Budget: Finance Minister proposes scheme to promote R&D, innovation in pharma sector

Sitharaman said to encourage collaborative research and innovation, select laboratories of the Indian Council of Medical Research will provide facilities for research by public and private medical college faculty, research teams from the private sector, research and development in priority areas from industry. Urged to invest in development.

Peppermint were the first to report these developments.

Sitharaman said that a dedicated multidisciplinary curriculum for medical devices will be supported at the institutes to ensure future medical technology and skilled manpower for high-end manufacturing and research.

It is noteworthy that India imports 63,000 crore worth of medical equipment every year, which covers 80% of its needs. It aims to make medical devices one of the champion sectors, and raise India’s share in the global medical device industry from 10-12% at present.

The minister said this is the first budget in the AMRUT era, and it hopes to build on the foundation laid in the previous budget and the blueprint laid out for India@100, “We envision a prosperous and inclusive India in which growth May the fruits of this reach everyone,” he said.

The economic agenda of the Union Budget is focused on facilitating opportunities for citizens, providing a strong impetus to growth and job creation, and strengthening macroeconomic stability.