Vikram Vuppala, Founder and Group CEO, NephroPlusWe were hoping that the healthcare sector would be granted infrastructure status in this budget along with an increase in healthcare expenditure of less than 2.5 per cent of GDP. But we welcome the government's commitment to skill development, promising to upskill 20 lakh youth over the next five years and a month's wage for new hires. This initiative will significantly boost employability and address the skill gap in various sectors.Dr Chandrika Kambam, Founder and Managing Director, AnastomosThe Union Budget is a significant stride towards enhancing job opportunities, boosting healthtech and promoting women's participation in the workforce. The focus on women announced in this budget is a huge step towards empowering women to take the reins and actively participate in the economic, social, and political spheres, fostering gender equality and inclusive growth. The enhancement of the e-Shram portal will democratize access to training resources and connect job aspirants with potential employers, ensuring that individuals from all regions can upskill and secure better job opportunities. This budget lays a strong foundation for building a future-ready workforce equipped with the skills needed to thrive in a rapidly evolving job market. The Finance Minister’s roadmap aligns perfectly with our mission to empower women, advance healthtech and create sustainable job opportunities.Sandeep Nailwal, Founder of Blockchain for ImpactAs a philanthropic organisation dedicated to healthcare research, we appreciate the Union Budget’s focus on advancing health and innovation. The allocation of Rs 89,287 crore for healthcare underscores the government's commitment to strengthening our health infrastructure. The introduction of the Anusandhan National Research Fund and the Rs 1 lakh crore financing pool for private sector-driven research are pivotal for accelerating medical technology advancements. The increase in R&D funding to Rs 1,200 crore for 2024-25 and additional support through the PLI scheme for the pharma sector will drive essential medicine development. Simplified FDIs and improved data governance will enhance international collaborations and streamline philanthropic efforts. We look forward to supporting these initiatives and advancing public health.Dr Sanjay Sharma, Co-Founder, FootSecureAs a podiatric surgeon and founder of a foot and ankle wellness start-up, I am pleased with the Union Budget's emphasis on innovation and healthcare. The Anusandhan National Research Fund and the Rs 1 lakh crore financing pool for private sector-driven research are crucial for advancing treatments in podiatry. The increase in R&D funding to Rs 1,200 crore for 2024-25, up from Rs 840 crore, and the PLI scheme’s boost for the pharma sector will drive essential innovations. We also welcome the enhanced Mudra Loan limit to Rs 20 lakh, which supports MSMEs, and the skilling programme to upskill 20 lakh youth. These measures will greatly benefit healthcare advancements and public health.Reny Varghese, CAO, Zynova Shalby HospitalExempting three additional medicines from customs duties is set to ease the financial burden on cancer patients and their families opening doors to accessible treatment options and successful prognosis. Many patients are already facing an economic crisis due to repeated hospital admissions, and long-term treatment, so exempting custom duties on these life-saving drugs will save lives, reach the patient faster, and will be affordable for them. This is a great decision taken by the government to improve patient care and highlights its commitment to prioritise the health of the nation. In parallel to this, adjusting the Basic Customs Duty (BCD) on x-ray tubes and flat panel detectors will be a game-changer move and will revolutionise diagnostic capabilities within medical facilities. This step will make these components affordable and will motivate local manufacturers to innovate and produce high-quality imaging equipment akin to international standards. The ripple effect of these initiatives in the budget will play a pivotal role in enhanced patient outcomes through timely diagnoses, and reducing the burden from the healthcare system.Dr Sangita Reddy, JMD, Apollo Hospital GroupExempting three cancer medications from customs duties is a promising strategy and undoubtedly a good move taken by the Government to improve the accessibility and affordability of treatment options for this fatal disease that causes higher mortality and morbidity rates in India. Recognising the mortality linked to cervical cancer, the focus is on preventive care with initiatives aimed at increasing cervical cancer vaccinations among young girls highlighting a paradigm shift towards early intervention. However, the previous budget had announced health coverage for people over 70 up to five lakhs and the innovation fund, which is critical for healthcare. It was a monumental step taken to address the healthcare needs of an increasingly ageing population and provide treatment under the Ayushman Bharat Yojana. A proactive approach is required when it comes to dealing with the health of senior citizens and improving their quality of life.Dr K Hari Prasad, Group Chairman and Non-Executive Director, Quality Care IndiaThank the Finance Minister for her continued efforts in making healthcare more accessible by exempting additional cancer medications from customs duties building on the exemptions introduced in the last budget. This, along with the customs duty exemptions for foods and drugs used for rare diseases, significantly alleviates the financial burden on patients who are already grappling with the trauma of their conditions.We eagerly anticipate further exemptions for drugs and medical consumables related to other lifestyle diseases, which will help make healthcare accessible to