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Industry leaders’ have hailed the new Uniform Code for Pharmaceutical Marketing Practices (UCPMP), Schedule M implementation, and called for AI adoption and financial incentives for the ayurvedic industry among others in their wish list.
Dr.Sujit Paul, Group CEO - Zota Healthcare Ltd, in regards to the upcoming budget season expectations for the Union Budget 2024 stated, "The newly-elected governments should prioritize promotive and preventive health measures, as well as sanitation under the Swachh Bharat mission. A comprehensive agenda should be aimed at transforming the healthcare sector is crucial for creating a healthy India. Increasing government spending on healthcare is essential to achieve universal health coverage and effectively address pressing issues. Expanding the Ayushman Bharat scheme and implementing revised Schedule M for quality drug production and the pharma marketing code should be the top priorities for the health ministry and Department of Pharmaceuticals."
“With the constant evolution in the modern healthcare sector, the Indian pharmaceutical industry aims to grow not only in its export markets but also to become self-reliant in the long run. Creating an ecosystem and policies that support the industry is essential,” stated Dr. Mandeep Singh Basu, director- Jagat Pharma & Dr Basu Eye Hospital.
He further added that the current scenario demands an AI-integrated healthcare system to enhance diagnostic accuracy and patient care. An affordable approach to make Ayurveda accessible to common people is also crucial. Increased funding allocation for R&D and infrastructure development would improve overall medical outcomes and can enhance quality standards and achieve self-reliance, helping integrate more Ayurveda Acharyas into the healthcare system and establish more ayurvedic colleges across the country, similar to AIIMS centers, which have initiated many Ayurveda Institutes of Teaching & Research. Allocating funds towards research and development enables comprehensive case studies, clinical trials, and new drug developments, enriching the ayurvedic knowledge base and advancing science. Expanding medical services in tier-1 and tier-2 cities is essential to bridge the gap between urban and semi-urban areas.
Expectations from the ayurvedic industry budget also includes Tax breaks, subsidies, and financial incentives for ayurvedic product manufacturers to promote the industry's growth. Allocating funds for standardization and quality control of ayurvedic products will enhance their credibility and global acceptance. Financial support for the promotion and marketing of ayurvedic products both domestically and internationally is vital, along with policies and funding to facilitate the integration of Ayurveda with mainstream healthcare systems for a holistic health approach. Measures to support the export of ayurvedic products, such as easing regulatory requirements and providing marketing assistance in foreign markets, are also important. Funding for public awareness campaigns to educate people about Ayurveda's benefits and encourage its use for preventive and curative healthcare is necessary.
Budget- 2024 is an opportunity to create a healthy and sustainable ecosystem, contributing to individual health and the nation's growth while preserving the ancient spirit of therapeutic tradition.
Sameer Dashputre, chief strategy officer & co-founder, Dozee on the upcoming Budget said, “Delivering quality healthcare across wide geography with limited Human Resources is India’s key challenge. Technology is the biggest force multiplier which will enable us to bridge the gap in shorter time and lesser cost. We recommend fund allocation for a dedicated Bharat Healthtech AI for developing and implementing large-scale adoption of indigenous AI-powered technologies. The focus of the AI technologies should be on addressing the shortage of medical skills and mass screening for NCD control.”
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