Budget 2024 should recognise the role of technology in shaping the future of healthcare

Pranav Bajaj, CEO, Medulance 

“The upcoming budget is a pivotal opportunity to fortify India’s emergency services. We urge the government to prioritise strategic investments in these areas to improve response times and overall emergency medical care efficacy. A key expectation is the revision of the GST structure for ambulance procurement. Currently burdened with a 28 per cent GST, we propose a significant reduction to 0 per cent. This move not only alleviates financial constraints but also incentivises the nationwide enhancement of emergency fleets, contributing to faster and more effective emergency response.”

Chandra Ganjoo, Group CEO, Trivitron Healthcare

“The upcoming Indian budget is expected to focus on 360-degree innovation across all sectors. People are looking forward to measures that will boost the economy, create jobs, enhance infrastructure, and advance technology. There is also a strong anticipation for the budget to address healthcare, education, and sustainable development comprehensively.

For the MedTech industry, this budget is a fundamental moment. As stakeholders in this dynamic sector, we eagerly await a budget that is MedTech-focused, emphasising ‘Make in India’ initiatives and bolstering research and development. Increased funding for R&D will drive innovation, enabling us to deliver best-in-class solutions and maintain our competitive edge globally. A potent budget will empower the industry to meet rising healthcare demands, improve patient outcomes, and reinforce India’s position as a leader in medical technology.

Adding to this, the medical device industry anticipates significant policy changes in the upcoming budget, focusing on tax incentives, reduced import duties, and increased funding for R&D. Stakeholders hope for streamlined regulatory processes and support for domestic manufacturing to enhance innovation and global competitiveness.”

Sajeev Nair, Founder and Chairman, Vieroots

“The Union Budget 2024 should recognise the indispensable role of technology in shaping the future of healthcare. Investments in digital health solutions, telemedicine, and health informatics can bridge the gap between urban and rural healthcare accessibility. The government should consider incentivising startups that leverage technology to enhance healthcare delivery, ensuring that the benefits of innovation are widespread and not confined to urban centres.

Additionally, the government should allocate more resources for preventive health measures, including screening, prognosis, and cardiac and cancer risk assessment, given India’s high mortality rates in these areas. A stronger focus on the ‘Fit India’ movement is crucial, as awareness is the key to success. Just as the government successfully promoted the Swachh Bharat Mission through extensive awareness campaigns, a similar approach should be adopted for the Fit India campaign. With the average age of the Indian population around 30, motivating individuals to stay healthy and fit will significantly boost national productivity.

Access to quality healthcare should be a fundamental right for every individual, irrespective of socioeconomic status. Achieving universal healthcare coverage requires concerted efforts from both the public and private sectors, along with policy interventions to bridge healthcare disparities. Increased medical education should not solely focus on producing more doctors but also prioritise holistic healthcare delivery.

Moreover, the government has increased the allocation of Rs 1,100 crore for biotechnology research and development. The output of biotechnology R&D tangibly touches our everyday lives. Biotech innovations in healthcare have led to groundbreaking treatments, improved diagnostic tools, and personalized medicine. Therefore, the government should continue to remain focused on biotechnology R&D to provide better healthcare to society at large.

The Union Budget 2024 should emphasise preventive health measures, technological advancements, and universal healthcare access. These steps will ensure a healthier, more productive population and a robust healthcare system.”

Jeetu Bairathi, Partner, Financial Due Diligence, BDO India

“Stakeholders advocate for increased budgetary allocations to healthcare, aiming for 2.5-3 per cent of GDP to ensure comprehensive service coverage. The industry suggests enhanced budget allocations and increased private sector involvement in the Ayushman Bharat Scheme through public-private partnerships (PPPs). They propose tax reforms, such as zero per cent rates for Input Tax Credit, to reduce healthcare expenses.

Stakeholders highlight the significant disparity in hospital bed availability in India compared to WHO standards that recommend 3.5 beds per thousand population. They also suggest subsidising adult vaccines like influenza and cervical cancer vaccines. Furthermore, a co-payment scheme has been proposed to provide flexibility for patients seeking higher-end hospital care, aiming to address disparities in healthcare access.

The healthcare sector expects the Union Budget to prioritise increased allocations for infrastructure development and enhanced preventive care to strengthen insurance and financial security. Additionally, there are proposals for liberalising Foreign Direct Investment policies in health insurance and retail pharmacy sectors, along with suggestions for import bans on specific medical equipment. Expanding the Production-Linked Incentive scheme to attract foreign investment and promoting robust PPPs are viewed as essential for driving innovation and expanding healthcare access nationwide.

India’s healthcare sector stands at a pivotal juncture, poised for substantial growth driven by technological advancements, investment inflows, and supportive policy measures. Addressing workforce shortages, enhancing transparency, and improving access to healthcare services remain paramount. With robust government initiatives and burgeoning investor interest, the sector is positioned to not only meet domestic demands but also emerge as a significant player in the global healthcare landscape.”