Budget 2024 reflects a forward-looking and inclusive approach: Anil Matai, DG, OPPI

New Delhi: In his post budget reaction, Anil Matai, Director General, Organisation of Pharmaceutical Producers of India (OPPI) said: “The Union Budget 2024-25, presented by FM Nirmala Sitharaman, marks a significant milestone as the first budget of the re-elected BJP-led NDA government.”

“We at OPPI commend the government’s commitment to improving healthcare access and innovation in India, reflecting a forward-looking approach that aligns with our industry’s aspirations. We deeply appreciate the government’s decision to exempt three critical cancer medicines – Trastuzumab Deruxtecan, Osimertinib, and Durvalumab – from customs duties. This move will provide much-needed relief to cancer patients by reducing the financial burden of these life-saving drugs. The current customs duty of 10% was a significant cost barrier, and this exemption is a welcome step towards making advanced cancer treatments more accessible,” said Matai.

“We appreciate that the Government of India has reiterated the importance and necessity of Patient Assistance Programmes (PAP) offered by the pharmaceutical industry to improve access of life-saving drugs by extending the customs duty waiver on drugs and medicines imported to India for the supply under PAP through to March 31, 2029,” he added.

Calling the operationalization of the Anusandhan National Research Fund a progressive step towards bolstering basic research and prototype development in India, Matai opined: “Furthermore, the establishment of a financing pool of ₹1 lakh crore to spur private sector-driven research and innovation is a landmark initiative. This fund is expected to catalyse significant advancements in pharmaceutical R&D, fostering an ecosystem of innovation. The government’s ongoing efforts to enhance the ‘Ease of Doing Business’ through initiatives such as the Jan Vishwas Bill 2.0 and incentivizing states for implementing business reforms action plans and digitalization are indeed commendable. Simplifying regulatory processes and reducing these hurdles will create a more conducive environment for pharmaceutical companies to operate, innovate, and expand.”

OPPI DG also highlighted the issues that he was expecting to get attention but couldn’t. “While we appreciate the positive strides taken in the Union Budget 2024, we were also hoping that the government could announce incentives for pharma companies to develop medications for rare diseases affecting small populations. This may also help in attracting investment into India to undertake R&D for rare diseases. We were hoping for focused measures like the establishment of more CoEs for the management of rare diseases. We were also hoping for the stricter and unambiguous enforcement of IP regulations required for Pharma MNCs to introduce newer innovative therapies for Indian patients. The incentivization of R&D investments in India is necessary as it will be a significant move towards Atma Nirbhar Bharat, and a more resilient and future-ready pharmaceutical industry.

“Overall, the Union Budget 2024 reflects a forward-looking and inclusive approach, and the pharmaceutical sector looks forward to actively participating in and contributing to the realization of these transformative initiatives,” Matai concluded.