Budget 2023: Boosting the Pharmaceutical Sector
Government of India is in forefront for health care innovation and growth. Government in its Union Budget 2023 announced new programs and goals to continue leading from the front. India leads globally in vaccine production and is the largest producer of generic medications, accounting for 20 per cent of the total worldwide supply by volume. Outside of the United States, India has the most pharmaceutical factories that comply with US-FDA regulations. To build for the beyond, government focus on inclusive sustainable growth for the sector. The Indian health-tech market is expected to grow at an annual rate of 39 per cent over FY20-FY23 and forecasted to reach US$50 billion by 2033.
According to the EY FICCI Report, the Indian pharmaceutical market is anticipated to reach $130 billion in value by the end of 2023 as a result of a rising consensus on the provision of new, innovative medicines to patients. In the meantime, it is predicted that the size of the worldwide market for pharmaceutical goods would surpass $1 trillion in 2023. Thus for research and development, government of India has taken important measures in the Union Budget Session 2023.
In Union Budget Session 2023 The government encourages industries to invest in research and priority areas. Finance Minister Nirmala Sitharaman announced, a mission to eliminate sickle cell anaemia by 2047 will be launched. It would involve raising awareness, conducting a comprehensive screening of 7 crore individuals in the impacted tribal regions between the ages of 0 and 40, and providing counselling through coordinated efforts. The government would also facilitate select ICMR labs with facilities like research by both public and private medical collage faculty’s alongside, private sector R&D teams.
For innovation in the pharmaceutical sector, through centres of excellence, a new initiative to encourage pharmaceutical research and innovation will be implemented. The government persuades business to spend money on R&D in a few chosen priority fields. At the grassroots level, government has also announced on building 157 nursing colleges in co-location with government medical colleges.
The Economic Survey 2022–23 has shown India's domestic pharmaceutical market is anticipated to reach $ 130 billion by 2030, and the pharma sector has maintained its growing pace following the pandemic. The Ayushman Bharat Digital Mission seeks to provide the framework required to sustain the nation's integrated digital health infrastructure as well. The digitalisation, innovation and Research & Development in the pharma sector will help India maintain its leading role globally.