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New Delhi, July 16, 2024 – As the Union Budget 2024-25 approaches, healthcare leaders are emphasizing the need for increased investment, improved infrastructure, medical tourism promotion, and tax reforms to support India’s healthcare ambitions. Finance Minister Nirmala Sitharaman is set to present the budget on July 23, following the roadmap laid out in the interim budget in February. Experts assert that a comprehensive and concerted effort is required to transform the healthcare landscape.
Sugandh Ahluwalia, Chief Strategy Officer at the Indian Spinal Injuries Centre (ISIC), New Delhi, highlighted the importance of reclassifying hospitals as infrastructure investments. “This reclassification can attract significant private sector investment, essential for building state-of-the-art healthcare facilities. Additionally, extending interest rate subvention for medical equipment can alleviate financial burdens on hospitals, enabling them to upgrade their technology and improve service delivery,” Ahluwalia said.
The interim budget’s announcement of expanded coverage for Anganwadi and ASHA workers was praised, but experts are calling for further inclusion of self-employed individuals, seniors over 70, and other vulnerable groups. Alok Khanna, Head Marketing and Branding Officer at Medanta Lucknow, emphasized the need to address the acute shortage of doctors in underserved areas by equipping new medical colleges with advanced facilities and experienced faculty. “The government needs to attract young doctors to work in tier II and III cities and rural areas to bridge the rural-urban divide and make quality care more accessible,” Khanna added.
Experts also applauded the interim budget’s cervical cancer vaccination program targeting girls aged 9 to 14. Dr. Ajay Kohli, Group Head of Oncology and Director of Corporate Growth Initiatives at Narayana Hospital, Gurugram, stressed the importance of widespread awareness and accessibility to maximize the program’s impact.
Increasing policy support for medical tourism was identified as crucial for earning foreign exchange. Baldev Raj, Founder and Chief of Prius Brand and Business Partners, called for addressing flying time restrictions through diplomatic channels and promoting cross-border partnerships to enhance medical value travel. “Effective public-private partnerships (PPP), hassle-free visas, advanced medical technology, knowledge exchange, and incentivized packages are essential for promoting medical tourism,” Raj said.
Experts also highlighted the need to strengthen the pharma and diagnostics sectors to bolster India’s status as a global healthcare leader. Nilaya Varma, Co-founder and CEO of Primus Partners, underscored the importance of quality innovation and research, expanding healthcare facilities through the PPP model, and addressing resource shortages in the public health system. “Expanding healthcare access and outreach through innovative investment models is crucial for the sector’s growth,” Varma stated.
The Union Budget 2024-25 is seen as a pivotal opportunity to address these critical areas and build a robust healthcare ecosystem in India.
