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Wednesday, July 2, 2025 6:52 AM

Research & Development

Budget 2024: Pharma Industry Urges More Tax Breaks for R&D, Innovation, and Increased Healthcare Spending

Amidst the anticipation surrounding the upcoming Union Budget on February 1, the healthcare and pharmaceutical industry has outlined a comprehensive wishlist for Budget 2024, aiming for policies that foster innovation, research and development (R&D), and increased healthcare spending. Sudarshan Jain, Secretary General of the Indian Pharmaceutical Alliance, emphasized the need for conducive policies that offer direct and indirect tax benefits to pharmaceutical companies. The focus should be on critical areas such as innovation, R&D, and upgrading healthcare infrastructure. Jain highlighted the significance of continuous investments, especially in a sector with high risks and long gestation periods. Dr. Ashutosh Raghuvanshi, MD and CEO of Fortis Healthcare & President of NATHEALTH, called for a significant hike in healthcare spending to 2.5% of GDP. The proposals presented by NATHEALTH emphasize transformative changes to bridge regional healthcare disparities and strengthen the healthcare value chain. The aim is to enhance medical value travel, address MAT credit issues, and build local capabilities for healthcare services. Ameera Shah, Promoter and Managing Director of Metropolis Healthcare, underscored the importance of the upcoming budget in strengthening India’s healthcare ecosystem. Shah advocated for investments in critical areas like innovation, research, development, technology, and upgrading healthcare infrastructure. Additionally, she called for a 0% GST on diagnostic services, GST refunds on inputs, and rationalizing import tariffs on healthcare products to enhance accessibility and affordability. These recommendations collectively aim to position India as a reliable supplier of medicines and a custodian of global healthcare. The healthcare sector looks forward to policy stability, continuity, and transformative measures in the upcoming budget, recognizing the role it plays in combating present and future healthcare challenges. Source: CNBC-TV18

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India sees a 42% growth in Research & Development jobs: Indeed survey

A survey found that, in May 2022, compared to the same month in 2019, job postings for research and development (R&D) job roles increased by 42%. Between May 2020 and May 2021, when job posts grew by more than 40%, the spike was particularly noticeable. According to a report by the job portal Indeed, job searches have also climbed by 21% over the past three years, showing a rise in the demand from job seekers for these positions. India has long been regarded as a market leader for IT services. Product innovation, however, has increased dramatically in India over the past ten years. According to Nasscom, the nation is currently home to global capability centres (GCCs) for more than 1,300 MNCs, or around 45% of all GCCs worldwide. More than 1.3 million people are directly employed by these, and they bring in more than $33.8 billion annually. The Make In India initiative, which aims to promote innovation, improve skill development, and produce the best talent possible in the nation, is another factor supporting this growth. Innovation has become more prominent in India over the past 15 years, according to Sashi Kumar, Head of Sales for Indeed India. “We are seeing a positive growth of product and engineering roles in India which will grow exponentially in the coming years.” Bangalore is the city with the most R&D jobs, though. Nearly 75 percent of all R&D positions in India are located in the top five cities, which also include Pune, Hyderabad, Mumbai, and Chennai. R&D engineer (7.6%), software engineer (4.5%), software architect (1.4%), and full stack developer (1.3 percent) are the top positions offered as part of R&D employment. The rise of such jobs being made available in tier 2 and tier 3 cities is one of the interesting phenomena we are seeing as a result of the pandemic’s digital push. “Smaller cities like Ahmedabad, Vadodara, Kochi, Indore, Jaipur, Surat and others contribute over 6.5% of total R&D jobs. indicating that companies will likely continue to focus on metro cities of tomorrow” Kumar added.

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