Health-tech industry advocates for incentives, innovation, and equitable healthcare solutions ahead of Interim Budget
The imminent release of the Interim Budget 2024-25 on February 1 has heightened expectations within the Indian Health-Tech industry. As stakeholders await fiscal decisions, key players in the healthcare sector are advocating for strategic measures to boost private investment, foster research and development, and enhance accessibility to healthcare technologies.
According to reports, the finance minister has indicated that the Fiscal Budget 2024-25 is unlikely to feature any significant announcements. Instead, it is expected to concentrate solely on the government’s expenditure, addressing financial matters until a new government assumes office following the general elections.
In a pre-budget statement, Dr. Narendra Vankar, Founder and CEO of Quantum CorpHealth, emphasised the need for a concerted effort to improve India’s health infrastructure. Citing the post-pandemic scenario, Dr. Vankar stressed the importance of increasing the number of hospitals and medical professionals to cater to the burgeoning population.
Dr. Vankar also underscored the role of technology and innovation in transforming the healthcare sector. He called for collaboration between the public and private sectors to enhance telehealth services, drawing parallels with the successful integration of digital technologies in other sectors like banking and education.
The aging population in India emerged as a significant concern, with Dr. Vankar advocating for comprehensive policies to address the healthcare needs of the elderly. He emphasised the necessity of creating a more equitable space for the geriatric population, highlighting the strain on nursing homes and limited accessibility to private care facilities.
Corporate healthcare and healthcare startups also found a place in the pre-budget discourse. Dr. Vankar urged the government to introduce regulatory policies and create a favourable funding environment for healthcare startups. While recognising the Ayushman Bharat Yojana’s objective of providing free health insurance to low-income earners, he stressed the importance of prioritising the health of the workforce for both economic well-being and familial responsibilities.
As the healthcare industry eagerly awaits the budget announcement, the anticipation is high for measures that will propel the Indian Health-Tech sector towards a more robust and inclusive future.
