Dhananjay Singh, Head of Science and Lab Solutions, India at Merck Life Science
"We are keenly looking forward to the impact of the Union Budget on the 2023–24 fiscal year. The budget is anticipated to help create the ecosystem to fuel innovation and research, built upon future capabilities that will propel the life science industry.
Being the sunrise sector for India, the year 2023 holds a positive outlook for the life science industry. The need of the hour is increased collaboration between academia, industry, and the booming IT sector to utilize India's technological capabilities and skilled workforce optimally. This collaboration will only help in research and development but also in translating those research findings into practical applications, which will further drive human progress.
It is a science-based and knowledge-driven industry, with scientific advances occurring at a rapid pace. With it, the demand for high-end innovation in the life sciences sector has increased too. To further accelerate innovations, biotech companies must make the best technological investments and attract the best talent. A collaboration between public and private bodies remains vital to make the biopharma and life science value chain as future-ready as possible. I hope the upcoming Union Budget becomes the initial step toward achieving that goal."