Budget 2024: Finance Minister Sitharaman tabled the interim budget 2024 ahead of the Lok Sabha elections. During her budget speech, Sitharaman announced that healthcare cover under the Ayushman Bharat insurance scheme will be extended to all ASHA and anganwadi workers and helpers.
Sitharaman also announced that the government will encourage vaccination for girls in the 9-14 year age group for the prevention of cervical cancer. The Health Ministry has been allocated Rs 90,658.63 crore in the interim Budget for 2024-2025.
Out of Rs 90,658.63 crore, Rs 87,656.90 crore has been allocated to the Department of Health and Family Welfare while Rs 3001.73 crore to the Department of Health Research. The Budget allocation for the AYUSH ministry has been hiked from Rs 3,000 crore to Rs 3,712.49 crore, recording a 23.74 per cent increase.
Here are some top reactions from key industry leaders:
Dr Garima Sawhney, Co-founder, Pristyn Care: “In the interim budget presented today, the government mentioned that empowerment of women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years. The Finance Minister has allocated 30 crore MUDRA Yojana loans to women entrepreneurs. This is going to elevate women entrepreneurship and boost startup ecosystem that will definitely make the Indian economy reach greater heights. The government’s announcements on various schemes for maternal and child healthcare under one comprehensive programme and upgradation of Anganwadi centres under Saksham Anganwadi and Poshan 2.0 will expedite improved nutrition delivery, early childhood care and development. This is a great move by the government as this is going to boost women and child healthcare. The health and well-being of women and children are critical in the economic development of the nation and prioritising social sector spending on women and young people’s health is central to all our futures.”
Dr. Azad Moopen, Founder and Chairman – Aster DM Healthcare: “It is heartening to see that the Interim Union Budget focuses on the upliftment of the masses through specific focus on the poor, farmers, youth and women. The allocation of Rs. 1-lakh crore with 50-year interest free loans will encourage the start-up culture that India is now thriving upon, encouraging the youth of today to become entrepreneurs and focus on their growth as well growth of the nation. In healthcare we were hoping to see an increase in the GDP allocation of minimum 5% for the sector, hopefully this will be addressed in the complete Budget to be announced in July this year, under the new government. We are glad that the government is considering to add more hospitals in all districts in the country, which is essential to meet the rising demand. We would recommend focusing on public-private partnerships (PPP) to address this. With all maternal and child healthcare to be brought under one- scheme, this will be essential. It is promising to hear that government plans to open more medical colleges alongside existing hospital infrastructure. There is now an urgent need for comprehensive reform of medical education, to ensure that the medical professionals of tomorrow are trained in the latest medicine and techniques, like their western counterparts. The strong impetus on immunisation of children under Mission Indradhanush and young girls for cervical cancer will go a long way in strengthening preventive care measures in the country and reduce the burden from communicable and non-communicable diseases.”
Dr. Charit Bhograj, CEO and Founder of Tricog Health: “Interim Budget 2024 presented by Finance Minister Nirmala Sitharaman promises a boost for healthcare in India. The proposed measures include broadening health insurance coverage, reinforcing immunization efforts, investing in maternal and child health, and prioritizing rural healthcare. These initiatives will enhance medical service accessibility in vulnerable regions. The budget reflects a commitment to inclusivity, accessibility, and establishing a robust healthcare foundation for all citizens, signaling a significant move toward strengthening the healthcare infrastructure in the country.”
Jyotsna Govil, Chairperson- Indian Cancer Society, Delhi Branch: “We are quite happy to see from the budget that our Finance Minister, Nirmala Sitharaman has increased the allocation for health, as compared with last year. However, we wish it had been much more, particularly the allocation to cancer. We have a young population who need education about cancer and about how lifestyle impacts it, and it is very important that the budget allocates funds towards awareness and prevention. With increased awareness, the numbers for treatment will automatically come down and create an economic benefit both to the person and the nation.”