even more people. However, it is worth noting that the increase in the healthcare budget allocation compared to the previous year is marginal. There is still a pressing need to substantially bridge the gap in achieving the vision of quality healthcare for all.Dr Vivek Desai, Founder and MD, HOSMACThe healthcare budget has seen a 12.5 per cent increase (from Rs 79,221 crore to 89,227 crore), fostering the development of public infrastructure in healthcare.Additionally, a 7.5 per cent rise in allocations (from Rs 6800 crore to Rs 7300 crore) for the Ayushman Bharat Yojana and a substantial 50 per cent hike for the Ayushman Bharat infrastructure mission (from Rs 2100 crore to Rs 3200 cr) will expedite the advancement of digital health infrastructure.The extension of duty exemptions for certain cancer drugs is a commendable step, significantly benefiting patients by reducing the high costs of chemotherapy and overall cancer treatment.Moreover, the reduction in customs duty on X-ray tubes from 15 per cent to 5 per cent will lower capital expenditure in imaging and radiology, which are otherwise capital-intensive sectors.Lastly, the increase in the PLI scheme outlay for the pharmaceutical industry, from Rs 1,696 crore to Rs 2,143 crore, will further enhance the 'Make in India' initiative.Dr Minnie Bodhanwala, CEO, Wadia HospitalsThe recent budget announcement has brought a sense of relief and hope for cancer patients and the healthcare sector as a whole. The allocation of Rs 89,287 crore for healthcare and the exemption of three more cancer medications from customs duties are heartening moves towards making healthcare more accessible and affordable.While the budget could have done more to address the critical issue of funding for healthcare, the increased allocation and reduced custom duty on cancer medicines are steps in the right direction. India's healthcare spending still lags behind global standards, and key issues like healthcare workforce development, medical education, and universal health coverage remain unaddressed.However, the emphasis on promoting public-private partnerships, encouraging domestic manufacturing of medical supplies through the PLI scheme worth Rs 2,143 crore, and expanding the Ayushman Bharat scheme with an increased allocation of Rs 7,500 crore are welcome moves. These initiatives will help make healthcare more accessible and affordable, a crucial step towards achieving the vision of a $5 trillion economy.As India strives to become a $5 trillion economy, the healthcare sector will play a vital role. The budget has taken some steps towards supporting this vision, including the allocation of Rs 4,108 crore for the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission and Rs 1,100 crore for biotechnology research and development. However, sustained efforts and investments will be necessary to address the complex challenges facing the sector.The exemption of three more cancer medications from customs duties will bring relief to thousands of patients and their families, making life-saving treatments more affordable. This decision is a testament to the government's commitment to making healthcare more accessible and affordable.Overall, while the budget is a mixed bag, the increased allocation for healthcare, reduced custom duty on cancer medicines, and incentives for manufacturing in India are steps in the right direction. We hope this will be followed by continued efforts to make healthcare a fundamental right, rather than a privilege.Dr Krishna Prasad Vunnam, Founder and MD, Ankura Hospital for Women & ChildrenGiven the rapidly rising cancer cases in India, the initiative to promote cervical cancer vaccination among girls aged 9-14 marks a momentous turning point that has been declared in the budget.The government is stressing the need for timely prevention and health awareness among young girls and their families. This move will empower future generations with the knowledge they require to prevent cervical cancer. By increasing accessibility to the HPV vaccine, it is possible to address misconceptions and stigma related to cervical cancer. Preventive measures are encouraged for girls to lead healthy lives.Likewise, the launch of the Unorganised Worker Identification Number (U-WIN) platform is a significant leap with a focus on immunisation management and the ambitious Mission Indradhanush. By streamlining vaccine distribution through real-time data tracking, U-WIN will ensure that the vulnerable populations can get timely vaccinations which will reduce the burden on the healthcare system.Overall, we are extremely satisfied with the budget allocations given to the healthcare system. We hope to see a significant change and advocate affordable and accessible healthcare for every section of society. Together, we can make a difference and strive toward improving the health of the nation with more such crucial initiatives.Uday Deshmukh, Founder and Chairman, Onco Life Cancer Group of HospitalsExemption of three cancer treatment drugs - Trastuzumab deruxtecan, Osimertinib and Durvalumab from basic customs duty is a great initiative by the government to provide custom duty exemptions on a few cancer medications.With cancer cases growing exponentially every year, it is an important starting step towards Affordable Healthcare. Hopefully, in future, the government will be able to provide custom duty exceptions/relief on most cancer medications for the benefit of the patients. We are happy and satisfied with the important decisiontaken by the government in the public interest.Sanjay Vyas, Executive Vice President and Managing Director, ParexelThe healthcare sector has received a significant boost, with an allocation of Rs 89,287 crore, marking a substantial increase from Rs 79,221 crore in FY 2023-2024.The Union Budget also increased allocation for R&D, particularly through the