Interim Budget 2024: Healthcare Sector Anticipates Relief on Medication Costs

29 Jan 2024 , 10:08 AM

Finance Minister Nirmala Sitharaman is set to present the interim budget 2024 just days away from now, with no major announcements expected due to the upcoming general elections.

The healthcare sector, however, anticipates increased expenditure, equitable supply, and strategic investments in innovation, research, and development.

Experts suggest a comprehensive approach to healthcare spending in the interim budget, addressing rising medication costs, especially for chronic conditions.

There is anticipation for initiatives such as reducing Goods and Services Tax (GST) on essential drugs or providing tax concessions to pharmaceutical companies producing generic versions of crucial medications.

Dr. Gayatri Kamineni, COO of Kamineni Hospitals, emphasizes the importance of promoting generic drugs for enhanced cost-effectiveness, leading to significant cost savings and a more sustainable healthcare system.

Optimism surrounds the possibility of increased budget allocations for pharmaceutical research and development to foster innovation and make medicines more affordable.

Dr. Monica Gulati, Executive Dean at LPU, notes the increased need for medical interventions after COVID, suggesting a focus on strengthening medical equipment manufacturing units in India in the upcoming budget.

For feedback and suggestions, write to us at [e-mail]