Discover the healthcare industry’s fervent expectations for Budget 2024. Stakeholders, including pharmaceutical leaders and medtech pioneers, anticipate increased allocations for R&D, healthcare funding, and innovation. With a current industry valuation of $50 billion and ambitious growth targets, the budget is viewed as transformative, propelling India as a global pharmacy hub. CEOs stress the need for collaborative action, public-private partnerships, and streamlined policies to boost local manufacturing. Amidst these expectations, the industry envisions a phased-out approach to custom duties, simplified regulatory processes, and increased focus on rural healthcare. The upcoming budget promises to be a delicate balance between fiscal prudence and populist measures, shaping the trajectory of India’s healthcare landscape.
As India eagerly awaits the Union Budget 2024, the healthcare industry stands at the forefront, articulating its aspirations for a comprehensive overhaul. Stakeholders, from pharmaceutical giants to medtech innovators, converge on a common theme – the need for increased government allocations in research, healthcare, and pharmaceutical innovation. This budget, scheduled for presentation on February 1, holds transformative potential, with industry leaders emphasizing its pivotal role in shaping India’s global healthcare competitiveness. The anticipated growth from $50 billion to $450 billion by 2047 underscores the industry’s ambitious vision, calling for collaborative strategies, supportive policies, and a focused approach to bridge healthcare disparities and embrace digital solutions.
As the eagerly awaited Union Budget 2024 approaches, stakeholders in India’s healthcare industry are voicing their expectations, calling for increased allocations in research and development (R&D), healthcare funding, and innovation in pharmaceuticals. Scheduled to be presented on February 1 by Finance Minister Nirmala Sitharaman, this budget is seen as a pivotal opportunity to bolster the nation’s healthcare sector and address dynamic healthcare needs.
Vibcare Pharma CEO, Siddharth Singhal, emphasizes the critical role of government support in enabling the pharmaceutical and healthcare sectors to evolve and meet the evolving healthcare challenges in India. He underscores the need for increased government backing in areas such as regulatory reforms and enhanced healthcare funding to foster innovation. Singhal expresses optimism about the transformative potential of the budget, stating that a focus on advanced R&D aligns with the industry’s mission to introduce better and more cost-effective medicines.
With the current valuation of the pharmaceutical industry standing at approximately $50 billion, the government aims for a significant growth trajectory, targeting $120-130 billion by 2030 and an ambitious $450 billion by 2047. Singhal believes that the upcoming budget holds the potential to propel the pharmaceutical industry into a position of global competitiveness, further solidifying India’s role as a pharmacy hub for the world.
Anish Bafna, CEO and MD of Healthium Medtech, highlights the burgeoning opportunities in the medtech sector and advocates for a collaborative action plan through public-private partnerships. He stresses the importance of involving government entities, medical device companies, hospitals, manufacturers, suppliers, healthcare providers, and insurance players. Bafna emphasizes that conducive policies, such as phased-out custom duties and streamlined clearance processes, will support local manufacturing and expedite the delivery of medical devices to patients.
Dr. Joy Shah, founder of Beagle Lasers, anticipates a major focus of the budget to be on extending quality healthcare to rural areas. He predicts potential changes in GST tariffs and services related to healthcare, suggesting a strengthening of import regulations to curb the influx of imported medical equipment. Dr. Shah envisions a conducive environment for local manufacturers, aligning with the “Make in India” initiative, potentially boosting employment and enhancing healthcare service quality.
As the healthcare industry awaits the impending budget, VarcoLeg Care CEO Veeky Ganguly hopes for policy measures to simplify the adoption of health technologies. He emphasizes streamlined regulatory processes and incentives for healthcare providers to embrace digital solutions, anticipating a more patient-centric approach.
Vikram Thaploo, CEO of Telehealth at Apollo Hospitals Enterprises Limited, expresses the hope for increased funding to boost domestic manufacturing of medical equipment. Thaploo looks forward to potential changes in GST tariffs and services related to healthcare, expecting measures that strengthen import regulations and foster an environment conducive to the growth of indigenous manufacturers.
The healthcare industry collectively anticipates a commitment to skill development in the sector, recognizing the importance of a well-trained workforce capable of harnessing emerging technologies for progress. Stakeholders urge the government to prioritize investments in public health infrastructure, primary healthcare facilities, and essential medicines, emphasizing the promotion of telemedicine and digital healthcare solutions.
Overall, Budget 2024 emerges as a beacon for the healthcare industry, heralding a paradigm shift and signaling a path toward global prominence. Stakeholders express optimism about the budget’s transformative impact on pharmaceutical innovation, medtech expansion, and the overall healthcare ecosystem. The delicate balance between fiscal prudence and populist measures takes center stage, with a collective call for increased funding, streamlined regulations, and rural healthcare initiatives. The industry’s unified vision extends beyond financial growth, emphasizing a commitment to skill development, patient-centric solutions, and a resilient healthcare infrastructure. As the budget unfolds, its outcomes will echo in the trajectory of India’s healthcare narrative, propelling it toward innovation, sustainability, and a brighter future.