Anusandhan National Research Fund, a welcome step for the clinical research industry. This aligns with the sector’s growing emphasis on innovation. Furthermore, the government's push for digital infrastructure under the Jan Vishwas Bill will significantly enhance the operational efficiency of clinical trials. Moreover, the budget's emphasis on skill development and women's empowerment will contribute to a robust talent pipeline for the life sciences sector.Harish Trivedi, CEO, CTSI – South AsiaWe applaud the government's decision to exempt three additional medicines from customs duty for cancer patients. This move will significantly relieve cancer patients by making essential treatments more affordable and accessible. The proposed changes in customs duty on X-ray tubes and flat panel detectors for domestic X-ray machine production are also commendable. These measures will not only benefit patients but also enhance the overall healthcare infrastructure in the country. Such forward-thinking policies are crucial in our collective fight against cancer and improving patient outcomes.Anish Bafna, CEO and MD, Healthium Medtech.The Union Budget 2024-25 sets the foundation for our nation’s unrelenting pursuit towards Viksit Bharat 2047. The announced exemption of customs duties on the three additional cancer formulations is an industry-welcoming move towards patient centricity, easing the financial and socio-economic burden of the disease on patients.Additionally, the detailed changes in basic custom duties on medical equipment like X-rays and flat panel detectors under the government’s phased manufacturing program will go a long way to bolster the domestic production capacity for local players. Such interventions from the government will propel conducive policymaking and enhance affordability and accessibility in healthcare while supporting manufacturing and innovation in the medical sector.The increased impetus on job creation and central skilling programs will boost productivity and excellence in the workforce for developing sectors like manufacturing and MSMEs. Tailored initiatives like Anusandhan National Research Fund for powering innovation, research and prototype development, will encourage the spirit of self-reliance, promote talent and generate indigenous solutions in healthcare.The financial outlay of Rs 1 lakh crore will further spur private sector-driven research and innovation at a commercial scale. Moreover, the Rs 1,000 crore fund announced to boost India's space economy will encourage private innovation, advance our Atmanirbharta initiatives and benefit 180+ startups, and more incubated applications.Rishi Tandulwadkar, Founder, ALIVWe welcome the government's thoughtful initiatives in the 2024 Budget, especially the proposed exemption of three more medicines from customs duties to provide relief for cancer patients and the adjustments to BCD on x-ray tubes and flat panel detectors. These measures will significantly alleviate the financial burden on cancer patients and enhance the efficacy of medical X-ray machines, aligning with the domestic capacity for healthcare advancements.Saransh Chaudhary, President, Global Critical Care, Venus Remedies and CEO, Venus Medicine Research CentreThe Central government’s decision to exempt three more cancer medicines from customs duty is a commendable step towards making cancer drugs more affordable. It will also make oncology exports more competitive and incentivise manufacturers by reducing their costs.We also welcome the Finance Minister’s announcement to include manufacturing & services and innovation, research and development among the nine priority areas identified by the government to ensure fast-paced growth in line with its vision of 'Viksit Bharat.'Pharma manufacturing being India’s strength, we expect the government to build on it with its incentive-based approach. A renewed focus on innovation and R&D, on the other hand, will transform India into a value-driven economy, unleashing its immense potential wealth-creation potential.Dr Himani Narula, Developmental and Behavioral Pediatrician Director & and Dr Puja Kapoor: Pediatric Neurologist & Co-founders, Continua KidsIn her Union Budget 2024 speech, Finance Minister Nirmala Sitharaman unveiled several important updates related to the healthcare sector. The government has allocated Rs 89,287 crore for the development and maintenance of the health system, a marginal increase from Rs 88,956 crore in FY24. While these measures are encouraging, they may not fully address India’s broader health issues. The budget stressed the urgent need for increased investment in primary health care to improve the overall health of the population.To achieve meaningful progress, substantial investments and comprehensive reforms in basic healthcare are needed, particularly in areas concerning children with special needs. The budget needs to allocate more resources towards specialized training for healthcare professionals, the development of dedicated facilities, and the provision of early intervention programs. Integrating advanced technologies and innovative healthcare solutions can further streamline the delivery of specialised services, making them more accessible and effective for this vulnerable population.Siddharth Gadia, Co-Founder, Zeno HealthIt is encouraging to see the government focus on new schemes and announcements for creating new jobs and skilled workers in India. There has been a major boost in investments in the country's infrastructure. Some schemes that caught our attention include incentive schemes for new employees, Rs 3 lakh crore allocation for women-led schemes, and Rs 2.66 lakh crore being allocated for rural development. An encouraging announcement came in the form of abolishing the angel tax for the startup sector.For the healthcare sector, the government did announce an exemption