On February 1, Union Finance Minister Nirmala Sitharaman is set to present the Union Budget to the legislature for the fiscal year 2023–24.

Before the Union Budget 2023–24, the US pharmaceutical industry recommended that India release an R&D policy for its pharmaceutical business.

According to Karun Rishi, president of the USA-India Chamber of Commerce (USAIC), “it is time that the government of India comes up with a research and development policy for the pharmaceutical industry,” according to PTI.

The USAIC, based in Boston, has been hosting the India-US health care conference for the past 16 years, which attracts the crème de la crème of the pharmaceutical industry from both countries.

The budget should work on advancing the value chain in the biopharma industry, which is driven by research and development. In answer to a query, Rishi stated that with the right governmental push, India might become the global R&D powerhouse.

He argued that the budget should reward R&D and manufacturing, particularly by improving API (active pharmaceutical ingredient) production in India, in order to protect national security and stabilise the global supply chain.

Noting that India is a bright light in the middle of a global recession, he advised Sitharaman and her team to concentrate on growth plans, boosting public spending on healthcare, capacity building, skills development, and employment creation.

While it may be difficult, the finance minister should adhere to the budget deficit objective. The Indian government distributed subsidies during the COVID-19 epidemic and offered the economy a much-needed boost in capital spending. Thus, the fiscal deficit increased, according to Rishi.