The Biopharma Hub proposed by the Telangana government at Genome Valley, near here, will help further consolidate Hyderabad’s position as a premier life sciences destination, Industries and IT Minister K.T.Rama Rao said on Tuesday.
The B-Hub will facilitate research and development, scale up manufacturing and provide services as a turnkey incubator/lab space module, he said.
Addressing CEO Conclave of BioAsia 2021, which had industry leaders and NITI Aayog CEO Amitabh Kant as other speakers, Mr. Rao said while underscoring the need for the Centre to enhance tax incentives on research and development spend of the pharma industry. He said the government’s move reducing weighted tax deduction was counter productive when seen in the context of its emphasis on self reliance.
Besides incentives, the life sciences industry should be supported through policy measures aimed at further protecting IPs, the Minister said.
Misuse of scheme
Mr.Kant said the decision on the tax incentives came in the backdrop of studies that revealed the scheme was being misused by some. He highlighted how the government’s Production Linked Incentive (PLI) was bound to help the industry. Also, the government was expected to soon announce the rates, applicable to the pharma industry, under the Remission of Duties and Taxes on Export Products scheme. Discussions were under way between the Commerce and Revenue ministry in this regard.
Executive chairperson of Biocon Kiran Mazumdar-Shaw, Piramal Group vice-chairperson Swati Piramal and Lupin Managing Director Nilesh Gupta underscored the significance of innovation for the industry.
Ms.Shaw said it was important for the industry to move from volume play to value game through more emphasis on research and innovation.
