ABLE would like to thank the Union Finance Ministry for their swift action on ABLE’s request to reduce the 150% customs duty imposed by the Union Budget for 2024-25 on critical laboratory chemicals imported by biotech companies and researchers under HS Code 9802. In the Budget presented on July 23, Finance Minister, Mrs Nirmala Sitharaman had increased the duty on laboratory chemicals from 10 to 150%.

This particular abnormal duty increase had the potential to severely impact the research budgets of biotech companies. Home-grown companies make only about 30% of the national requirements of a large number of chemicals that are key in biotech research work. Indian researchers are allowed to import these chemicals in packages less than 500 gm or ml under this specific code HS 9802. In 2023, the imports under this code were about $ 80 million. ABLE took up the matter with the government agencies such as Department of Biotechnology (DBT), Revenue Secretary and Central Board of Direct and Indirect Taxes. ABLE memorandum pointed out the adverse impact the unprecedented customs duty will have on the small budgets of biotech researchers. The Finance Ministry heard the pleas and swiftly reversed the increase and retained the original 10% on 31st July 2024.

However, the reduced duty is now applicable only to DSIR registered research companies and only for direct imports. ABLE urges the Ministry to relook at this clause as biotech startups are depended on local importers and mostly lack the capacity to do the enormous paperwork for import of lab chemicals from abroad.

In another important move, the government has announced a waiver under Rule 101 for clinical trials for latest drugs in several key segments that have already got approval in six countries—USA, UK, Japan, Australia, Canada and the European Union. This waiver is likely to speed up the introduction of most advanced medicines in the country very quickly instead of 3-4 years of delay to conduct trials on Indian patients. This waiver will also strengthen India’s advocacy for reciprocal arrangements for drugs approved in the country and enable quicker access to foreign markets.

I am happy to inform that ABLE and the industry have come out in full strength to conduct the 4th annual edition of the country’s largest biotech event, Global Bio India (GBI) at Pragati Maidan in New Delhi from September 12-14, 2024. The conference is organised by DBT-BIRAC and will show case the best of India to the world for three days. Over a hundred experts from India and abroad are expected to speak at the Supersessions and other conference tracks curated by ABLE. The Exhibition at GBI offers immense opportunities to member companies and startups to let the world know about their impressive innovations at one place.

At ABLE we have formed Focus Groups on Pharma, MedTech, Food, Bio Energy (Bio Industrial) Bio Ag, Startups/Incubators and Regulatory to ensure we understand the   in opportunities and challenges in each segment. We would like to evaluate the inputs from our members and proactively work on addressing chronic issues and facilitate capitalising on the opportunities to grow the BT business in the country. This exercise we believe will be of immense value to our valuable member companies. Each of these groups are chaired by a Governing body member with the relevant members from different segments participation. You will soon hear on the progress of this initiative.

ABLE Regional Chapters have begun to increase engagement levels within the industry in their regions. The Northern Regional Chapter in IIT-Kanpur organized an interaction with agriculture startups, Investors and industry in the region to create better understanding about the impressive work being done in these companies. Our Western Regional Chapter at Venture Centre in Pune has conducted an industry meeting and organized the Curtain Raiser for the GBI 2024 event.

The Curtain Raiser event for the GBI 2024 took place on September 14th in New Delhi, in the presence of the Minister for Science & Technology Dr Jitendra Singh. ABLE was invited to speak on the occasion.

Happy reading!