The healthcare sector in India has gained increasing attention in recent years, especially due to the COVID-19 pandemic. Many experts believe that the upcoming Union Budget 2023-24 should prioritise the healthcare sector and allocate more resources to it.
According to Puneet Sood, Country Manager of Blackmores India, “Nutraceuticals have rapidly gained popularity in the Indian market in recent years. They can play a key role in making the public live a better quality of life through preventive wellness. The need of the hour is for adequate governmental push for the nutraceuticals market in India through production-linked incentives and tax relief to companies that undertake research and manufacturing in the country.”
Meena Ganesh, Co-Founder and Chairperson, Portea Medical, said that the COVID-19 pandemic has highlighted the need for better healthcare infrastructure and resources in India. Ganesh added that the healthcare industry is hoping for a higher budgetary allocation and tax incentives for platforms that invest in advanced technologies and innovative healthcare delivery in the upcoming Union Budget.
Runam Mehta, CEO, HealthCube, stated that healthcare has long been a lower priority compared to other areas in terms of budgetary allocation. Mehta said there is a need for increased allocation in the research and development of new drugs, therapies, and medical devices, and for the development of a domestic medical diagnostic device manufacturing ecosystem through R&D hubs, PLI, and regulatory simplification.
Dr. Arbinder Singal, Co-Founder and CEO, Fitterfly, said that the growth of India is dependent on its over 1.35 billion people and that there is a need for prioritizing interventions for the management and remission of lifestyle disorders. Singal added that the upcoming Union Budget should focus on promoting alternative healthcare delivery methods, including digital therapeutics, and offer tax reforms and benefits to service providers to make services more affordable for consumers.