Union Budget 2023: Key highlights for pharmaceutical sector!

The Nifty Pharma index ended the session on a flat note at 12,355.80, marginally down by 0.04 per cent

The allocation to the development of the pharmaceutical industry was Rs 100 crore last year to Rs 1,250 crore in the recent budget. Expenditure on health as a per cent of GDP has risen from 1.4 per cent last year to 2.1 per cent. 

Below are some of the key highlights for the pharmaceutical sector in this year's budget.

• A new programme to promote research and innovation in pharmaceuticals will be taken up through centres of excellence. We shall also encourage the industry to invest in research and development in specific priority areas.
• Facilities in select ICMR Labs will be made available for research by public and private medical college faculty and private sector R&D teams for encouraging collaborative research and innovation.
• Dedicated multidisciplinary courses for medical devices will be supported in existing institutions to ensure the availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research.
• A mission to eliminate Sickle Cell Anaemia by 2047 will be launched. It will entail awareness creation, universal screening of 7 crore people in the age group of 0-40 years in affected tribal areas, and counselling through collaborative efforts of central ministries and state governments.

The Nifty Pharma index ended the session on a flat note at 12,355.80, marginally down by 0.04 per cent. Top Gainers of the index include Biocon, Cipla, Divis Laboratories and Aurobindo Pharma.