2024 Budget Expectations: India’s upcoming budget to be presented on February 1, 2024 has aroused strong expectations in the healthcare industry. While this is a temporary budget due to the upcoming election, the healthcare industry still has high hopes for positive changes.

It is important to note that these are only expectations and actual budget allocations and measures remain to be seen.

Here are some key expectations:

Ravi Ramaswamy, chair of the Healthcare Working Group of the IET Future Technologies Group, made the following recommendations:

1. Encourage the shift of diagnostic burden to FLHWs and allow for accelerated screening, diagnosis and delivery while facilitating the collection, collation and utilization of health data while increasing FLHW revenue by considering the use of technology solutions that are compliant with ICMR and CDSCO guidelines
2. Facilitate the adoption of commercial pilots based on very large-scale annuity models through policies, direct funding allocations and incentives, leveraging technologies delivered in the last mile of primary health care (particularly for non-communicable diseases)
3. Encourage private sector participation in technology-based healthcare services through the development of digital infrastructure under the annuity model
4. Outcomes-based incentive model for healthcare research, efficiency-enhancing products with direct visible impact on primary healthcare services
5. Encourage the development of personalized drug delivery models with a focus on non-communicable diseases
6. Drive implementation and adoption of Health Stack.Introduce policies in the context of standardization and interoperability to help facilitate patient data portability
7. Revise GST rates and reduce import duties for diagnostics industry
8. Allocate resources to strengthen pandemic preparedness, including stockpiling essential medical supplies, strengthening testing and surveillance infrastructure, and investing in research and development of vaccines and treatments.
9. Invest in building and upgrading health care facilities, including hospitals, clinics, and primary care centers, especially in underserved areas.
10. Facilitate the development and implementation of digital health solutions to improve healthcare delivery, telemedicine services and health data management.
11. Increase funding for medical education and training to address shortages of health care professionals such as doctors, nurses and paramedics.
12. Emphasize preventive health care by allocating resources to public health programs, vaccination campaigns, and information campaigns to reduce the burden of preventable diseases.
13. Allocate funds to improve health services in rural areas, including establishing new health facilities and deploying mobile health units.Typical cases: Management of chronic kidney disease, autonomous mammography for breast cancer screening, etc.
14. Stimulating local production of medical devices through PLI scheme
15. Explore partnerships with the private sector to leverage their expertise and resources to expand health care services. “

Healthcare spending and medical tourism

Yatharth Tyagi, Director, Yatharth Group of Hospitals said, “We expect healthcare spending to be 2.5% of GDP to expand healthcare services and infrastructure. Plans to promote medical tourism and digitization, supported by technology and innovation, can enable India Become the healthcare hub of the world and create employment opportunities for our youth.”

Budget incentives for private players

Tyagi stressed that progress on GST on affordable devices and zero-rating of essential services will drive affordable treatments and inclusivity in healthcare.

“Increasing budgetary incentives for private players to enhance healthcare in desirable areas will fulfill the motto of ‘Sabka Saath Sabka Vikas’,” Tyagi said.

public-private partnership

Joseph Pasangha, Chief Operating Officer, SPARSH Hospitals Group, said: “Strategic allocation of resources, along with tax benefits and incentives for innovation and infrastructure development, will not only improve the quality of patient care but also strengthen the entire healthcare ecosystem. To make healthcare more Reasonably affordable, the industry needs relief. We expect clear and efficient processes for selecting, implementing and monitoring public-private partnerships (PPPs).”

Pasangha also added: “Clear guidelines and collaborative approaches between public and private entities can foster successful partnerships to address critical healthcare needs across the country. In the current context, a strong emphasis on strong policy support is essential It is crucial to further cultivate medical value tourism in India.”

rural medical

Barkha Amin, Trustee, Bhailal Amin General Hospital, Vadodara said, “As Bharat continues to prosper as a global healthcare destination, there is a considerable vacuum in healthcare infrastructure in rural areas of Gujarat and India. As an industry, We seek to allocate 3% of GDP to improve the healthcare ecosystem, especially in rural areas.”

“Secondly, we expect the finance ministry to consider cutting customs duty on imported medical devices to 2.5% to enable hospitals and other healthcare institutions to avail the benefits of import input tax credit. This will further boost the healthcare ecosystem in Gujarat and the country as a whole A wave of momentum to upgrade to technology-led hospitals. This will in turn further strengthen India’s position as a global healthcare destination,” Amin added.