for three more medicines for cancer treatment as well as for the manufacturing of certain medical devices from customs duty.But the Budget missed out on a few key announcements. We would like the government to look at incentivising R&D for new medicines and medical devices. Aside from this, we hope the government will enforce a law requiring doctors’ prescriptions to include drug names rather than specific brands. These changes can certainly help the country move towards a Viksit Bharat. We hope the government could consider this in the coming months.Dr Ashutosh Niranjan, Dean, Noida International Institute of Medical Sciences(NIIMS) & HospitalI am thrilled to see the government’s concern for the health sector through the FY2024 budget by Union Finance Minister Nirmala Sitharaman, all eyes lie on the health sector with high expectations from the healthcare and pharma sector.Finance Minister Nirmala Sitharaman earlier this year in the interim budget outlined some significant plans for India’s healthcare sector. For 2024–25, the sector was allocated Rs 90,171 crore from the budget, additionally, the Interim Budget 2024–2025 included several noteworthy healthcare initiatives. A large rise over the Rs 79,221 crore allocated for 2023–2024. A new programme to encourage immunisation against cervical cancer in girls aged nine to 14 was launched in an attempt to reduce the occurrence of this chronic and preventable illness.The budget allocated for the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana was increased from Rs 7,200 crore in 2023–2024 to Rs 7,500 crore in 2024–2025. The 'Mission Indradhanush' and enhanced immunization management are the goals of the Unorganised Worker Identification Number (U-WIN) programme.Furthermore, the government increased financing for biotechnology research and development from Rs 500 crore to Rs 1,100 crore, demonstrating its dedication to innovation and better healthcare facilities. To meet both ends, increasing GDP spending on healthcare to 2.5 per cent is crucial for enhancing expanding facilities, social insurance in tier II and III cities, and advancing digital health services.The budget's primary priorities were public-private partnerships, medical professional skill development, innovation, and infrastructure for healthcare to guarantee better access and quality across the country. An estimated 2 billion square feet of cutting-edge healthcare infrastructure would be needed to address healthcare concerns, which will accelerate the growth of the health industry.Dr GSK Velu, CMD, Trivitron Healthcare, Neuberg Diagnostics, Maxivision Super Speciality Eye HospitalsThe Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, is being acclaimed as visionary and progressive, with strong potential to boost economic growth and contribute to the vision of Viksit Bharat. A notable highlight for the medical device industry is the reduction in duty on the import of components for X-ray equipment until domestic production capabilities are established. The move is anticipated to encourage investment in making India a global manufacturing hub.The Union Budget 2024 is comprehensive, addressing the diverse needs of the nation. It emphasises financial stability, retail growth, educational advancements, accessible loans, and developmental initiatives. This budget supports India's vision of becoming a thriving and progressive nation. By focusing on these critical areas, it embodies the spirit of 'Vikas' and positions India as a global leader.The budget highlighted the fiscal incentives for research and development (R&D) and capital expenditure (CAPEX) in the medical devices sector under the budget. These measures set innovation, enhance production capabilities, and propel India towards self-reliance in medical technology.The budget addresses import dependence in the medical device sector by introducing a health cess on customs duty for remaining medical devices. This aims to fund Ayushman Bharat and ensure quality, affordable healthcare.Rajiv Nath, Forum Coordinator, AiMeDThe Union Budget-2024 is visionary and progressive. It will give a boost to the country’s overall economic growth. We are thankful to the GoI for the reduction in duty on the import of components of X-ray equipment until these get to be produced in India. This enables continuity in investment in efforts to become a manufacturing hub of x-ray equipment globally.The Central government must also consider income tax benefits, specifically tailored for capital expenditure (CAPEX) and research and development (R&D) investments within the medical devices sector.Behram Khodaiji, CEO, Ruby Hall Clinic We are delighted to see the government's proactive measures in the Union Budget 2024 aimed at providing substantial relief to cancer patients. The changes in Basic Customs Duty (BCD) for X-ray tubes and flat panel detectors used in X-ray machines under the phased manufacturing programme are highly appreciated. Synchronising these changes with domestic capacity addition will bolster our diagnostic capabilities and promote the growth of the domestic medical device industry. These measures reflect a comprehensive strategy to enhance India's healthcare infrastructure and patient care. The exemption of three additional cancer treatment medicines from customs duty is a welcome step towards making vital treatments more accessible and affordable for cancer patients.Hitesh Sharma, Partner and Life Sciences Leader – Tax, EY India.The budget has maintained a neutral stance towards the Pharmaceutical and Healthcare sector. Noteworthy advancements include a commitment to enhancing R&D, with an emphasis on basic research and the development of prototypes - a re-emphasis of commitment made in the interim budget. Additionally, the budget proposes the elimination of customs duties on select cancer medications and a reduction of Basic