of GDP between 2022 and 2024, which is still below the target.

Regulatory bodies like Central Drugs Standard Control Organisation (CDSCO) could streamline and make the approval process for new drugs, especially generics and biosimilars, more transparent by setting clearer timelines and reducing delays, adds Pawar.“Simplify regulatory procedures for small and medium enterprises (SMEs) without compromising safety, quality, or efficacy.