Finance Minister Nirmala Sitharaman on Wednesday said that a new programme to promote research and innovation in pharmaceuticals will be taken up through various centers of excellence. “We shall also encourage industry to invest in research and development,” she said.

“Dedicated multidisciplinary courses for medical devices will be supported in existing institutions to ensure availability of skilled manpower for future futuristic medical technologies, high end manufacturing and research,” she added.

The US pharma industry prior to the Budget said that India should come out with a research and development policy for its pharmaceutical sector.

“It is time that the government of India comes out with a research and development policy for the pharmaceutical sector,” Karun Rishi, president of USA-India Chamber of Commerce (USAIC) told news agency PTI.
“In the BioPharma sector, the budget should aim to move up the value chain driven by research and development. Right policy push can provide India the fuel to become the R&D hub of the world,” Rishi said in response to a question.

For national security and stabilising the global supply chain, the budget should incentivise R&D and manufacturing, especially enhancing API (active pharma ingredients) manufacturing in India, he asserted.