Pharma sector seeks tax reliefs, incentives to spur innovation
- India’s pharmaceutical companies are hoping for tax incentives and financial assistance for research on new drugs as the government readies this year’s Union Budget to be presented on July 23.
Highlights:
- Indian drug makers must focus on developing complex drugs beyond generics if the country is to continue being renowned for being the ‘pharmacy of the world’ for its affordable medicines.
- “If the government can give some income tax exemptions for 5-10 years for new molecules developed in India.
- that can pull innovation to grassroot level
- companies will start investing in innovation
- India’s pharmaceutical market is expected to be valued at $130 billion by the end of 2030. It is the world’s third largest manufacturer of drugs by volume after the U.S. and China and is a hub of generic drug manufacturers.