Budget 2014: Overhaul of biotech industry a necessity

Increase in funding allocations towards research and tax rebates for its various verticals is what the bioscience industry is pinning hopes on

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A transparent regulatory system is need of the hour says Dr P M Murali, president, ABLE

The Association of Biotechnology Led Enterprises (ABLE) terms the bioscience industry as the most regulated, least incentivized, under invested and irrationally taxed sector in India. This, according to it, puts a serious strain on providing affordable health care with quality and innovative medicines for Indians and in attaining a global leadership position. It has the potential to be a S100 billion (Rs 6 lakh crores) industry in the next decade.

Therefore, the leading association has urged the government to consider an overhaul of the Pharma-Biotech sector as it is the need of the hour. Perception and credibility of this sector have been completely eroded due to several factors in the past few years.

"We strongly recommend a transparent regulatory framework, bio-manufacturing infrastructure, investment in R&D and a very rational tax structure. India has all the ingredients to become a global leader in affordable healthcare. With all the support, we as a nation can attain global leadership in providing affordable health care and innovative medicines, quality food and feed for all" remarked Dr P M Murali, president, ABLE.

Here are the key recommendations made by ABLE to the government:

■ Make Bio-manufacturing the next big opportunity after generics for India. Invest $4-5 billion each year (Rs 24,000 to 30,000 crores) in the next 5 years to grow the Biotech Industry to $100 billion by 2025 with a 25 percent return on investment and set a growth rate of 30 percent year on year.

 

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Kamath 23 June 2014 at 04:27 PM

Good article

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