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The government’s initiative to implement a draft strategy aimed at promoting innovation, R&D, and industry-led innovation growth in India’s MedTech and Pharmaceutical industries is a welcome move. This would stimulate new investments in both R&D and production initiatives.
The government has also introduced schemes to promote medical device parks and bulk drug parks with financial grants across different Indian states. There has been an amendment under income tax provisions to disallow such expenses incurred by pharmaceuticalcompanies in violation of MCI regulations. –
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