In the upcoming union budget 2024, the Indian pharmaceutical industry is seeking fiscal incentives to promote research and development (R&D) as it is expected to reach a market size of USD 400-450 billion by 2047. The Indian Pharmaceutical Alliance Secretary General, Sudarshan Jain, emphasized the need for continuous investments in research due to high risk and low success rates. The interim Budget 2024-25 should provide benefits in terms of direct and indirect taxes and facilitate business ease for pharma companies.
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