Emphasis on PPPs and corporate investments will be key to scaling up solutions and improving service delivery.
The Union Budget 2024, presented by Finance Minister Nimala Sitharaman aims to reduce the financial burden of critical medical treatments, says the health industry.
Please check some industry captains comments:
Deepshikha Sharma, CEO, Sharp Sight Eye Hospitals: Union Budget 2024 marks a transformative moment for India’s healthcare and medical industries. With the government’s emphasis on ‘Viksit Bharat’, promoting inclusive growth, and focusing on employment, manufacturing, innovation, R&D, and next-gen reforms, this budget is set to significantly impact our sector. It aims to reduce the financial burden of critical medical treatments. The exemption of Customs Duties on medications and the reduction in Basic Customs Duty on medical devices such as x-ray tubes and flat panel detectors will greatly enhance the accessibility and affordability of vital medical technologies, including those used in eye care.
The significant increase in the National Health Mission’s allocation to ₹38,183 crore for 2024-25, a 12.7% rise from the previous year, highlights the government’s commitment to strengthening healthcare services. The increase in research and development funding, including a boost to the Anusandhan Fund, is a great step forward. It aligns perfectly with our goal of staying at the cutting edge of ophthalmic innovation. Moreover, the emphasis on public-private partnerships and corporate investments will be key to scaling up solutions and improving service delivery. We remain committed to collaborating with the government and industry peers to address remaining gaps in healthcare accessibility and affordability, ensuring that every individual benefits from high-quality eye care.
The substantial boost in the Union Health Ministry’s budget from ₹79,221 crore in 2023-24 to ₹90,171 crore for 2024-2025 represents a robust investment in expanding and modernizing healthcare services. For the ophthalmology sector, this translates into increased opportunities to integrate advanced diagnostic and therapeutic technologies, directly benefiting millions of patients with improved care and outcomes.
The allocation of ₹1.2 trillion to the Health Ministry underscores a crucial step towards meeting the rising demand for eye care in India. As the Indian ophthalmic devices market is projected to reach $3.5 billion by 2026, this budget’s focus on expanding healthcare infrastructure and incorporating stateof-the-art technology is particularly timely. Investments in cutting-edge eye care equipment are essential not only for enhancing diagnostic and treatment capabilities but also for improving patient outcomes. With nearly 10 million individuals affected by vision impairments in India, integrating advanced technology in eye care is pivotal.
Mahesh Kumar Rathor, Co-founder, Medprime Technologies:
The Government’s increased allocation for the healthcare sector and the proposed changes in the basic customs duty for X-ray tubes and flat panel detectors signal a positive shift towards fostering innovation in the medical technology sector. As a medtech startup, we see this as an opportunity to accelerate our efforts in developing cutting-edge solutions that can revolutionize patient care. The focus on synchronizing customs duties with domestic capacity addition under the phased manufacturing programme will undoubtedly create a more conducive environment for startups like ours to thrive and contribute meaningfully to India’s healthcare ecosystem. Moreover, the abolition of angel tax is a significant boost for startups across sectors. This decision will likely encourage more investment in innovative companies, providing crucial early-stage funding.
Dr. GSK Velu, Chairman & Managing Director, Trivitron Healthcare, Neuberg Diagnostics, Maxivision Super Speciality Eye Hospitals: The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, is being acclaimed as visionary and progressive, with strong potential to boost economic growth and contribute to the vision of Viksit Bharat. A notable highlight for the medical device industry is the reduction in duty on the import of components for X-ray equipment until domestic production capabilities are established. This move is anticipated to encourage investment in making India a global manufacturing hub.
The Union Budget 2024 is comprehensive, addressing the diverse needs of the nation. It emphasizes financial stability, retail growth, educational advancements, accessible loans, and developmental initiatives. This budget supports India’s vision of becoming a thriving and progressive nation. By focusing on these critical areas, it embodies the spirit of ‘Vikas’ and positions India as a global leader.
The budget highlighted the fiscal incentives for research and development (R&D) and capital expenditure (CAPEX) in the medical devices sector under the budget. These measures set innovation, enhance production capabilities, and propel India towards self-reliance in medical technology.
The budget addresses import dependence in the medical device sector by introducing a health cess on customs duty for remaining medical devices. This aims to fund Ayushman Bharat and ensure quality, affordable healthcare.