Vaibhav Tewari, CEO & Co-Founder, Portea Medical: “While we recognize the positive advancements in the healthcare sector in the Budget, certain aspects warrant a “wait-and-watch” approach. The decision to form a committee for expanding medical colleges recognizes the need for enhanced healthcare infrastructure. However, swift and effective resolution of execution challenges is imperative for the initiative’s success. The emphasis on immunization (cervical cancer vaccination) for girls and the integration of healthcare schemes for mother and child into a unified format signals a commitment to preventive and comprehensive healthcare. Yet, success hinges on seamlessly integrating existing programs, clear execution strategies, and robust monitoring mechanisms. Expanding Ayushman Bharat health insurance to ASHA, Aanganwadi workers, and helpers supports the frontline healthcare workforce. Efficacy will depend on seamless collaboration between public and private sectors, coupled with the necessary digital infrastructure. There were several other key expectations that have remained unaddressed such as expansion of insurance coverage to outside of hospital care, funding, support for tech-driven healthcare sector, and healthcare startups etc. Since this is an interim budget, it seems that barring some of the operational needs, major policy initiatives have been left out for the full annual Budget that will be presented after the elections this year. Looking ahead, fostering a collaborative environment is crucial for the government, leveraging strengths from both public and private entities. A digitally-driven approach, emphasizing transparency and efficiency, is pivotal for executing these healthcare initiatives successfully. At Portea, we are eager to actively contribute to these efforts, leveraging our expertise to ensure a robust and accessible healthcare system for all.”
Nilesh Aggarwal, CEO, IJCP Group & Founder, Medtalks: “The Union Ministry’s Budget 2024 underscores critical aspects of healthcare that demand urgent attention. One of the paramount needs is the shortage of healthcare professionals, particularly doctors. The commitment to establishing new medical colleges not only addresses this pressing need but also signifies a proactive step towards bolstering our healthcare workforce. With an ever-growing population and escalating healthcare demands, the expansion of medical education is crucial for ensuring adequate healthcare access across the nation. Furthermore, the inclusion of cervical cancer prevention through vaccination for young girls is commendable. It emphasizes the importance of preventive healthcare measures in addressing significant public health concerns. However, beyond disease prevention, there’s a compelling need for universal healthcare coverage. Access to quality healthcare should be a fundamental right for every individual, irrespective of socio-economic status. Achieving universal healthcare coverage requires concerted efforts from both public and private sectors, alongside policy interventions aimed at bridging healthcare disparities. Additionally, increased medical education should not solely focus on producing more doctors but should also prioritize holistic healthcare delivery. Public awareness campaigns on lifestyle issues play a pivotal role in promoting preventive healthcare practices. Educating the public about healthy lifestyle choices, disease prevention, and early intervention can significantly reduce the burden on healthcare systems and improve overall well-being. In this endeavor, companies like the IJCP Group and MedTalks play a crucial role. With our large database of healthcare professionals and consumers, we can disseminate valuable information to the masses, facilitating greater awareness and understanding of healthcare issues. By leveraging technology and outreach efforts, we can empower individuals to make informed decisions about their health and well-being, ultimately contributing to a healthier society.”
Jasdeep Singh, Group CEO, CARE Hospitals Group: “The 2024 Union Budget places a pivotal emphasis on enhancing healthcare services, particularly in tier II cities and rural areas. Aligned with the overarching theme of women empowerment, the budget addresses the healthcare sector comprehensively. A noteworthy initiative is the improvement and fortification of the rural healthcare system, a move that stands to benefit women and children significantly. The extension of the Ayushman Bharat Yojana to include all ASHA and Anganwadi workers ensures that healthcare becomes accessible and affordable for all. Cervical cancer, a prevalent health concern, is addressed through the introduction of vaccination for girls aged 9-14, a pivotal step in preventing the disease and raising awareness. The consolidation of maternal and child healthcare schemes into a comprehensive program aims to empower the vulnerable groups, especially women and children. The government’s commitment to setting up more medical colleges, utilizing existing hospital infrastructure, reflects a strategic approach to strengthening the healthcare system. The ‘U-Win’ platform for managing immunization, along with the intensification of Mission Indradhanush, will be rapidly implemented across the country. The government’s multifaceted approach in this budget underscores a dedication to quality healthcare, particularly in tier II cities and rural regions. We are glad that we are aligned with the Government’s plans as we will continue to focus on tier II cities and rural areas to cater quality healthcare efficiently.”
