Pharma Industry’s Reactions on Union Budget 2023-24
The pharmaceutical industry have come forward and shared it's observations on the lastest Union Budget 2023-24 announcements with SMEStreet.
The government in its last Union budget had placed a lot of significance to health and well-being and that focus has reflected in this year’s Union Budget as well. The establishment of 100 new labs for developing apps using 5G services to realise new range of opportunities in healthcare is a much-needed move by the government. Also, the setting up of 3 centres of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’ will certainly boost India’s digital prowess. Another much anticipated move by the government is the plan to establish one hundred and fifty-seven new nursing colleges in co-location with the existing 157 medical colleges established since 2014. This will certainly help the healthcare industry to bridge the gap in care due to shortage of medical personnel.
Also, the FM minister announced that dedicated multidisciplinary courses for medical devices will be supported in existing institutions to ensure availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research. All these essential moves by the government towards health infrastructure and focus on a holistic approach to health is seen as a testimony of India’s commitment to building stronger health systems in the country.
“New program to promote R&D in pharma to be taken up through the center of excellence is a welcome move by the government in this year’s budget. We are delighted with the government’s initiative for encouraging sunrise sectors like Medtech. The implementation of dedicated multidisciplinary courses for medical devices to be supported by the government in institutions to ensure skilled manpower for futuristic medical tech and high end manufacturing and research is another much needed move by the government. We highly welcome the implementation of such measures. It is clear that the government is focussing on enhancing the healthcare infrastructure of the country through these efforts. The establishment of three centres of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’ is another significant step by the government to enhance India’s digital prowess. However, we are a bit disappointed by no announcement on any sort of GST changes and simplified regulations. Also, we were expecting that the government would allocate separate funds for R&D, formulation and APIs. So, I hope these factors will be taken into consideration in the coming years”.
From creating the groundwork for widened healthcare infrastructure to providing tech-aided solutions, the union budget for 2023-24 has intelligently provided smart public health management. We welcome the Finance Minister’s decision to emphasise the increased private investment in the healthcare sector because it will improve the functioning of the healthcare sector and boost public and private partnerships in the healthcare sector. As Indian healthcare infrastructure relies heavily on private players in the industry, we are glad that the government of India has considered it a priority in their present union budget. It will prove very beneficial while overcoming the various challenges associated with the healthcare sector. A synergistic approach between private healthcare providers and the government will lead to better healthcare services. By fostering research and development in the medical field and setting up more ICMR labs, the government is paving the way for more innovations and technological advancements in the healthcare sectors like infertility treatments, genetic testing and other treatments. The establishment of 157 new nursing medical colleges is a much-needed step from the government, as it will cater to fulfil the scarcity of medical practitioners across the country.