Budget 2017: Impact on Pharmaceutical Sector
Union Budget 2017-18: Do big drug cos stand to lose on proposed rejig of pharma rules?
The Finance Minister Arun Jaitley in his Union Budget speech proposed to amend the Drugs and Cosmetics Rules to ensure availability of drugs at reasonable prices and promote use of generic medicines. Analysts who track the sector say that Jaitley’s statement hints at government intention in making generic prescribing mandatory. It is generally believed that many doctors predominantly prescribe mostly those brands, which are pharmaceutical-promoted even when a low-cost generic substitute is available
Pharma has six pain points; Budget 2017 should address them to boost growth
With a share of 20 percent of global exports (in volume), India is the largest provider of generic drugs globally and the opening up of the sector to foreign investment has further boosted the attractiveness of the sector. A few amendments announced by the Union Budget 2016 caused some concern for the pharma sector. Here’s a wish list of beneficial measures that the soon-to-be announced budget 2017 should contain to ensure the sector’s continued growth.
Healthcare and pharma MSME get a booster shot in Budget 2017
The Union Budget presented by Finance Minister Arun Jaitley in Parliament today has given a major fillip to healthcare infrastructure with new medical centres and All India Institute of Medical Sciences (AIIMS). For the pharma industry, the relief has come in primarily as measures to stimulate growth. These cover MAT credit to be carried forward upto a period of 15 years instead of 10 years at present and the reduction of income tax to 25 per cent for MSME companies with an annual turnover of Rs.50 crore.
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Pharma industry reacts positively to Budget 2017-18
The healthcare industry has reacted positively to the Union Budget presented in Parliament today by Union Finance Minister Arun Jaitley. Industry leaders have voiced optimism on the fact that the increase in health expenditure by 20 per cent reflects greatly on the government’s intent to prioritize healthcare in India. Moreover, abolishing FIPB shows India more welcoming of FDI and relaxation of protectionist barriers.
Welcoming the budget, DG Shah, Secretary General of Indian Pharmaceutical Alliance said the increase in social and infrastructure spending in the budget will enlarge pharma market and push growth. However there is no clarity on how amendment to Drugs and Cosmetics Act will help reduce drug prices. This most likely hints at making generic prescribing mandatory, he said.
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Budget 2017 proposals receive mixed reaction from pharma sector
The pharma sector representatives said the Union Budget has failed to specifically address imminent challenges directly affecting the key industry, but hailed certain proposals of Finance Minister Arun Jaitley.
The life sciences sector had great expectations from the Budget not only from a fiscal incentive perspective but also from a regulatory angle. Expectations were based on the Government’s vision of making India one of the top three pharmaceutical markets by 2020, according to ..
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