Union Budget 2022: Healthcare sector awaits booster dose, know why – Union Budget 2022 Healthcare sector awaits booster dose know why

The ongoing COVID-19 pandemic has exposed several deficiencies in public health systems in many countries, including India. Despite many challenges, India is handling the health crisis much better than other large countries. At the same time, the health sector is expecting an increase in allocation in the Union Budget. As Finance Minister Nirmala Sitharaman is due to present the budget on February 1, the medical industry and several trade chambers have made recommendations and urged the government to increase spending on health infrastructure.

Health has become the top priority for the country after the pandemic has exposed many loopholes in the system. The government has also made many reforms to solve this problem. The Government of India has launched Production Linked Incentive (PLI) schemes for domestic manufacturing of Critical Drug Intermediaries (DI), Key Starting Materials (KSM), Active Pharmaceutical Ingredients (APIs). And also made a plan to build medical equipment, four medical device parks, National Digital Health Mission (NDHM), etc., but the healthcare industry still needs better support for continued development.

FICCI highlighted some points to promote the public health system. These include regulation and policy reforms, financing of care, execution of Public Private Partnership (PPP) model, capacity building, tax subsidies.

KPMG in its report stressed that India’s public health sector needs complete reform. The number of beds per 1,000 people in India ranges from 1 to 1.1 compared to 2.7 as a world average.

Experts share some of their expectations from this year’s Union Budget

The Union Budget 2022-23 will be released on the first of February. Experts from the healthcare, pharma and diagnostics industry share some of their expectations from this year’s Union Budget. In addition to raising health expenditure to above 2.5 percent of GDP, industry experts are expected to encourage private investment in healthcare infrastructure, expand health insurance coverage, invest in increasing healthcare manpower, and increase health care in the coming budget. We are expecting some reforms like making GST friendly on products and services.

first published:Jan. 21, 2022, 3:18 p.m.



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