Reducing duties on nutraceuticals will help boost wellness sector By Priyanka Aggarwal, healthcare practice at BCG India
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Below quote On Pre-budget By Priyanka Aggarwal, Managing Director & Partner who co-leads the healthcare practice at BCG India
“India pharma market is $48-50 bn today – poised to become $90-120 bn by 2030. This vision can be achieved through 5 pillars - Discover In India; Make in India; Promoting Wellness; Enhancing Health Equity and Creating a Knowledge Economy. Towards this vision; the budget can create enabling policies and incentives. Specifically, supportive policies to encourage R&D – i.e. funding support, fueling the talent ecosystem would help the industry invest more in R&D. More allocations towards PLI and encouraging more domestic production of APIs and KSMs will help towards Make in India. Reducing duties on nutraceuticals will help boost wellness sector. Finally, increased overall allocation towards health is much required – in creating a new normal in post COVID healthcare sector and first post COVID budget.”
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