Ankur Gigras, CEO and Co-founder, HexaHealth: “The interim budget was just released, and the emphasis on a comprehensive GDP, incorporating governance, development, and performance was evident. The proposed fiscal estimate reinforces a people-centric agenda and promises great enhancement in Indian healthcare. As per WHO, cervical cancer ranks as the fourth most prevalent cancer among women, posing a significant challenge for the Indian population. The budget forecast has thus put focus on prioritising precautionary healthcare by encouraging vaccination in girls of 9-14 years for cervical cancer. This initiative is a great step to help in the diagnosis and prevention of cervical cancer in girls at an early age. Additionally, the finance minister mentioned extending the Ayushman Bharat scheme to include ASHA and Anganwadi workers, which reflects inclusivity by recognising their invaluable role in our health system. The finance minister expressed her futuristic expectations during the provisional budget, ensuring the necessary support. The vision for 2047 is full of commitment to providing abundant opportunities for our country. It has motivated the healthcare sector to continue contributing to holistic development and achieve great heights.”
Dheeraj Jain, Founder, Redcliffe Labs: “In the fabric of India’s healthcare, the interim budget announcement 2024 by FM Sitaraman unveils a tapestry of hope, especially with its strides towards addressing cervical cancer, the silent predator claiming thousands of lives annually. With cervical cancer ranking as the nation’s second leading cancer, the allocation for a vaccination drive targeting girls aged 9 to 14 echoes the urgency of the hour. It’s a beacon of progress, resonating deeply with Redcliffe Labs’ ‘Be Your Own Sheroes’ campaign launched in January 2024, which tirelessly advocates for timely diagnosis and vaccinations as it can significantly help prevent, cure, and treat cervical cancer. The significance of this budget extends beyond mere numbers, for it promises to fortify our hospitals’ infrastructure and streamline schemes dedicated to children and maternal health. It’s not merely a fiscal plan; it’s a blueprint for a paradigm shift toward a Healthier Bharat. As we chart this course, I am reminded of the countless lives we can save and the futures we can safeguard. In the essence of simplicity yet profound impact, the budget’s narrative speaks directly to the hearts of every Indian. It embodies a call to action, a testament to our collective resolve to rewrite the healthcare narrative in India. Specifically, the steps taken towards empowering women’s health are essential for the overall well-being of women and the thriving future of the country. Together, through awareness, advocacy, and unwavering commitment, we can make quality healthcare accessible for all. This is not just a budget; it’s a pledge—a pledge to build a healthier, more resilient India for generations to come.” – Dheeraj Jain, Founder CEO, Redcliffe Labs.”
Dr. Sujit Paul, Group CEO at Zota Healthcare Ltd: “The government is committed to prioritizing the health and well-being of our nation. The initiation of a robust campaign to vaccinate girls aged 9-14 against cervical cancer is commendable. Ayushman Bharat now extends its coverage to include ASHA and Anganwadi workers. To strengthen medical education, it will establish more colleges using existing hospital infrastructure, guided by a dedicated committee. Unifying maternal and child healthcare schemes will ensure effective implementation, while ‘Saksham Anganwadi’ and Poshan 2.0 upgrades aim to enhance nutrition and early childhood care. The ‘U-Win’ platform and intensified Mission Indradhanush will swiftly cover the entire country.”
