Budget 2024: Finance Minister Nirmala Sitharaman will be announcing the Union Budget 2024 soon. Sources told Financial Express.com that the Finance Minister will most likely table the Union Budget 2024 on July 23 or July 24.
Ahead of the Union Budget 2024, healthcare industry leaders are expecting a lot of policy reforms, price relaxation and major scheme announcements. Some experts are expecting a comprehensive approach to healthcare spending in the interim budget of 2024.
As the increasing prices of medicines continue to burden the public, will the Finance Minister cut down the cost of medicines in the Union Budget 2024 presentation?
“We anticipate that the Center will focus on addressing the rising prices of medicines while strengthening India’s medical equipment manufacturing units. Optimism is high this year, as increased budget allocations for pharmaceutical research and development are possible. This could foster innovation and pave the way for more affordable medicines in the future. We are also hopeful of a significant boost in the pharma sector’s budget, which is crucial for ensuring access to affordable life-saving drugs for diseases like cancer and HIV. Additionally, it will support affordable lifestyle medicines as part of preventive care,” Probal Ghosal, Chairman & Director Ujala Cygnus group of Hospitals told Financial Express.com.
The government appears committed to affordable healthcare, Ghosal said.
In April this year, Union Minister Mansukh Mandaviya announced that there would be no increase in the prices of essential medicines for this fiscal year due to negligible growth in wholesale price-based inflation.
“This move underscores the government’s dedication to making healthcare accessible to all. So, while there are some challenges, the government’s proactive steps and potential budget enhancements for the pharmaceutical sector inspire hope for more affordable medicines, ensuring that healthcare remains within reach for all citizens,” Ghosal told Financial Express.com.
Meanwhile, Dr Girdhar Gyani, Founder Director, Association of Healthcare Providers ( AHPI) told Financial Express.com that a robust healthcare system is essential for our population’s well-being and the country’s overall growth.
“As provided in the health policy of year 2017, we expect government to focus on realizing universal health coverage. There will be initiative to improve healthcare infrastructure in general and in tier-III towns and rural areas in particular. The supply of medicines shall be further enhanced through JAN AUSHADI centres. Despite a recent minimal rise in prices of essential medicines like painkillers, antibiotics, and anti-infectives, the impact on the general population remains limited. The industry has faced rising input costs and sought substantial price increases, but the latest minimal hike offers some respite after two major increases. We hope the new government will focus on making medicines for life-threatening diseases like cancer and HIV more affordable,” Dr. Gyani told Financial Express.com.
We also expect the government to launch a focus on promotive and preventive healthcare including emphasis on; safe drinking water, improved sanitation and nutrition, he said.
“The government is expected to make all sub-centres as Health & Wellness centres, capable of screening for NCDs as well to promote holistic wellness. Addressing drug costs demands a multifaceted approach, including regulatory reforms to streamline the approval process and enhance transparency. Robust research support is crucial for developing new, cost-effective treatments,” he said.
Promoting fair competition through TAX reforms within the pharmaceutical industry is also vital to preventing monopolies and keeping prices in check, he added.
Finance Minister Sitharaman presented the interim budget 2024 on February 1 this year. The complete budget will be presented next month.
