‘Padma Bhushan’ Dr Krishna Ella, founder and Executive Chairman of Bharat Biotech International Limited, on Friday urged the Union Finance Ministry to give ‘tax breaks’ for new products developed in India based on research breakthrough so as to inspire entrepreneurs for innovation. He pitched for research-linked incentive scheme for such companies.

Interacting with reporters on the sidelines of the 72nd Indian Pharmaceutical Congress at Rashtrasant Tukadoji Maharaj Nagpur University campus here on Friday, Dr Ella said that research-linked incentive scheme was ‘absolutely’ needed and ‘very very important’. “If any patent is filed and a startup developes unique product, my request to the (Finance) Ministry will be to give income tax break. This will inspire other entrepreneurs to develop innovations. This should be done for the products developed in India,” he stressed.

Dr Krishna Ella, who earned his PhD from the University of Wisconsin-Madison, is a research scientist in Molecular Biology. Asked about life-saving medicines, he said that the Government should give import subsidy for these. If incentives are given, the non-resident Indians living abroad also will come back to India, he added. His comments assume significance as the Finance Minister will soon present the Union Budget.

To a question, the Bharat Biotech founder known for popular COVID-19 vaccine ‘Covaxin’ replied that his company was working on single-dose COVID-19 vaccine. However, he refused to speak more about vaccine. He just observed that India was not inferior to any other nation in terms of research and development. Incidentally, his company is exporting Rotavirus, Typhoid Conjugate vaccines to more than 120 countries of the world. Indicating that the pharmceutical sector companies have set their eyes on new sector, he said, “Gene Therapy is the new revolution. We all will have to push for certain things to be done, and scientists also can push.”