Pharma Industry Advocates for Enhanced Healthcare Allocation and R&D Support in Upcoming Union Budget
As India prepares for the Union Budget 2026-27, representatives from the pharmaceutical sector are voicing strong expectations for higher healthcare spending and a significant push for research and development (R&D). Industry leaders emphasize that these measures are crucial for sustaining the sector's growing contribution to the nation's economic growth and global competitiveness.
Key Demands from the Pharmaceutical Sector
Highlighting the vital role of the pharma industry in India's economy, prominent representatives have outlined several priorities for the upcoming budget. They stress that Budget 2026-27 should focus on:
- Increased Healthcare Spending: Advocating for a higher allocation to healthcare infrastructure and services to improve accessibility and quality across the country.
- R&D Incentives: Calling for enhanced support and tax benefits to boost innovation and development of new drugs and medical technologies.
- Ease of Doing Business: Emphasizing the need to simplify regulatory compliances and reduce bureaucratic hurdles to foster a more conducive business environment.
Strategic Focus on Capacity Building and Workforce Development
Industry experts argue that the budget should prioritize capacity building and upskilling initiatives to prepare the workforce for future challenges. This includes:
- Investing in training programs to enhance skills in pharmaceutical manufacturing and research.
- Supporting educational institutions to develop specialized courses aligned with industry needs.
- Promoting collaborations between academia and industry to drive innovation and practical knowledge transfer.
Balancing Long-Term Reforms with Immediate Industry Needs
Pharma representatives highlight the importance of balancing long-term structural reforms with immediate measures to address current industry pain points. They suggest that the government should:
- Implement policies that encourage investment in pharmaceutical and healthcare sectors.
- Streamline approval processes for new drugs and medical devices to accelerate market entry.
- Provide fiscal incentives to support domestic manufacturing and reduce dependency on imports.
By addressing these aspects, the Union Budget 2026-27 can play a pivotal role in boosting investment, enhancing global competitiveness, and ensuring sustainable growth in India's pharmaceutical and healthcare landscape.
