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| Pharma, healthcare industry disappointed with Budget |
| Press Trust of India / New Delhi Jul 06, 2009, 18:59 IST |
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The pharmaceutical and healthcare industry today expressed their disappointment with the General Budget, 2009-10, for ignoring their demands, including tax incentives for R&D, but welcomed the move of not hiking the excise tax on pharma products.
"There is not much for the pharmaceutical industry in the Budget and it has proved to be a disappointment for the industry," Indian Drug Manufacturer Association Executive Director Gajanan Wakankar said.
The pharma industry has neither gained anything and nor lost anything in the Budget, he added.
Fortis Healthcare Managing Director and Chief Executive Officer Shivinder Mohan Singh said, "Healthcare sector has been ignored. We had been expecting a boost for the healthcare infrastructure, but nothing has been said on it. Budget was mute. We are disappointed."
Echoing similar sentiment, Piramal Healthcare Director Swati Piramal said, "We didn't expect much from the Budget as the pharma industry is not very dependent on duties. Although, we are pleased that the government has not increased excise duty to eight per cent, which is a big relief for the sector."
On reduction of customs duty and zero excise duty on certain medical device, Ernst & Young Partner and National Leader, Health Sciences Practice, Hitesh Sharma said, "This proposal is likely to rationalize the cost of treatment of heart ailments which are generally expensive for a large size population suffering from heart ailments in India."
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