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The Union Budget 2024 has introduced key measures aimed at improving the healthcare sector in India. With increased allocations for Healthcare infrastructure, research, and disease prevention, the government aims to strengthen the country’s healthcare system and ensure better access to medical services.
Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd and CEO, Venus Medicine Research Centre:
The Central government’s decision to exempt three more cancer medicines from customs duty is a commendable step towards making cancer drugs more affordable and incentivising manufacturers by reducing their costs. We also welcome the Finance Minister’s announcement to include manufacturing & services and innovation, research & 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 Healthcare 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. Ashutosh Niranjan, Dean of Noida International Institute of Medical Sciences(NIIMS) & Hospital, expressed his enthusiasm, “I am thrilled to see the government’s concern for the health sector through the FY2024 budget which was released on Tuesday by Union Finance Minister Nirmala Sitharaman, all eyes lie on the health sector with high expectations from the healthcare and pharma sector. The 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 ₹90,171 crore from the budget, additionally, the Interim Budget 2024–2025 included a number of noteworthy healthcare initiatives. A large rise over the ₹79,221 crore allocated for 2023–2024. A new program to Enhancing encourage immunization against cervical cancer in girls aged 9 to 14 was launched in an attempt to reduce the occurrence of this chronic and preventable illness.”