Bharat Biotech founder bats for incentives, tax breaks for patented products, innovation

Bharat Biotech founder Dr Krishna Ella on Friday advocated the need for “research linked incentives” and tax breaks for new products based on breakthrough and patented innovation done within the country.

Talking to reporters on the sidelines of the 72nd Indian Pharmaceutical Conference (IPC) in Nagpur, Dr Ella said, ”Research linked incentive for Indian companies is very important. I would request the ministry to give tax breaks to any product that is created from patent filed in India. It will inspire entrepreneurs to go for innovation.”

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Speaking at the 72nd IPC earlier in the day, Drugs Controller General of India Dr VG Somani had said the Centre was all set to introduce a research linked incentive programme shaped on the lines of the production linked incentive (PLI) scheme to boost research and development of biotech products in the country.

Queried about the need for three doses of the COVID-19 vaccine instead of just one, Dr Ella said his company was working on the issue.

The three-day Indian Pharmaceutical Congress will cover various issues related to the sector, academia and community pharmacy and will be attended by delegates from India and abroad.