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Considering the population of India and the economic conditions of the general population, the Indian government has carefully allotted a respectable budget to health and family welfare, with a focus on preventative healthcare, particularly healthcare technology and medical gadgets, according to Suresh Pareek, founder, Ideal Cures and Co-founder Elephant Canvas.
There has been a nominal increase of 12% over the FY23 allocation for the health ministry, totaling Rs. 89,155 crore. BRICS nations, excluding India, spend roughly 6.7% of their GDP on healthcare, compared to less than 2% in India.
Suresh Pareek is the founder of Ideal Cures Pvt Ltd, which is India’s leading manufacturer and exporter of pharmaceutical excipients and ready-to-use coating systems for solid oral dosage to the pharmaceutical and allied Industries. He is presently chairman of Sukvi Ventures (investments and mentoring of Tech Enabled Start-Ups) and Co-Founder of Elephant Canvas, a digital asset company. Pareek has made direct and indirect investments in over 30 tech-enabled start-ups.
“Besides this, the Union Budget 2023–24 has set a priority on enhancing India's R&D capacity in pharmaceuticals and medical devices while expanding vocational nursing education. It is a foresighted budget that tries to balance what is needed for the 21st century with what is crucial for the future, accommodating the pharmaceutical industry and technology-driven precision treatment, with a focus on accessible, affordable, and inclusive healthcare for all,” Suresh Pareek said.
“There is also a strong emphasis on health infrastructure and better R&D for innovations and developments in healthcare. It is imperative that the new plan to promote health-related research and innovation be announced. Further, it is encouraging to see the Indian Council of Medical Research (ICMR) working with both public and private medical establishments to use ICMR labs for research,” Suresh Pareek explained.
The new strategy will motivate the pharmaceutical industry to increase investments in pharmaceutical research and innovation because India is a major producer and exporter of pharmaceutical products. The government must also make sure that the quality of research increases in order to meet global standards and foster new technologies.
According to experts, “The time is right for India to establish itself as a top destination for medical tourists. We applaud the enhanced tax slabs, which will benefit healthcare workers in entry-level and mid-level positions. Interestingly, promoting the nursing sector through the opening of 157 new institutions and putting an emphasis on skill development for the medical device industry would also benefit the healthcare industry to a great extent.”
Seven crore people between the ages of 0 and 40 years would be evaluated in the impacted tribal areas as part of a major attempt to achieve the ambitious goal of eliminating sickle cell anaemia by 2047.
“Programmes like these can serve as a groundbreaking model for later initiatives to treat other conditions, such as treatable blindness. The innovative PM-Pranam programme, which stands for "Programme for Restoration Awareness Nourishment and Amelioration of Mother Earth," will advance the nutrition initiative, which will now receive major focus,” according to experts.
According to MedTech industry, “The budget was eagerly anticipated, but not unduly hopeful, at the same time. The financial support provided to healthcare service providers may have improved. The allocation of funds for AI medical research and medical devices is a clear indication that the nation is getting ready to work toward personalised healthcare solutions through digital technology, focused on chronic metabolic illnesses.”
India is expected to become a centre for the development of vaccines, biomedical research, and the development of solutions for significant issues in a range of health areas as a result of the government's objectives and emphasis on research and innovation in the healthcare and pharmaceutical industries.
By guaranteeing that no one is left behind and accelerating India's progress toward the SDGs, the budget for 2023–24 will make it easier to build a Swastha Bharat.
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