The pharmaceutical industry awaits budget 2024 more excitedly than any industry, as the government always helps the pharma industry with exports and uses them as a method to earn foreign reserves, which gives a win-win situation for both parties. The pharmaceutical industry is avoided when compared to the healthcare sector, but we have to understand that both healthcare and pharmaceutical industries are important for people, and we should acknowledge the pharma industry.
The budget for 2024 will focus on the roadmap for the pharma industry and will help it grow in a sustainable which will be beneficial for the environment and will encourage other industries also.
The government might also the pharma companies to reach global markets easily so that they can grow their businesses as well as help the government collect foreign currency in the national reserve.
Research and innovation are two important factors that play a main role in the pharma industry, and just like the government helped the industries in COVID-19 grow vaccines for everyone, the industrialists hope the government will continue to show their support in the future also.
As we know, in India, companies can make the same medicine from the same drug without patent and lawsuit concerns, unlike in many Western countries. In India, the government allows companies to make the same medicine for fair competition, i.e., you can find paracetamol from many companies in your nearby medical store.
Further experts also added that it is quite important for companies to maintain quality standards and comply with government regulations. Proper regulatory reforms and proper laws can help the pharma industry to grow.
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