Budget 2024-25: Pharma, Healthcare Leaders Call for Strategic Investments and Policy Reforms
As India gears up for the Union Budget 2024-25, leaders from the pharmaceutical and healthcare sectors are advocating for strategic investments, policy reforms, and incentives to bolster innovation and accessibility in healthcare.
The Indian Pharmaceutical Alliance (IP Alliance), Metropolis Healthcare, Alyve Health, and Wadhwani AI have collectively emphasized their expectations from the upcoming budget. These include GST waivers, preventive healthcare initiatives, and measures to enhance diagnostic capabilities.
Sudarshan Jain, Secretary General of IP Alliance, highlighted the pharmaceutical industry’s pivotal role in global health and urged for policies that support innovation and quality. “The industry aims to grow to USD 120 billion by 2030. The budget should introduce tax benefits to encourage research and development, positioning India as a global leader in pharmaceuticals,” Jain stated.
Ameera Shah, Executive Chairperson of Metropolis Healthcare, stressed the importance of diagnostics in early disease detection. “Optimizing public-private partnerships, increasing funding for screening programs, and reducing GST on diagnostic services are crucial steps to improve healthcare accessibility,” Shah emphasized. She also called for lower customs duties on imported equipment to enhance efficiency and foster research investments.
Shashank Avadhani, CEO of Alyve Health, underscored the need for preventive healthcare initiatives. “With rising outpatient care costs and disparities between rural and urban healthcare, prioritizing preventive healthcare can alleviate strain on the system,” Avadhani pointed out. He urged for GST waivers on preventive healthcare plans to encourage proactive health management.
Shekar Sivasubramanian, CEO of Wadhwani AI, highlighted AI’s transformative potential in healthcare and beyond. “Investments in AI research, infrastructure, and ethical deployment can revolutionize healthcare delivery and skill development,” Sivasubramanian said. He called for budgetary support to integrate AI solutions tailored to local needs, ensuring widespread societal benefits.
These collective voices from the pharmaceutical and healthcare sectors reflect a unified call for the government to prioritize healthcare reforms and innovative investments in the upcoming budget. As stakeholders await Finance Minister Nirmala Sitharaman’s budget presentation, expectations are high for measures that will propel India towards a healthier and more technologically advanced future.