Union Budget 2024: R&D funding lights the way for healthcare sector

Rajneesh Bhandari, Founder of Neuro Equilibrium:

“The budget provisions for the healthcare startup sector are promising, especially the emphasis on research and development. The operationalisation of the Anusandhan National Research Fund and the financing pool of one lakh crore rupees for private sector-driven research and innovation are steps in the right direction. These measures will foster a culture of innovation and enable startups to develop cutting-edge healthcare solutions.”

Chaitanya Sarawate, Managing Director, Wipro GE Healthcare and President and CEO, GE HealthCare South Asia:

 “To further strengthen the ongoing efforts to reduce import dependence and build resilience in supply chains, steps like complete customs duty exemption on 25 critical minerals is a welcome move. Moreover, with the operationalisation of Anusandhan National Research Fund for basic research and prototype development and private sector-driven research and innovation at commercial scale with a financing pool of ₹1 lakh crore, we will witness a spur in R&D. It would help India to move from volume to value manufacturing.”

Bharath Balasubramaniam, President – Operations & Administration, Sankara Eye Foundation India:

“Operationalising the Anusandhan National Research Fund will support basic research and prototype development in healthcare, fostering the creation of innovative treatments and advanced diagnostic techniques. Increased R&D funding will improve patient outcomes and drive private sector investment in healthcare solutions. Enhanced research and innovation will develop advanced healthcare infrastructure, address pressing health challenges, retain top talent, and boost India’s global competitiveness in healthcare. The focus on women and youth empowerment through skill enhancement opportunities will also help bridge the talent gap in the healthcare sector.”