Elevating expectations for healthcare and med devices in Budget 2024
Himanshu Baid, Managing Director, Poly Medicure, looks to the government to introduce policies that foster a culture of innovation, including fresh incentives for research and development, and support for startups and innovators
As anticipation builds for the Union Budget 2024, the healthcare and medical device sectors in India are poised with optimism and expectation. These sectors have proven pivotal, highlighting the critical need for robust support and strategic investments.
Innovation stands at the forefront of our expectations. The medical device industry thrives on innovation, driving advancements that improve patient care and operational efficiencies. We look to the government to introduce policies that foster a culture of innovation, including fresh incentives for research and development, and support for startups and innovators.
Skill development is another crucial area requiring attention. Investing in training programs tailored to the medical device industry will ensure a skilled workforce capable of meeting the sector’s evolving demands.
GST rationalisation is a long-standing expectation of the medical device sector. Simplifying the GST structure to a uniform 12 per cent across all categories will not only enhance affordability in healthcare but also strengthen domestic manufacturing.
Consolidating regulatory approvals into a unified platform will also help to accelerate the introduction of innovative medical devices to the market.
Preventive healthcare deserves heightened focus in the upcoming budget. Initiatives that promote preventive care through incentives for diagnostic devices, health screenings, and wellness programs will contribute to a healthier population and reduce the burden on the healthcare system in the long run.
Furthermore, enhancing healthcare infrastructure and digital health initiatives are critical components of a comprehensive healthcare strategy. Investments in telemedicine, electronic health records, and digital platforms will improve healthcare access and efficiency, particularly in remote and underserved areas.
As we await the budget announcement, we are optimistic that the government will prioritise these key areas to propel the healthcare and medical device sectors forward. By fostering innovation, investing in skill development, rationalising GST, and promoting preventive care, India can pave the way for a healthier and more resilient future.
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