Customs Duty (BCD) on specific X-ray-related products. Also, skilling initiatives and support would help the healthcare sector. However, the budget did not focus on healthcare infrastructure, the manufacturing of medical devices, or incentives for R&D, which were notable omissions.Dr Sanjeev Singh, Medical Director, Amrita Hospital, FaridabadThe exemption of customs duties on three cancer treatment medicines is a significant step towards making life-saving treatments more affordable for patients. Additionally, the proposed changes in basic customs duties for X-ray tubes and flat panel detectors will bolster the domestic manufacturing of essential medical equipment, ensuring better accessibility and reduced costs. The government's commitment to constructing new medical colleges is also commendable, as it will help bridge the gap in medical education and healthcare services, especially in developing areas of the nation. These measures reflect a positive move towards improving healthcare infrastructure and patient care across India.Dr Jagprag Singh Gujral, SVP MDO/ Head of Emerging Markets, Varian (a Siemens Healthineers Company) and Group CEO- CTSIWe commend the government's proactive steps in exempting three additional medicines from customs duty for cancer patients. This decision will alleviate a significant portion of the financial burden faced by patients and their families, making life-saving treatments more accessible.The BCD changes for domestic capacity addition for medical technology items like X-ray tubes and flat panel detectors is a crucial step towards self-reliance and enabling access to care in a cost-conscious, underpenetrated market.The thrust on MSME domestic manufacturing and abolishing Angel Tax will incentivise healthcare startups to provide the foundation for enabling technology-led innovations in the life sciences domain. We are optimistic that these measures aim to strengthen the healthcare infrastructure and the Government's commitment to improving healthcare accessibility and affordability is evident in the announcements. We look forward to collaborating with all stakeholders to ensure these benefits reach those in need.Tetsuya Yamada, MD, OMRON Healthcare India We commend the healthcare initiatives outlined in the Union Budget. The increased allocation for health and wellness, coupled with a strong emphasis on digital health infrastructure and telemedicine, is a significant step towards boosting the accessibility and efficiency of healthcare services through digital means. OMRON Healthcare has long been dedicated to empowering individuals with the tools needed to monitor and manage their health effectively. The proposed budget's support for innovations in healthcare aligns perfectly with our commitment to provide easily accessible and user-friendly health monitoring solutions. We believe that these measures will not only improve the quality of healthcare but also foster a culture of proactive health management among citizens. We look forward to contributing to this transformative journey and supporting the government's vision of a healthier, more resilient India.Dr Bilal Thangal TM, Medical Lead, NURAThe reduction in customs duty on three critical cancer medicines and discounts on medical equipment marks a pivotal step towards affordable healthcare. These measures, coupled with previous initiatives like the cervical cancer vaccination drive, underscore the government's commitment to improving public health. Amidst high expectations, the budget succeeds in addressing key health concerns, ensuring tangible benefits for millions across the nation.Anil Matai, Director General, OPPIWe at OPPI commend the government’s commitment to improving healthcare access and innovation in India, reflecting a forward-looking approach that aligns with our industry’s aspirations. We deeply appreciate the government’s decision to exempt three critical cancer medicines - Trastuzumab Deruxtecan, Osimertinib, and Durvalumab - from customs duties. This move will provide much-needed relief to cancer patients by reducing the financial burden of these life-saving drugs. The current customs duty of 10 per cent was a significant cost barrier, and this exemption is a welcome step towards making advanced cancer treatments more accessible.We appreciate that the Government of India has reiterated the importance and necessity of Patient Assistance Programmes (PAP) offered by the pharmaceutical industry to improve access to life-saving drugs by extending the customs duty waiver on drugs and medicines imported to India for the supply under PAP through to March 31, 2029.The clarion call of Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhan” by Prime Minister Narendra Modi has once again been reiterated with Innovation and Research & Development being announced as one of the nine priority areas envisaged by the Government in this budget.The operationalisation of the Anusandhan National Research Fund is a progressive step towards bolstering basic research and prototype development in India. Furthermore, the establishment of a financing pool of ₹1 lakh crore to spur private sector-driven research and innovation is a landmark initiative. This fund is expected to catalyse significant advancements in pharmaceutical R&D, fostering an ecosystem of innovation. The government's ongoing efforts to enhance the ‘Ease of Doing Business’ through initiatives such as the Jan Vishwas Bill 2.0 and incentivising states to implement business reforms action plans and digitalization are indeed commendable. Simplifying regulatory processes and reducing these hurdles will create a more conducive environment for pharmaceutical companies to operate, innovate, and expand.While we appreciate the positive strides taken in the Union Budget 2024, we were also hoping that the government could announce incentives for pharma companies