Indian drug manufacturers are pinning their hopes on the upcoming budget for relief in the form of reduced import duties on raw materials and increased research incentives. The industry is seeking these measures to enhance domestic production and strengthen its competitive edge in the global market.
The pharmaceutical sector in India plays a crucial role in the country’s economy, contributing significantly to exports and employment. However, the sector faces various challenges, including high import duties on raw materials and limited research and development funding.
Drug makers believe that reducing import duties will lower production costs and make Indian pharmaceuticals more competitive in international markets. Additionally, increased research incentives are expected to drive innovation and propel the sector towards greater self-reliance.
The upcoming budget is anticipated to address these concerns and provide the pharmaceutical industry with the necessary support to flourish. The industry is keenly awaiting the government’s pronouncements on these critical issues.
