New Delhi: Healthcare leaders have praised Union Budget 2024 and have also given some tips to boost the domain further. Relief given to cancer patients particularly has touched the cockles of their heart.
Dr. Prathap C. Reddy, Founder & Chairman of Apollo Hospitals said, ‘The Union Budget 2024 aligns with the Finance Minister’s earlier commitments, focusing on workforce enhancement, upskilling for manufacturing, and welfare for women and girls, while also strengthening energy and infrastructure. With an alarming 1.46 million new cancer cases projected, the exemption of customs duties on three additional cancer medicines is a vital step toward easing treatment costs. Addressing gaps in cancer care requires collaboration between communities, healthcare providers, and policymakers. Public insurance programs like AB-PMJAY have made progress, but further public-private collaboration is crucial for affordability and accessibility. Additionally, adjustments in Basic Customs Duty for medical equipment components will support domestic manufacturing and lower costs for advanced technologies. Overall, the Budget 2024 sets a clear path toward a brighter and more prosperous future for India.’
Dr Azad Moopen, Founder & Chairman, Aster DM Healthcare, spanning across India and UAE said, ‘With 66% of the Indian population still under the age of 35 and an estimated 7-8 million youth entering the job market annually, Union Budget 2024-25 provides a much needed impetus to advancing employment opportunities and youth upskilling, supported by focus on comprehensive development for the country. Although healthcare did not seem to have a major focus this time, it is promising to see the 12.5% hike in budget allocation for the sector at Rs. 89,287 crores as compared to the last Budget.
Dr Moopen further added, ‘ In a period of maintaining the status quo, the government is taking bold strides with initiatives outlined in the Interim Budget 2024, including the establishment of new medical colleges, the promotion of vaccines for cervical cancer, expanded maternal and child care schemes, and the innovative “You Win” platform for immunisation.’
Summing up Dr Moopen said, ‘ Additionally, the proposed reduction in customs duties on X-ray tubes and flat panel detectors for domestic X-ray machine production, alongside the exemption of three cancer medicines from customs duty, marks a significant relief for cancer patients nationwide. This progressive budget underscores a commitment to fostering inclusive growth within the healthcare sector, striving to bridge the rural-urban divide and ensure equitable access to essential services’.
Dr Sudhir Prem Srivastava, Chairman & CEO, of SS Innovations and maker of Surgical robot Mantra, said, ‘The Union Health Ministry which allocated Rs 90,658.63 crore in the interim Budget for 2024-2025, has witnessed a hike of 12.59 per cent over 80,517.62 crore . Although, the medtech industry leaders were expecting major announcements , the Department of Health and Family Welfare has been allocated Rs. 87656.90 crore and the Department of Health Research has been allocated Rs. 3301.73 crore. It is heartening to note the emphasis on proposed changes in the basic customs duty for X-ray tubes and Flat panel detectors for use in medical X-ray machines under the phased manufacturing programme to synchronise them to domestic capacity addition and the exemption of basic customs duty of cancer treatment medicines.’
Dr Srivastava further added, ‘ There is a bit of a disappointment that there is no big announcement for building a self-reliant MedTech Sector, which has continued to be import dependent and also that preference to Make In India is not effectively promoted. The medtech industry continue to suffer with the multifaceted approach on policies announcement vs its actual effective implementation and the growth of small and mid cap medical device companies are disappointed with the recent announcements on exemption of global tender for the imported products while Made In India substitutes are available for quite some time, and import of refurbished devices which will hinder the progress of Indian companies.
