Post Budget 2024 Reactions: Biotech industry calls budget growth oriented

New Delhi: The biotech industry leaders have praised the announcements made in the interim budget 2024 by the union finance minister, Nirmala Sitharaman on February 01, 2024.

“An all encompassing, growth-focused interim budget for Viksit Bharat,” commented Kiran Mazumdar Shaw, Chairperson, Biocon Limited. “In the Interim Budget, Finance Minister has outlined a comprehensive roadmap for sustained economic growth that will enable India to achieve developed economy status by 2047. Her emphasis on research and biomanufacturing, robust infrastructure development, and technology-driven digital transformation augur well for India to deliver on aspirational yet people-centric, inclusive development.”

“I applaud the Indian government’s announcement to vaccinate girls aged 9-14 against cervical cancer. Let’s pledge to prevent HPV and ensure easy access to vaccination. Extending health cover for ASHA and Anganwadi workers, setting up more medical colleges, and streamlining maternal and child healthcare schemes demonstrate a holistic commitment to health,” said Adar Poonawallah, Chairperson, Serum Institute of India.

“I commend the initiatives outlined in the Interim Budget 2024, particularly those addressing women and children’s health. These measures signify a concerted effort to strengthen India’s healthcare system by prioritizing preventive care, expanding access to essential services, and leveraging innovation for better health outcomes,” said Dr K. Anand Kumar, MD, Indian Immunologicals Limited.

“The decision to provide and actively encourage cervical cancer vaccines for 9–14-year-olds reflects a proactive approach to preventing a significant health burden among young girls. The budget has also allocated INR 1 lakh crore towards establishing a corpus, offering a 50-year interest-free loan to scale up research and innovation significantly in sunrise industries. This allocation presents a promising advancement within the vaccine industry. It allows for the integration of new-age technologies in vaccine development processes, especially for mRNA and Adenoviral vector vaccines. Furthermore, the rollout of the YouWIN platform for immunization underscores the government’s commitment to streamline vaccination efforts and improving coverage rates across the country,” Dr Kumar added.

“We are encouraged with the recent budget announcement that lays emphasis and much-deserved attention on women’s health.  With all maternal and child healthcare schemes under one comprehensive programme, the collective vision of Healthy Women, Healthy Pregnancies and Healthy Future is turning into reality. Added to this, HPV vaccinations for girls in the 9-14 age group for the prevention of cervical cancer, immunisations of children, and schemes such as Poshan 2.0 will help improve nutrition delivery, early childhood care, and development,” said Sanjiv Navangul, Managing Director & CEO, Bharat Serums and Vaccines Limited.

“The government’s efforts to build capabilities and domestic capacities will augment the existing healthcare infrastructure and will ensure that healthcare reaches every home in India,” added Navangul.

Sharing his thoughts, Krishna Mohan Puvvada, Regional President, MEIA, Novonesis said, “The Government of India’s increased focus for a robust green economy is encouraging, with a new scheme for biomanufacturing and bio-foundry sectors for promoting eco-friendly alternatives like degradable polymers, bioplastics, biopharmaceuticals, and biological agri inputs. Additionally, mandating phased blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes is encouraging. This aligns with India’s commitment for ‘net-zero’ by 2070, reflecting a forward-looking approach to technology and innovation. These are positives measures towards realizing the vision of a developed and sustainable India (Viksit Bharat).”