Budget Expectations 2022: In this era of Corona epidemic, the pharmaceutical industry expects that the total fund allocation for the health care sector will be increased in this budget.
Budget Expectations 2022: The domestic pharmaceutical industry has many expectations regarding the general budget for the financial year 2022-23. In this era of Corona epidemic, the pharmaceutical industry expects that the total fund allocation for the health care sector will be increased in this budget. Along with this, the upcoming Union Budget is also expected to focus on policies encouraging R&D activities and continuation of tax concessions on various drugs. The industry has also sought simplification of procedures for ease of doing business for private sector companies.
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Demand for budget allocation up to 2.5-3 percent
S Sridhar, President, Organization of Pharmaceutical Producers of India (OPPI), said, “As per the National Health Policy 2017, the allocation for the healthcare sector should be increased to 2.5-3 per cent of GDP from the current 1.8 per cent. Along with this, a separate allocation is mandatory for the bio-pharmaceutical sector R&D.” He further said, the industry has seen significant growth in the last one year. Particularly good work has been done in ensuring people’s access to COVID-19 vaccines and medicines. This year’s budget will be critical for accelerating sectoral growth and access to innovative health solutions not only for COVID but for various ailments.
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These are the expectations from the budget
- Sridhar said that the government should continue with the existing custom duty concessions for medicines as discontinuing it at present would affect people’s access to such medicines at affordable prices.
- Sudarshan Jain, General Secretary, Indian Pharmaceutical Alliance (IPA), said, “There is a need to simplify the process for companies in the pharma sector, so that there is ease of doing business. Investment should be encouraged through specific provisions. In this way the long term growth of the pharma industry will be ensured.”
- He said, “This will help in meeting the needs of the patients in an economical manner. We look forward to the budget that will help spur innovation and move the Indian pharmaceutical industry from Make in India to Discover and Make in India.”
- Healthcare industry body NATHEALTH said that amid the COVID-19 pandemic, it is important to focus on infrastructure such as telemedicine, home and senior care, so that people can have equal access to quality health services. Union Finance Minister Nirmala Sitharaman will present the Union Budget 2022 on February 1.
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