Dr.Vigyan mishra, Chief of Lab-Neuberg Diagnostics, Noida: “Cervical cancer vaccines, such as HPV vaccines, play a crucial role in preventing the onset of this potentially life-threatening disease. By targeting the Human Papillomavirus (HPV), a leading cause of cervical cancer, these vaccines empower individuals to safeguard their health. Regular vaccination is a proactive step in reducing the risk of cervical cancer, emphasizing the importance of preventive healthcare. Through widespread vaccination efforts, we can contribute to a future where cervical cancer becomes a preventable condition, enhancing overall public health. In India, you currently have two main options for cervical cancer vaccines:
- Internationally available vaccines:
Cervarix (bivalent): This vaccine protects against two high-risk HPV types (16 and 18), responsible for around 70% of cervical cancers. It’s typically recommended for females aged 9-14 years in a two-dose schedule.
Gardasil (quadrivalent): This vaccine covers four HPV types (16, 18, 6, and 11). The additional types offer protection against genital warts. Gardasil is recommended for females aged 9-26 years and can be given in a two-dose or three-dose schedule depending on age.
- India-made vaccine:
Cervavac (quadrivalent): This is India’s first indigenous HPV vaccine, launched in January 2023. It targets the same four HPV types as Gardasil. Cervavac is currently undergoing evaluation for inclusion in the national immunization program and is expected to be more affordable than the international options.
D. S. Negi, CEO, Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC): “We welcome the interim budget announcement pertaining to the health sector. Initiatives like the establishment of a committee to create additional medical colleges by leveraging existing hospital infrastructure under various departments, promoting vaccination of girls aged 9-14 to prevent cervical cancer, and expanding the Ayushman Bharat scheme to all ASHA workers, Anganwadi Workers, and Helpers are steps in the right direction. These measures will certainly put together will help address key issues of shortage of health workers, increase access to quality healthcare, and prevention of life-threatening diseases. However, we hope the government will prioritize other pressing issues in the healthcare sector and provide budgetary incentives in the upcoming full budget.”
Joseph Pasangha, Group COO, SPARSH Group of Hospitals, Bangalore: “The government’s commitment to implementing economic policies that facilitate high-quality and affordable medical care for all is crucial for fostering investments in healthcare. The inclusion of cervical cancer vaccination for girls under 15 in the Universal Immunization Programme would be highly advantageous if actioned. Efforts to address Foot & Mouth disease and the consolidation of various schemes into a comprehensive program for maternal and child healthcare will enhance synergy, leading to improved implementation. However, we anticipate a comprehensive allocation, specifically designated for healthcare in the upcoming July budget. This allocation should concentrate on establishing efficient processes for selecting, implementing, and monitoring Public-Private Partnerships (PPPs) to meet the current need. Well-defined guidelines and a cooperative approach between public and private entities are essential for nurturing successful partnerships capable of addressing critical healthcare needs nationwide.”
Deepak Sahni, Founder of Healthians: “At Healthians, we applaud the government’s visionary strides in the 2024-25 budget, notably prioritizing cervical cancer vaccination for young girls and integrating maternal and child care schemes under the U-WIN platform. The emphasis on comprehensive healthcare aligns seamlessly with our mission. The extension of Ayushman Bharat cover to Anganwadi and Asha workers underscores their invaluable role in grassroots health. As proud contributors to India’s health landscape, we stand committed to realizing a healthier and more resilient nation in harmony with these progressive initiatives.”
Dr.Shafiq AM, Co-Founder and CEO, Trilife Hospital: “The healthcare sector in the country is facing a dearth of skilled experts and the setting up of a committee for skill development announced by the Hon Finance Minister in the interim budget is a welcome step to bridge this gap. The Interim budget has also addressed the urgent requirement for healthcare infrastructure by announcing the setting up of a committee to examine healthcare infrastructure issues to consider the use of existing medical infrastructure under various departments. The focus to plan free vaccinations for cervical cancer in girls between nine and fourteen years of age is also a welcome move. Every year in India about 1,20,000 women are diagnosed with Cervical cancer and about 67,000 women die from the disease every year. We are hopeful that the full budget later in the year will support innovation and R&D and rationalise the GST Framework and tax incentives for private sector participation in healthcare infrastructure development.”
