Home / Health / Budget Boosts Pharma: Rs 10K Crore for Biologics
Budget Boosts Pharma: Rs 10K Crore for Biologics
1 Feb
Summary
- Rs 10,000 crore allocated over five years for BioPharma Shakti initiative.
- Three new NIPERs and upgrades for seven existing ones announced.
- Customs duty exemptions on 17 critical cancer drugs implemented.
The Union Budget has outlined significant initiatives to bolster India's healthcare and pharmaceutical sectors, aiming to transform the nation into a global leader in biopharmaceutical manufacturing. A new national program, 'BioPharma Shakti,' with an outlay of Rs 10,000 crore over five years, is set to enhance capabilities in biologics and biosimilars, addressing critical areas like cancer and diabetes treatments.
To support advanced drug research and development, the budget proposes establishing three new National Institutes of Pharmaceutical Education and Research (NIPERs) and upgrading seven existing ones. Furthermore, a national clinical trial network of 1,000 accredited sites will be created to accelerate drug development and position India as a preferred destination for clinical research.
In a move to improve patient access and affordability, customs duty exemptions have been announced for 17 critical cancer medicines and seven rare diseases. This measure aims to significantly reduce the financial burden on patients undergoing expensive treatments.
