Last Updated on July 24, 2024 by The Health Master
Budget 2024
India’s Finance Minister, Nirmala Sitharaman, unveiled the Union Budget 2024, marking her seventh consecutive presentation.
Prime Minister Narendra Modi positioned this budget 2024 as a cornerstone for a ‘Viksit Bharat‘ (Developed India), setting the economic tone for his third term.
While the healthcare sector received a marginal increase in allocation, industry experts expressed mixed reactions to the budget’s impact on the pharmaceutical industry.
A Closer Look at the Healthcare Allocation
The government allocated a total of Rs 89,287 crore to the healthcare sector, a slight uptick from the previous year’s revised estimate of Rs 89,155 crore.
A significant highlight was the announcement of a Rs 1 lakh crore fund to stimulate private sector-driven research and innovation.
While this fund holds promise for the pharmaceutical and medical device sectors, the exact allocation for these industries remains unclear.
Also read related news: Budget 2024: Indian Pharma Sector seek incentives for innovation
Pharma Industry Expectations and Concerns
Industry leaders expressed both optimism and disappointment with the budget 2024.
On one hand, the exemption of three more cancer drugs – Trastuzumab deruxtecan, Osimertinib, and Durvalumab – from customs duties was welcomed.
Additionally, the credit guarantee scheme for MSME manufacturers is expected to benefit the pharma sector.
However, there was a general sense of anticipation for more substantial measures to bolster the pharmaceutical industry.
Ashutosh Gupta, Director of Medicamen Organics and former Chairman of Pharmexcil, emphasized the need for greater government support to promote the API (Active Pharmaceutical Ingredients) sector and reduce India’s dependence on China for intermediates.
Shuchi Ray, a Partner at Deloitte India, echoed the sentiment for increased allocation to the sector and specific announcements.
She highlighted the importance of research and development in pharma and medical devices and expressed hope for significant funding under the proposed research fund.
Siddharth Gadia, Co-Founder of Zeno Health, called for stronger incentives for R&D in new medicines and medical devices.
He also advocated for a mandatory inclusion of drug names in doctor’s prescriptions, a move that could contribute to a ‘Viksit Bharat.’
Key Takeaways
While the budget 2024 showcased the government’s commitment to healthcare, the pharmaceutical industry is seeking more targeted support.
Increased investment in R&D, promotion of the API sector, and addressing the issue of generic drug substitution are key areas where industry stakeholders believe the government can play a pivotal role in strengthening India’s position as a global pharmaceutical hub.
As the industry awaits further clarifications and details on the budget’s implications, it remains hopeful that the government will take concrete steps to foster innovation, growth, and accessibility in the healthcare sector.
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Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
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