Union Budget 2023- Will it be prominent for Indian Pharma & Healthcare Sector-OpEd-Moped
Union Budget 2023: As per the research and market insights, the Indian pharmaceutical industry is valued at more than US $40 billion. Most Indian pharmaceutical manufacturing has been generic drugs that are lower in cost than prescription or patented drugs.
Post-pandemic, the Indian pharma and healthcare sector has changed drastically as people’s inclination has turned towards preventive care rather than cure. Thus, the Indian healthcare sector in India has been growing at a rapid pace, with the government focusing on building basic healthcare facilities in rural areas. At the same time, the Indian pharmaceutical industry is also one of the biggest in the world.
India is one of the largest manufacturers of generic drugs globally and meets more than 50 percent of the worldwide demand for various vaccines. India is the third largest pharmaceutical manufacturer by volume. Undoubtedly, India holds an important position in the global pharmaceutical and healthcare industry.
To keep the momentum going and boost the sector, the expectations from the upcoming budget are as follows:
- Increased funding for healthcare: Budget 2023 is expected to include increased funding for the healthcare sector to improve access to essential healthcare services and to address the shortage of healthcare professionals. This can consist of more funding for primary healthcare, rural healthcare, and specific programs such as the Ayushman Bharat scheme.
- Measures to reduce costs: The budget is expected to include steps to make drugs and medical treatments more affordable for all citizens. This can consist of controlling the prices of essential drugs and increasing the availability of generic drugs.
- Investment in infrastructure and technology: Indian Government should allocate funds for upgrading healthcare infrastructure, such as hospitals and clinics, and developing new technologies in the healthcare sector.
- Focus on chronic diseases: The budget should also include measures to address the increasing prevalence of chronic diseases in India, such as diabetes and heart disease.
- Support for the domestic pharmaceutical industry: The budget is expected to include measures to support the growth of the domestic pharmaceutical industry, such as tax incentives for domestic manufacturers and investment in R&D.
- Measures to attract foreign investment: Indian Government should also work on measures to attract foreign investment in the pharmaceutical and healthcare sector, such as tax incentives for foreign companies investing in the industry.
- Preparedness for pandemics: The budget should include measures to strengthen the healthcare system’s preparedness and response to COVID-19, such as increasing the production of personal protective equipment (PPE) and other medical equipment and expanding testing facilities and isolation beds.
It’s worth noting that the actual budget may or may not meet all these expectations, but it will likely address some of them, boosting the industry and making its presence felt global.