Partha Pratim Das Mahapatra, Founder and CEO, EzeRx: “The Interim Budget of 2024 marks a significant boon for the healthcare industry, particularly benefiting the rural areas where the need is greatest. The government’s strategic initiatives, notably Mission Indradhanush, exemplify a transformative commitment to immunize against measles, polio, hepatitis B, tetanus, diphtheria, TB, and pertussis, empowering women and securing a brighter future for children. The visionary establishment of additional medical colleges resonates well with our youthful nation, addressing the aspirations of many prospective doctors who currently seek education abroad. This strategic move not only empowers the youth but also contributes to the radiant future of India. A powerful step forward involves extending cervical cancer vaccination to adolescents aged 9-14, a crucial move in combatting a significant healthcare challenge. This visionary approach aims to tackle cervical cancer effectively. The government’s focus on child and maternal health through the implementation of a comprehensive childcare plan, as part of the POSHAN 2.0 scheme, is commendable. The Saksham Anganwadi and Poshan 2.0, collectively referred to as Poshan 2.0, constitute an Integrated Nutrition Support Programme targeting malnutrition among children, adolescent girls, pregnant women, and lactating mothers. While lauding the positive strides in the Interim Budget of 2024, anticipation builds for the forthcoming Union Budget, expected to further catalyze the nation’s growth. We express gratitude to the government for its proactive measures in the preventive healthcare domain. Additionally, we anticipate informative insights shedding light on the non-invasive device genre.”
Behram Khodaiji, CEO of Ruby Hall Clinic on the Interim Budget: “The decision to provide free HPV vaccines for girls between 9-14 years in the budget is a critical step in promoting the health and well-being of young girls in our community. By making these vaccines more accessible, we are taking a proactive approach to preventing HPV-related health issues in the future. This decision not only benefits the individuals receiving the vaccine but also serves to protect the broader population from the spread of HPV. Investing in the health of our young girls is an investment in the future of our society, as the budget focuses on poor, women and youth who are the pillars of our country.”
Dr. Narendra Vankar, Founder and CEO, Quantum CorpHealth: “This fiscal year’s interim budget, which covers a wide range of areas and lays out specific actions to be carried out, is a demonstration of the government’s progressive thinking. We applaud the government’s dedication to bolstering the healthcare industry, with a particular emphasis on building a strong system for today’s contemporary India. It is very appreciated that girls between the ages of 9 and 14 will now receive cervical cancer vaccinations in schools, as stated by Hon. Finance Minister Nirmala Seetharaman. By focusing on nutrition delivery as a component of early childhood care and development, Saksham Anganwadi and Poshan 2.0 will contribute to the creation of a healthy community. With the kind of components being combined to make health the most reliable foundation of Atmanirbhar Bharat, the Indian government is providing strong assistance to the healthcare industry. We anticipate some more encouraging announcements with the planned outline in the coming months, which will help the industry grow even more and thrive in a more improved manner.”
Ashish Singhal, CFO & Company Secretary of CORE Diagnostics Pvt Ltd, Gurgaon: “I am optimistic about the Union Budget 2024-25. The emphasis on infrastructure financing, incentivizing R&D, and regulatory policies for health startups aligns with our vision at CORE Diagnostics. We believe that these measures will foster innovation, enhance accessibility, and ultimately improve patient outcomes in the healthcare sector. We look forward to seeing the positive impact of these policies on the diagnostics industry and the healthcare sector as a whole. This Interim Budget was neutral for the Diagnostics industry, we hope for the favourable budget in the Final budget.”
Pavan Choudary, Chairman, Medical Technology Association of India (MTaI) & Managing Director, of Vygon India, said: “The schemes for maternal and childcare which are currently in place are disparate and sometimes deficient. Bringing them under one common, standardized platform would help deliver optimal and comprehensive care throughout India. While the customs duty has not gone down which was our expectation, and remains at the same level, this itself will take FDI in MedTech to a never-before high this financial year. However, if the government had reduced the customs duties, the FDI in MedTech could have taken a meteoric trajectory.”
