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Budget 2026 offers robust bio-pharma base to allow Indian pharma cos to access regulated global markets: Namit Joshi
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Shardul Nautiyal, Mumbai
February 03 , 2026
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The Union Budget 2026 offers a robust domestic bio-pharma base to Indian pharma companies. This will allow companies, especially Indian pharma MSMEs and mid-sized players, to move up the value chain, access regulated global markets and compete in high-value segments traditionally dominated by a few advanced economies, according to Namit Joshi, chairman, Pharmaceuticals Export Promotion Council of India (Pharmexcil).
He adds that the announcement of the Bio Pharma Shakti Project marks a historic and strategic shift in India’s pharmaceutical journey from being a global leader in generics to emerging as a global bio-pharma manufacturing powerhouse. With a committed outlay of Rs. 10,000 crore over the next five years, the initiative is designed to build an end-to-end ecosystem for MSMEs to develop and manufacture biologics and biosimilar drugs, which represent the fastest-growing segment of the global pharmaceutical market.
Joshi further adds that by strengthening critical enablers such as research infrastructure, clinical trial capacity, regulatory capability, skilled manpower, and advanced manufacturing facilities, Bio Pharma Shakti aims to significantly reduce India’s dependence on imports for complex biologic therapies. This is particularly vital in the context of rising non-communicable diseases such as cancer, diabetes, and autoimmune disorders, where biologics are becoming the standard of care. Pharmexcil believes this budget creates the right conditions for pharma exporters to scale responsibly, deepen market access and reinforce India’s commitment of supplying affordable, quality medicines to the world - cementing India’s position at the forefront of the next phase of global pharmaceutical innovation.
Joshi explains that reforms on SEZ and GST rates clearly articulate the Union Government’s kartavya of creating globally competitive ‘Champion MSMEs’, and for the pharmaceutical sector, these reforms have direct implications for manufacturing strength and export leadership. Operational flexibility for SEZ-based manufacturers through a concessional Domestic Tariff Area (DTA) clearance window will strengthen capacity utilisation, cash flows, and supply chain resilience. For pharma companies, this provides critical flexibility to manage regulatory delays, inventory build-up and working-capital pressures, particularly in complex segments like biopharma and biosimilars. Pharmexcil believes this integrated approach will enable exporters to scale responsibly by directly addressing the operational efficiency, liquidity, and global competitiveness of medium and small pharmaceutical manufacturers. Additionally, a predictable, science-driven and globally benchmarked regulatory framework is foundational for sustaining India’s credibility in regulated markets and increasingly define export value rather than volumes.
Echoing similar views, Saurabh Agarwal, director, HAB Pharma states, “The Rs. 10,000 crore Biopharma Shakti programme strengthens the domestic biologics and biosimilars ecosystem through new and upgraded NIPERs, the strengthening of the Central Drugs Standard Control Organisation (CDSCO) with a dedicated scientific review cadre and domain specialists to meet global regulatory standards and faster approval timelines, driving job creation, reducing import dependence, improving access to affordable medicines, and positioning India as a credible global hub for advanced therapies in line with the resolve of Aatmanirbhar Bharat. The Budget further reinforces MSMEs through a Rs. 10,000 crore SME Growth Fund, a Rs. 2,000 crore expansion of the Self-Reliant India Fund, improved liquidity via TReDS, credit guarantees and GeM integration, complemented by ‘Corporate Mitras’ to ease compliance, while customs reforms such as trusted importer facilitation, electronic sealing and an integrated Customs Integrated System will streamline exports and deepen India’s integration with global markets”.
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