As the Indian healthcare sector looks ahead to the upcoming financial year, stakeholders from various domains within the industry have articulated their expectations and aspirations for the Union Budget of FY 2024-25. These voices span leaders from hospitals, diagnostics, pharmaceutical companies, laboratories, health tech, and health data security companies, each providing unique insights into the challenges and opportunities they foresee in their respective sectors.
Pharmaceutical and Research Focus:
Leaders in the pharmaceutical sector, such as Mr. Sanjay Vyas, Executive Vice President and Managing Director, Parexel India, envision sustained momentum in Foreign Direct Investment (FDI) and technological advancements like Gen AI and ML. Concurrently, Mr. Dheer Shah, CFO, BDR Pharmaceuticals emphasizes strategic allocations for research and development (R&D), tax breaks on Active Pharmaceutical Ingredients (API), and a strengthened supply chain. These expectations coalesce around fostering innovation and propelling the ‘Make in India’ initiative also emphasized by Mr. Hari Subramaniam, Founder & Director, LifeSigns.
Health Infrastructure and Government Expenditure:
Voices like Mr Vishal Goel, Managing Director, RX Propellant, stress the importance of infusing more investments into life sciences infrastructure. This echoes the sector’s need for comprehensive budget allocations to invigorate pharmaceuticals, ensuring cutting-edge healthcare is both accessible and affordable. Additionally, Mr Ayanabh Debgupta, Jt. Managing Director, Medica Group of Hospitals, advocates for increased investment in research, particularly in ICMR Labs, aligning with India’s growth trajectory in healthcare. Mr. Hari Subramaniam, Founder & Director, LifeSigns, calls for increased government investments in healthcare infrastructure to cultivate a conducive environment for affordable innovation.
Medical Devices Market & Diagnostics Industry’s Challenges and Opportunities:
Mr. Jatin Mahajan, Secretary of ADMI and Managing Director of J Mitra & Company, addresses the challenges and opportunities in India’s medical device market. His insights underscore the need to overcome challenges such as standardization, government procurement biases, and the requirement for skilled human resources. Dr. Maneesh Bagai, Chief Operating Officer of Ampath Labs, highlights the vital role of the diagnostics industry. Expectations include strategic investments for innovation, accessibility, and elevated standards. This aligns with the broader theme of transformative investments for a thriving healthcare future.
Universal Health Coverage, Holistic Well-being and Comprehensive Healthcare:
Dr. Girdhar Gyani, Founder Director of the Association of Healthcare Providers (AHPI), emphasizes the government’s aim to achieve universal health coverage. This aligns with the broader theme of comprehensive healthcare improvement, including preventive health measures and technology partnerships. Dr. Mukesh Batra, Founder of Dr. Batra’s® Group, emphasizes holistic healthcare, lifestyle changes, and patient empowerment. His vision aligns with the sector’s increasing focus on alternative medicine for preventive healthcare.
Digitalization, Collaboration, and Inclusive Innovation:
Mr Probal Ghosal, Executive Chairman of Ujala Cygnus Group of Hospitals, advocates for a comprehensive approach, addressing infrastructure, manpower, patient support, and digitalization. This parallels the sector’s focus on leveraging technology for efficiency and inclusivity. Mr Madan Sampath, Chief Supply Chain Officer of HealthCare Global Enterprises Ltd, underscores the importance of collaborative efforts between the public and private sectors for better healthcare outcomes.
Financial Burdens, Collaboration, and Transformative Investments:
Mr Pallab Banerjee, Group Head of SCM at Gleneagles Hospitals, advocates for reduced Customs Duty, uniform tariffs, and government-private insurer partnerships. His concerns align with the sector’s broader vision for transformative investments, echoing the sentiments of Dr. Uma Nambiar, CEO of Bagchi Parthsarthy Hospital.
In anticipation of the forthcoming Union Budget for the FY- 2024-25, stakeholders across the healthcare spectrum have voiced their aspirations for a transformative fiscal plan. The amalgamation of these diverse perspectives paints a comprehensive picture of the sector’s collective vision — one marked by innovation, accessibility, and resilience. As these dreams and expectations echo through the corridors of healthcare, the fervent hope is that the government’s budgetary allocations will not only acknowledge but actively address these needs, paving the way for a healthcare future that transcends boundaries, fosters inclusivity, and propels India towards unparalleled heights in the realm of health and well-being. The industry eagerly awaits a budget that serves as a catalyst for the realization of these aspirations, ushering in an era where healthcare truly becomes a fundamental right for all citizens, steering the nation towards a path of enduring health, prosperity, and self-reliance.