Budget 2024: Boosting Healthcare R&D and Innovation

India Pharma Outlook Team | Tuesday, 23 January 2024

  India Pharma Outlook Team

The Indian government should allocate more funds for research and development, health funds and drug innovations in the health sector, industry experts expect in the 2024 budget, which will be presented by Finance Minister Normal Sitharaman on February 1.

"Our budget and our focus on research and development will provide a unique opportunity for innovation. We look forward to increasing government support in areas that are very important to us, including regulatory reform and increased funding for healthcare," said Siddharth Singhal, CEO of Vibcare Pharma. India's dynamic health needs.

"We are focused on the new RandD and aim to introduce better and more affordable medicines. This budget and focus on health care is in line with our program, which promises opportunities for growth and strengthens our ability to provide affordable health care.  An expert of the pharmaceutical industry said.

"The upcoming budget will provide a transformative opportunity for the pharmaceutical industry to drive innovation, sustainability and global competitiveness, and strengthen India and its position as a global pharmaceutical player. Singhal addedthe industry today is worth about $50 billion and it will reach $120 billion to $130 billion by 2030 and $450 billion by 2047, according to government estimates.

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