The Indian pharma industry welcomed the UPA's return to power with a decisive mandate saying it would enable formation of a stable government and carry forward economic reforms, while raising hopes that the Centre would frame policies that will support the sector.
"It is good for the country that there will be stable government at the Centre. The continuation of the ongoing economic reform is expected to revive economy as a whole, which is in the favour of the industry," Indian Drug Manufacturers Association Gajanan Wakankar told.
Expressing similar views, Piramal Healthcare Director Swati Piramal said: "This is the best news for the industry that there will not be any hung Parliament and the trends are indicating towards a stable government."
Stating that the verdict is good for the country as it will ensure continuity, Ranbaxy CMD and CEO Malvinder Mohan Singh said: "We certainly need a stable government that will accelerate the economic growth and reform process."
Putting forward the industry's expectations from the new government, Piramal said: "There should be a pro-industry pharma policy which incentivizes research and development."
Many reform measures, such as expediting the process of granting approvals for clinical trials and new drugs are expected from the government, she added.
"The industry is witnessing a decline in exports and the new government should address this problem," Wakankar said.
Highlighting the need for the new government to increase public spending to drive inclusive growth, Singh said: "There has to be a strong focus on infrastructure development, healthcare and education. There is also a need to address crisis of economic confidence."
The Congress-led UPA had promised provision of health insurance cover for all poor families within three years and upgrade of main government hospitals in district headquarters in its election manifesto.