Industry calls for boosting innovation and investment in NCEs and NBEs to propel life sciences growth

As the Union Budget nears, India's life sciences sector seeks robust support to advance innovation in new chemical entities (NCEs) and new biological entities (NBEs). These initiatives are crucial for sustaining growth and global competitiveness.

The sector, known for its resilience, aims for targeted investments and incentives to foster NCEs and NBEs innovation, proposing a 200% weighted deduction for R&D activities to bolster research efforts and position India as a leader in life sciences.

There's a strong push for incentives in medical device manufacturing, including a concessional tax regime and profit-linked incentives, to establish India as a global hub, ensuring affordability and accessibility.

Lowering customs duty on imported diagnostic equipment and adjusting GST rates on lab supplies would further encourage R&D investments.

The sector also urges PLI for healthcare infrastructure and improved healthcare workforce training, seeking uniform regulations for company interactions with healthcare professionals to enhance compliance.