This fiscal budget, healthcare and life sciences sector will continue to take precedence. Post pandemic, India’s potential in being a global leader in this space is evident. We have seen a 137% increase in budgetary allocation for the life sciences sector in 2021; rewarding organizations for production-linked incentives (PLI), key starting materials (KSM), drug intermediates, and active pharmaceutical ingredients (APIs). Whilst India proved its self-sufficiency and leadership position in drug manufacturing capabilities, the stage is set for bolstering the drug development activities. Government budgetary provisions for R&D around drug development, gene therapies, medical devices, wearable technologies, etc. are vital for providing a much-needed boost to Research and Development (R&D) activities in the country. We also expect substantial attention and interest from the public and private equities on strengthening drug development activities in India via increased public-private sector partnerships.
This fiscal year 2022-23, we envision increased spending on digital healthcare initiatives by the Government of India via its super-successful Ayushman Bharat Digital Mission (ABDM). Digital technologies in eGovernance, patient-focused and digitally-enabled Decentralized Trials (telehealth, eConsent, Smart Surveys, clinical supply management, patient diaries etc.), AI-enabled automation and digital data analytics and insights will see increased focus. Technology spending is imperative to affordable healthcare and expedited drug development with a vision to drive better clinical outcomes. We expect the fiscal budget to provision rewarding enterprises adopting digital drug development platforms to bring drugs faster to patients and enable faster, more accessible and patient-friendly clinical trials.
Views expressed by Rachna Malik, Global Head, TCS ADD™ Platforms, Tata Consultancy Services