The pharmaceutical industry is one that is critical at home. And in terms of export performance, too, the industry has fared particularly well.

So in the forthcoming Budget, the Government needs to continue its support for research and development through measures such as the 200 percent weighted deduction on research-spend.

On the export front, several export incentives of the past like the DEPB (Duty Entitlement Pass Book scheme) have been scrapped and the Centre needs to bring back similar initiatives to ensure that India is at the forefront of exports and that India continues to make for the global stage.

To improve access to medicines, the Government needs to increase its allocation on healthcare that is at about 1 per cent of GDP. At a macro level, the spending needs to increase to improve access to healthcare facilities, after all this is important in a developing society.

At a time when the industry is facing challenges from different fronts, it needs incentives for research. But we have seen past initiatives like the research fund not work as well as it should have.

The structure of the fund is important here. And the Government needs to take out the risk from research while setting up the fund – so the structure needs to be changed and it should be more industry-friendly.

The Government has to look at more ways to support research and manufacture here so that products that get exported are of good quality and are competitive. 

Contrary to what is being said about the quality of Indian drugs, you still find foreign companies interested in Indian manufacturing companies, and India is still a destination for manufacturing.

But the Government needs to step in and further enhance incentives to help Indian drug companies sell quality products that are made in India.  

(As told to PT Jyothi Datta)

Glenn Saldanha is Chairman & Managing Director, Glenmark Pharmaceuticals Ltd

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