I am very happy to report that the Government of India has acceded to our industry’s request by announcing a new scheme to promote research and development (R&D) by pharmaceutical sector in the Union Budget for 2023- 24. Details of the scheme will be announced soon and thrust will be to attract R&D investment by the industry in specific areas.

This was one of the key demands a high level ABLE delegation led by our chairperson, Dr Kiran Mazumdar-Shaw had emphasised during the meetings in New Delhi in early January with key ministers such as Dr Jitendra Singh (S&T and PMO), Mr Mansukh Mandaviya (Health and Family Welfare, Pharmaceuticals), key policy makers like Dr Suman Berry (Niti Aayog), Dr Rajesh Gokhale (DBT), Ms S Aparna (Pharmaceuticals), Mr Anurag Jain (Department for Industry Promotion and International Trade). They listened to our emphasis on why it was importance to spur innovation with private investment in biotech research and had promised to launch a suitable scheme.

The budget has also announced the intention to fund high end research in medical devices, vaccines and specific drugs by creating new centres of excellence in top universities and research centres and private companies could collaborate with them. In addition, the vast infrastructure of the large network of laboratories of ICMR (Indian Council of Medical Research) will be available to biotech R&D centres for collaborative work. Another important announcement is the plan to start dedicated multidisciplinary courses to develop innovative medical devices in existing universities to increase availability of skilled manpower, develop futuristic medical technologies and promote high end manufacturing and research. This is one area where there are already hundreds of startups in the country and the move will further strengthen the national ecosystem in the segment. A good start has been made and now we eagerly look forward to more details of the above schemes in the next few weeks.

The government has also announced an Agricultural Accelerator programme to encourage more startups in the agriculture sector. And the Economic Survey for 2023-24 has also flagged the issue of hundreds of our promising startups exiting the country to foreign shores to make better use of incentives available there. The Survey has urged the government to stem this tide and get these innovative startups back to the country.

I am happy to inform members that ABLE will be setting up the India Pavilion on behalf of Government of India, at the forthcoming BIO Boston from June 5-8, 2023 and we will be sharing the details soon as we are formalizing the plans for a high-level government and industry delegation to the event. Look forward to your support and participation in the India Pavilion.

I would like to invite you all to the ABLE@20 anniversary celebrations planned along with Venture Center in Pune on February 8 and in Hyderabad on the side-lines of BIO Asia conference on 24th February. We shall soon communicate the date for the Grand event in New Delhi.

Wishing you all a very Happy New Year 2023 and looking forward to your continued support.

G S Krishnan

Hon. President, ABLE