He said the domestic pharma industry is at the cusp of change. “The Indian pharma sector aims to achieve USD 120-130 billion by 2030 and USD 400-450 billion by 2047. The announcement of the Promotion of Research & Innovation Program (PRIP) Scheme in 2023 was a positive step to spur innovation, he stated. Healthcare industry body NATHEALTH said it is advocating for an increase in healthcare spending to 2.5 per cent of GDP and the rationalisation of the GST framework. Metropolis Healthcare MD sought a zero per cent GST on diagnostic services and refunds for GST paid on inputs.

Source: Economic Times January 16, 2024 13:36 UTC