Budget 2024 Expectations: The Indian healthcare sector has high hopes for the upcoming Union Budget 2024-25, with stakeholders eager to see increased investment and policy changes that can address critical challenges and improve accessibility and affordability of care.
Also Read: Budget Expectations Income Tax: ‘Increase Basic Tax Relief To Rs 3.5 Lakhs, More Exemptions Under 80C’
Here are some key areas where budget expectations are focused:
Healthcare Beyond Metros
Jasdeep Singh, Group CEO, Care Hospitals Group, said “In the upcoming 2024 budget, the government could consider enhancing the budget for the healthcare industry. The increased budget allocations can improve accessibility and affordability to people not just in tier I cities, but also in tier II and tier III cities.”
Singh highlighted that simplifying and making fairer taxes, specifically reforming GST, can contribute to this goal. The government could also consider a framework to focus on healthcare insurance, medical supplies and equipment, telemedicine, and medical tourism sectors of the healthcare industry, he added.
Healthcare Infrastructure
Singh said there is a critical need for focused attention on hospital infrastructure. While hospitals delivered essential and high-quality treatment during the pandemic, the prevailing circumstances underscored the inadequacies in facilities, particularly a glaring shortage of beds and treatment options, especially in non-metro cities.
“Consequently, the government must prioritise enhancing infrastructure, especially in non-metro areas, ensuring that individuals can readily access healthcare when required. This initiative will not only benefit local communities but also contribute to the overall improvement of healthcare services on a global scale,” Singh urged.
Training Healthcare Workers
Singh urged for allocation of funds for training and development programs for healthcare providers, such as doctors and nurses, is essential. This will enhance their skills and contribute to better healthcare outcomes.
“2024 could be a promising year for the healthcare sector. We are hoping the government is going to consider the healthcare industry as a focus in this year’s union budget,” Singh added.
Pritika Singh, CEO, Prayag Hospitals Group, also highlighted the focus on enhancing healthcare infrastructure, along with allocating resources for advanced medical technologies and fostering research and development.
She added that the government’s support in the form of tax incentives for healthcare investments, streamlined policies to encourage public-private partnerships, and increased budgetary allocation for medical education and training would greatly contribute to elevating the overall healthcare ecosystem.
Reforms In Health Insurance
Pritika Singh also pointed out the need to prioritise health insurance reforms and incentivising preventive healthcare measures, which can lead to a healthier nation and reduce the burden on the healthcare system.
“In these unprecedented times, a collaborative effort between the government and private healthcare entities is essential. We hope the budget reflects a forward-looking approach, aligning with the industry’s expectations, and ultimately resulting in a robust healthcare framework for the nation,” she urged.
Patient Education & Awareness
Naresh Ahuja, founder and CEO at SMS Scientific, felt that patient education
remains a significantly overlooked domain, yet it holds pivotal importance in ensuring accurate information dissemination, especially in the current era dominated by the internet and social media.
“The prevalence of misinformation circulating online poses a serious challenge,
misleading both patients and caregivers,” Ahuja added.
Ahuja highlighted that there is a pressing need to promote patient education and awareness, supported by the development and implementation of tools and resources facilitating seamless and precise communication between healthcare providers and patients during consultations.
“Recognising the gravity of this issue, we express our hope that the finance minister considers allocating special attention to this critical aspect,” Ahuja urged.
Demand Of GST Relief
Ahuja also advocated for GST relief on products and tools designed to enhance doctor-patient communication, and proposed providing incentives to pharmaceutical companies utilising these products and tools as part of their services to the medical industry.
“Such measures will not only foster improved patient understanding but also contribute to the overall efficiency of the healthcare system,” Ahuja added.
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