to develop medications for rare diseases affecting small populations. This may also help in attracting investment into India to undertake R&D for rare diseases. We were hoping for focused measures like the establishment of more CoEs for the management of rare diseases. We were also hoping for the stricter and unambiguous enforcement of IP regulations required for Pharma MNCs to introduce newer innovative therapies for Indian patients. The incentivisation of R&D investments in India is necessary as it will be a significant move towards Atma Nirbhar Bharat and a more resilient and future-ready pharmaceutical industry. Overall, the Union Budget 2024 reflects a forward-looking and inclusive approach, and the pharmaceutical sector looks forward to actively participating in and contributing to the realisation of these transformative initiatives.Abrarali Dalal, Director and CEO, Sahyadri HospitalsThe government has allocated Rs 89,287 crore for the development, maintenance, and improvement of the country’s healthcare system, a slight increase from Rs 88,956 crore in FY24. The union budget's removal of basic customs duty on three critical cancer treatment drugs and the reduction of duties on medical technologies such as X-ray tubes and flat panel detectors will notably enhance the affordability and accessibility of healthcare, particularly for advanced cancer treatments. Through the 'Anusandhan National Research Fund' the increased research funding will foster innovation, development and improved treatment options in the healthcare sector. Although these initiatives show promise, there is still potential for further enhancements to fully bolster India's healthcare infrastructure.Shashank Avadhani, Co-founder and CEO, Alyve HealthAlyve Health welcomes the government's decision to abolish the angel tax in the Union Budget 2024-25. This forward-thinking move will unlock significant growth potential for startups across India. By removing this financial barrier, the government has demonstrated its commitment to encouraging innovation and supporting entrepreneurs. We believe this policy change will attract more investments into early-stage companies.The budget for FY24-25 exempts three more cancer medicines from customs duty which will bring down the cost of treatment significantly. The healthcare sector is to get an Rs 89,287 crore budget allocation in 2024–25, up from Rs 88,956 crore in 2024-25 which will enhance healthcare infrastructure in our country. In the Economic Survey, the government has focused on the future of AI, and deep-tech startups to create opportunities for deploying AI and other cutting-edge technology in the healthcare sector. This move will encourage investments in the broader deep tech space specifically in the health tech sector. Dr Tarang Gianchandani, CEO, Sir HN Reliance Foundation Hospital.India's strong healthcare sector is critical to the country's economic success. The Union Budget FY 24-25 is holistic, innovative and focussed as far as Healthcare is concerned. It has prioritised cancer care by allowing exemptions on cancer drugs especially on Pembrolizumab, used for cervical cancer which is fully exempted from customs duties. This will go a long way in improving the health of women in our country. The allocation of Rs 2143 Cr for PLI for the pharmaceutical industry is also a step towards innovation and will help India tremendously along with higher allocations for the PMJAY scheme from Rs 7200 crore to Rs 7500 crore. Another important step is towards exemption of custom duty towards rare diseases which affect the health of our paediatric population significantly such as Wilson’s, Duchenne muscular dystrophy, Cystic Fibrosis & Pompe Disease. The most important step is to focus on the National Research Fund. Enhancing Medical Research in India will soon have India to lead in Healthcare Internationally. The budget also focusses on Bharat Health Infrastructure Mission on allocations for Anganwadi to combat malnutrition and support early-stage Healthcare services. Lastly, the introduction of the U-Win platform will support mass immunisation and ensure real-time data monitoring which is a big step towards Preventive Healthcare. Globally, India stands out as an appealing destination for medical tourism; the government's attention to developing the tourist economy-driven area would further improve the flood of awareness for India's medical ecosystem and efficiency."Sandeep Verma, Country Head for India, Bangladesh, and Sri Lanka, Bayer Consumer Health Division.The Union Budget 2024-25 has prioritised four key segments of the population: the poor, women, youth, and farmers. These are also the cohorts which require the most focus vis-a-vis access to healthcare. With increased funding for health, the government's ongoing commitment to improving access and innovation in the sector is commendable.A significant challenge for the healthcare and consumer industries, especially in rural areas, has been stagnant consumption. This year's budget positively emphasises sectors like agriculture and employment and is also driven to reduce inflation. This is expected to significantly boost consumption overall and moreso in rural and semi-urban areas. It will also enhance the accessibility of self-care products and stimulate the demand across both consumer and healthcare sectors. As a result, consumers who previously had limited access to innovative health solutions will now benefit from reduced out-of-pocket expenses and a wider range of options. This would increase access to responsible self-care making better health for all a reality.Md Sharique Khan, Senior Vice President - India Formulation Business, ArEx LaboratoriesWe welcome the move to completely exempt three major cancer medicines from basic customs duty which will make critical treatment affordable for all cancer patients. The additional exemption of customs duty on components of X-ray tubes and digital detectors will spur the indigenous manufacturing of these machines in India and subsequently reduce the price of these medical equipment. Though, these announcements in Budget 2024-25 are far less than expected it is a testament to the government’s focus on improving healthcare affordability and accessibility in the country.