The government's move to cut GST on medicines and medical devices while exempting lifesaving drugs from the levy is a bold step that will bring direct relief to patients and families while significantly reducing financial strain on them, pharmaceuticals and healthcare industry players said on Thursday.
The government should take measures to promote innovation and R&D while simplifying regulations for the sector in the upcoming Union Budget, as per pharmaceutical industry bodies. Outlining the wish list for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance (IPA) secretary general Sudarshan Jain said the domestic pharma industry is currently around $50 billion in size and aspires to grow to around $130 billion by 2030 and $450 billion by 2047. "To achieve this vision, the Union Budget 2023-2024 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry forward," he told PTI.
The National Pharmaceutical Pricing Authority will soon notify prices of as many as 150 packs of essential medicines in line with the new pharma pricing policy, according to official sources.
India had been engaged in a contentious battle with the US over the issue, especially in the pharmaceutical sector.
Dispute over IPR was a bone of contention in bilateral ties till a couple of months ago.
Roadblocks ahead as these medicines could face new clinical tests, more scrutiny
We present our alphabet of 2020, pulling in everything you'll remember about this year we'd rather forget.