Sanjay Bhutani, Board Member, MTaI & Managing Director, Bausch & Lomb said: “With schemes like cervical cancer vaccination for younger girls and covering Anganwadi and Asha workers under Ayushman Bharat, this budget emphasized on healthcare, especially for women, adolescents, and children. Also, the plan to increase the number of medical colleges using the existing infrastructure will surely enhance the healthcare facilities in tier 2 tier 3 cities. However, we feel if customs duty on medical devices were reduced, India would further its journey to become the global hub for medical tourism. Also, we were expecting the Direct taxes and personal income taxes to go down which would have attracted more FDI and put more money in the hands of consumers, respectively.”
Nikhil Chopra, CEO & Whole Time Director, JB Pharma: “The Government has outlined some transformative initiatives in this Budget. The allocation of a substantial corpus for R&D, reflects a bold commitment to boosting innovation across sectors including the pharmaceutical industry. This financial support will undoubtedly catalyze research and development, fostering a culture of innovation and excellence. This is in line with the Prime Minister’s dedication towards the cause, which was exemplified by the previously emphasized slogan ‘Jai Jawan, Jai Kisan, Jai Vigyan, and Jai Anusandhan’. The forward-thinking emphasis on women’s health, particularly in preventing cervical cancer, aligns seamlessly with the global push for eradicating preventable diseases. These initiatives, complemented by a comprehensive Maternal and Child health care agenda and the extension of Ayushman Bharat to ASHA and Anganwadi workers, underscore the government’s forward-looking approach towards women’s health. The implementation of the U-Win platform reflects a strategic move towards leveraging technology for streamlined immunization management, enhancing accessibility and monitoring of healthcare programs. The intensified efforts of Mission Indradhanush will play a pivotal role in increasing access to essential immunization across the country. Furthermore, it’s notable to observe the increasing participation of women in the workforce, showcasing the positive impact of past measures, and this trend is poised to continue flourishing and support India’s growth journey. Overall, the budget has not only created an optimistic environment for the sector but also laid a solid foundation for advancements in healthcare, research, and education.”
Dr. Prathap C. Reddy, Chairman of Apollo Hospitals said: “I am happy with the Interim Union Budget 2024, presented by the Finance Minister under the esteemed leadership of our Hon’ble Prime Minister. Firstly, we must bear in mind that education and healthcare are fundamental rights and I am glad that these cornerstones of growth have been addressed. With the rise in the disease burden globally and the acute shortage of trained health manpower, India is well positioned to ‘Heal the World’, by harnessing its youth to become highly skilled manpower. Therefore, I welcome the strategy to augment medical education by capitalizing on existing hospital infrastructures. In doing so, we are not only paving the way for an increased number of medical and nursing colleges, but also enhancing the capacity for para-medical training. Further, with the emphasis on skilling, India will emerge as a beacon for global workforce development, bringing financial stability to families and attracting foreign exchange. Secondly, unless India heightens its focus on innovation and research, as a nation, we will not be able to overcome the looming disease burden, e.g., the alarming increase in AMR, undetected heart disease and cancers. Innovative solutions to make healthcare accessible and affordable is truly the need of the hour. Hence, the creation of a corpus of ₹1 lakh crore to provide 50-year loans at low or nil interest rates to encourage the private sector to scale up research and innovate in sunrise sectors is commendable. Finally, with women-led development as the way forward for India, as championed by the Hon’ble Prime Minister, the numerous initiatives including integration of maternal and child care programs, extending the cover of Ayushman Bharat scheme for ASHA and Anganwadi workers, the Saksham Anganwadi and Poshan 2.0′ initiative aimed at improving nutrition, and thrust to inoculate young girls against cervical cancer, demonstrate our unwavering commitment to the well-being of India’s daughters. However, I remain concerned over the growing threat of non-communicable diseases (NCDs) and urge the government to consider increasing the tax exemption for preventive healthcare. At large though, the Union Budget 2024 is clearly a clarion call to action, rallying India towards a radiant future.”