------Vishal Bali, Executive Chairman, Asia Healthcare HoldingsWhat the budget achieves is the focus on youth and employment through schemes with an outlay of Rs 2 trillion, support for MSMEs, an outlay of Rs 1.52 trillion towards agriculture, fiscal deficit of 4.9 per cent of GDP and Infrastructure investment of 3.4 per cent of GDP. What the budget does not achieve is focus on healthcare as another pillar of Viksit Bharat, giving it the capital outlay of more than 2.5 per cent of GDP and reforms that will support the growth of the sector and give an impetus to indigenous manufacturing of medical technology. An outlay of Rs 90,958 crore is a mere 12.9 per cent growth over the previous year which is insufficient towards bridging the demand supply gap in India’s healthcare.Deepshikha Sharma, CEO, Sharp Sight Eye HospitalsUnion Budget 2024 marks a transformative moment for India's healthcare and medical industries. With the government's emphasis on ‘Viksit Bharat’, promoting inclusive growth, and focusing on employment, manufacturing, innovation, R&D, and next-gen reforms, this budget is set to significantly impact our sector. It aims to reduce the financial burden of critical medical treatments. The exemption of Customs Duties on medications and the reduction in Basic Customs Duty on medical devices such as x-ray tubes and flat panel detectors will greatly enhance the accessibility and affordability of vital medical technologies, including those used in eye care.The significant increase in the National Health Mission's allocation to Rs 38,183 crore for 2024-25, a 12.7 per cent rise from the previous year, highlights the government's commitment to strengthening healthcare services. The increase in research and development funding, including a boost to the Anusandhan Fund, is a great step forward. It aligns perfectly with our goal of staying at the cutting edge of ophthalmic innovation. Moreover, the emphasis on public-private partnerships and corporate investments will be key to scaling up solutions and improving service delivery. We remain committed to collaborating with the government and industry peers to address remaining gaps in healthcare accessibility and affordability, ensuring that every individual benefits from high-quality eye care.The substantial boost in the Union Health Ministry's budget from Rs 79,221 crore in 2023-24 to Rs 90,171 crore for 2024-2025 represents a robust investment in expanding and modernising healthcare services. For the ophthalmology sector, this translates into increased opportunities to integrate advanced diagnostic and therapeutic technologies, directly benefiting millions of patients with improved care and outcomes.The allocation of Rs 1.2 trillion to the Health Ministry underscores a crucial step towards meeting the rising demand for eye care in India. As the Indian ophthalmic devices market is projected to reach $3.5 billion by 2026, this budget's focus on expanding healthcare infrastructure and incorporating --the-art technology is particularly timely. Investments in cutting-edge eye care equipment are essential not only for enhancing diagnostic and treatment capabilities but also for improving patient outcomes. With nearly 10 million individuals affected by vision impairments in India, integrating advanced technology in eye care is pivotal.Dr Raj Nagarkar, MD and Chief of Surgical Oncology & Robotic Services, HCG Manavata Cancer Centre (HCGMCC)The exemption of customs duty on cancer medicines is a significant step towards making healthcare more accessible and affordable. This will help patients access quality cancer care and will reduce the financial burden on patients. However, custom duty on radiation therapy equipment and PET/CT scan equipment which are not manufactured in India should also have been exempted. Duty on these equipment eventually makes patient care more expensive.We also were expecting announcements on the strengthening of public healthcare initiatives, particularly rural. Every section of the society deserves the best quality healthcare. On one hand, we talk about heart transplantation and CAR T Cells therapy while on the other hand, the basic requirements for cancer care and cardiac care are missing. Those opportunities should have been created. As an Oncologist, I feel that the Government needs to look toward high-end treatments like Radiation Therapy, and Bone Marrow Transplant and make these within the reach of the common man.The government’s employment-linked schemes are commendable. This year’s budget has put significant focus on employment generation and skill development which will ensure that the youth remain more focused and work towards the country's growth.Shweta Rai, ManagingDirector India and Country Division Head South Asia, Bayer Pharmaceuticals.We welcome the Union Budget 2024-25, which shows a strong commitment to improving healthcare in India with an allocation of Rs 89,287 crore. The exemption of customs duties on three cancer medications for breast cancer and non-small cell lung cancer is a great step to ease the financial burden on patients and make these medications more accessible. We are hopeful that the government will extend similar support to other cancer therapies. The interim budget had announced an increased focus on the prevention of cervical cancer and now there is an increased emphasis on breast cancer, which is encouraging. It shows the government's commitment towards women's health. We applaud these efforts and