jaitley4_0_0_0_0_0_0Finance Minister Arun Jaitley allocated Rs 33,150 crore for the healthcare sector today. The government also raised the health insurance premium from Rs 15,000 to Rs 25,000 and from Rs 20,000 to Rs 30,000 for senior citizens. Senior citizens above the age of 80 years, who are not covered by health insurance, will be allowed deduction of Rs 30,000 towards medical expenditures, added FM in his Union Budget speech. The increase in health insurance premium will enable people to seek out for quality healthcare which is a huge concern in the country. However, Jaitley, once again disappointed the pharmaceutical industry with no major announcements. The only key announcement made by the FM in his first full year Budget speech today was the proposal of AIIMS in five new states, three new National Institute of Pharmaceuticals Education and Research in Maharashtra, Rajasthan and Chattisgarh and one Institute of Science and Education Research to be set up in Nagaland and Orissa each. The move will address issue of severe shortage of doctors and skilled staff. The Indian pharmaceutical market is expected to grow to USD 55 billion by 2020. According to a report by McKinsey, the industry has the potential to grow more than twice in the next six years, from a projected market growth of USD 24 billion by 2015 to USD 55 billion by 2020.

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