Dr. Vishal Arora, Chief of Business Transformation & Operational Excellence, Artemis Hospitals: “In India the doctor to patient ratio is below the recommended levels by international organisations such as World Health Organisation (WHO). The same is concentrated in metros and urban cities resulting in the lack of access to quality healthcare for the people of Tier 2/3 cities and villages requiring them to travel long distances to avail basic healthcare needs which in turn increases the overall healthcare expenditures. Addressing this disparity is vital for enhancing the overall healthcare accessibility in India. The recent announcement in the budget today by our Finance Minister regarding strengthening of the medical colleges network by utilizing the existing hospital infrastructure is a strategic and welcoming decision.
This initiative promises to bridge the current gap in medical infrastructure by fostering a synergistic relationship between medical education and healthcare delivery. This approach, leveraging shared resources, is beneficial for both sectors and marks a significant step towards meeting the healthcare needs of the Indian population”.
Satish Kannan, Co-founder & CEO, MediBuddy: “The government’s interim budget highlights a strategic focus on preventive healthcare. Prioritizing the enhancement of immunization coverage is a crucial focus, which is achieved by utilizing both the U-WIN digital platform and the Mission Indradhanush initiative. Utilizing these strategic tools and initiatives by the government streamlines the immunization process and contributes significantly to providing access to quality healthcare to a larger population. Plans to establish additional medical colleges using the existing hospital infrastructure reflect a commitment to training future doctors and building regional capacity to achieve universal healthcare access. It can significantly enhance and supplement overburdened metropolitan healthcare systems. The healthcare insurance coverage under Ayushman Bharat will now extend to frontline health workers, such as ASHA and Anganwadi staff. As a health tech startup aiming to enhance preventive care, these measures affirm the necessity and potential within this domain. The policy’s focus on providing fiscal support for prevention as the primary aspect of healthcare will stimulate innovation in technologies like early detection and screening, remote diagnostics, personal health management, digital therapeutics, and many more. Indian health tech startups now have a significant opportunity to supplement government initiatives in preventive healthcare. The extended tax incentives for startups further enhance the ecosystem’s potential to explore sustainable solutions. The startups can drive the next wave of preventive healthcare adoption throughout towns and villages in India, thereby improving overall health outcomes and the quality of life for billions of Indians.”
Anil Matai, Director General, Organisation of Pharmaceutical Producers of India (OPPI): “OPPI commends the Government’s approach towards the healthcare and pharmaceutical sector in the Union Budget 2024. The emphasis on leveraging existing hospital infrastructure for establishing new medical colleges is a strategic move that aligns with the need for a robust healthcare workforce. Moreover, the initiative to encourage vaccination for girls aged 9-14 to prevent cervical cancer demonstrates a proactive stance on preventive healthcare. The extension of health coverage under the Ayushman Bharat scheme to ASHA and Anganwadi workers and helpers is a commendable step towards achieving universal health coverage. The allocation of a ₹1 lakh crore corpus for long-term, interest-free loans will provide long-term financing or refinancing with long tenors and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains. The pharma industry is ready to embrace this opportunity for growth and contribute to the nation’s health and well-being. The swift rollout of the U-WIN platform for managing immunization and the intensified efforts of Mission Indradhanush will further give boost to India’s immunization targets. OPPI is proud of the exponential growth in FDI inflow achieved by the government from 2014-23, and it truly underscores the confidence of global investors in India. OPPI and its members wholeheartedly support any balanced & equitable steps of the government which are in line with the ‘first develop India’ spirit. While we appreciate the positive strides taken in the Union Budget 2024 towards the healthcare and pharmaceutical sector, we were also hoping that a nuanced approach to reduce duty/tax burdens on innovative & lifesaving drugs, addressing regulatory challenges and facilitating ease of doing business could have been outlined. Overall, the Union Budget 2024 reflects a forward-looking approach, and the pharmaceutical sector looks forward to actively participating in and contributing to the realization of these transformative initiatives.”
SOURCE – Financial Express