look forward to working together and making ‘health for all’ a reality.Sandhya J, Group CFO, Narayana HealthThe Union Budget has allocated Rs.89,287 crore to health care. So there is no major change in the allocation to health care sector. Having said that, the Finance Ministry has made commendable efforts to address long-term capacity building through nine broad priorities and a clear roadmap. We welcome the budget's focus on exempting key cancer medicines and reducing import duties on med tech technologies such as x-ray tubes and flat panel detectors to make them more affordable. These measures will give us the ability to pass the benefits to patients. We appreciate these initiatives, however, certain expectations remain unmet. The healthcare sector is a long-term industry that requires long-term affordable credit facilities. Similar to infrastructure projects that have access to 20-30-year bonds, hospitals should receive the same status and have access to extended credit term facilities. As an essential service, lack of Input credit increases the cost of service, which could have been addressed. Customs duty is a high burden as well as 80 per cent of medical equipment in the country is imported we will await some positive action in that space.The aim is to bring down the landed cost of health care. We would also look forward to seeing how the thrust on research helps innovation in health care. As these get addressed in the future, it will greatly benefit the healthcare industry and contribute to sustainable growth. Overall, while the budget has made significant strides in building the growth story further for the country, we look forward to more focussed interventions for health care.Joseph Pasangha, COO, SPARSH Group of Hospitals, Bengaluru Finance Minister Nirmala Sitharaman has outlined the government's Nine Priorities and some of them would have trickle-down effects on the healthcare sector too. Though the budgetary fund allocations remain the same as mentioned in the interim budget. The operationalisation of the National Research Fund and the establishment of a financing pool of one lakh crore rupees for private sector-driven research and innovation are pivotal steps towards fostering a culture of innovation. This initiative will enable the development of advanced healthcare solutions, ensuring that the sector keeps pace with global technological advancements. Furthermore, the exemption of customs duties on three cancer medicines is a significant move to strengthen domestic capabilities in the healthcare sector. This will make advanced cancer treatments more affordable and accessible, addressing a critical need given the high cost of such treatments. By supporting the development and production of medical technologies domestically, this policy will stimulate local innovation and potentially lower overall healthcare costs. Effective collaboration between the government and the private sector will be essential to fully realising the potential of these initiatives. The increased focus on infrastructure investment, coupled with the robust support for research and innovation, marks a transformative approach to strengthening the healthcare sector.Raj Gore, CEO, Healthcare Global EnterprisesWe whole-heartedly welcome the Union Budget proposal to exempt three more cancer medicines - Trastuzumab deruxtecan, Osimertinib and Durvalumab – from customs duties to provide relief to cancer patients. The budget also proposed changes in the Basic Custom Duty (BCD) on X-ray tubes and flat panel detectors used in medical X-ray machines under the Phased Manufacturing Programme to increase domestic value addition for the establishment of X-ray machine manufacturing ecosystem in the country. These landmark sector-specific customs duty proposals for medicines and medical equipment under Indirect Taxes will result in substantial savings in procuring life-saving medicines and ease the burden of cancer care. The speedy implementation of key measures such as these is crucial to effectively address the cost challenges in the Indian healthcare sector thus making it affordable, accessible and equitable to all.However, as the industry has been pushing for health allocation to be increased to 2.5 per cent of GDP, the government’s earmarking of Rs 89,287 crore, isonly marginally higher than the FY 24 allocation of ₹Rs 88,956 crore for developing, maintaining and improving the country’s healthcare system, is far from encouraging to the Indian healthcare sector as a whole. Healthcare should have gained more priority in Union Budget 2024.Dr Amit Rauthan, HOD & Consultant - Medical Oncology, Haematology & Haemato-Oncology, Manipal Comprehensive Cancer Centre, Manipal Hospital Old Airport RoadThis is excellent news for cancer patients. Trastuzumab deruxtecan, initially used for HER2-positive breast cancer, is now being utilized for HER2-low breast cancer as well. This drug has the potential to significantly improve survival rates for stage 4 cancer patients. We hope that its cost will decrease substantially, making it more accessible to those in need.The high cost of new drugs has always been a major issue, making long-term treatment prohibitive for many. We believe this move will significantly help our cancer patients.Trastuzumab deruxtecan has become a dominant drug in breast cancer treatment over the past few years, demonstrating significant improvements in survival for both HER2-positive and HER2-low patients, particularly in the stage 4 setting. Compared to older drugs, it offers much better survival outcomes, making a significant impact. This drug has been available to our patients since January this year, but its prohibitive cost makes it unaffordable for many. If the cost decreases, it will greatly benefit and improve the survival rates of many more breast cancer patients with HER2-positive and HER2-low statuses.
