Post budget reaction: Manoj Mehrotra, President, Hikal
The pharmaceutical sector has played a crucial role in India’s economic development, especially during and post the pandemic. We welcome the government’s continued focus on boosting this sector, helping spur demand and growth. R&D is a crucial component for the continued growth and success of the pharmaceutical and API manufacturing industry. The allocation of funds for R&D for the sector is aligned with our expectations. We are glad to witness that the government is allied with the pharmaceutical industry in helping India become a global innovator. It will help the industry in discovering new and innovative technologies, consumer-centric solutions and develop evolved processes, resulting in improvements in efficiency, quality, and cost-effectiveness in the global market. Additionally, this can foster a culture of innovation within a company and the industry attracting and retaining talented scientists, engineers, and other professionals. We are optimistic about the future and look forward to working with the government to continue the growth of this important sector for the Indian economy.