Overall, the Union Budget 2024 reflects a forward-looking approach
OPPI commends the Government’s approach towards the healthcare and pharmaceutical sector in the Union Budget 2024. The emphasis on leveraging existing hospital infrastructure for establishing new medical colleges is a strategic move that aligns with the need for a robust healthcare workforce. Moreover, the initiative to encourage vaccination for girls aged 9-14 to prevent cervical cancer demonstrates a proactive stance on preventive healthcare.
The extension of health coverage under the Ayushman Bharat scheme to ASHA and Anganwadi workers and helpers is a commendable step towards achieving the universal health coverage.
The allocation of a ₹1 lakh crore corpus for long-term, interest-free loans will provide long-term financing or refinancing with long tenors and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains. The pharma industry is ready to embrace this opportunity for growth and contribute to the nation’s health and well-being.
The swift rollout of the U-WIN platform for managing immunisation and the intensified efforts of Mission Indradhanush will further give boost to India’s immunisation targets.
OPPI is proud of the exponential growth in FDI inflow achieved by the government from 2014-23, and it truly underscores the confidence of global investors in India. OPPI and its members wholeheartedly support any balanced & equitable steps of the government which are in line with the ‘first develop India’ spirit.
While we appreciate the positive strides taken in the Union Budget 2024 towards the healthcare and pharmaceutical sector, we were also hoping that a nuanced approach to reduce duty/tax burdens on innovative and lifesaving drugs, addressing regulatory challenges and facilitating ease of doing business could have been outlined.
Overall, the Union Budget 2024 reflects a forward-looking approach, and the pharmaceutical sector looks forward to actively participating in and contributing to the realisation of these transformative initiatives.
– Anil Matai, Director General, Organisation of Pharmaceutical Producers of India
The Budget underscores the government’s forward-looking approach towards women’s health
The Government has outlined some transformative initiatives in this Budget. The allocation of a substantial corpus for R&D, reflects a bold commitment to boosting innovation across sectors including the pharma industry. This financial support will undoubtedly catalyse research and development, fostering a culture of innovation and excellence. This is in line with the Prime Minister’s dedication towards the cause, which was exemplified by the previously emphasised slogan ‘Jai Jawan, Jai Kisan, Jai Vigyan, and Jai Anusandhan’
The forward-thinking emphasis on women’s health, particularly in preventing cervical cancer, aligns seamlessly with the global push for eradicating preventable diseases. These initiatives, complemented by a comprehensive Maternal and Child health care agenda and the extension of Ayushman Bharat to ASHA and Anganwadi workers, underscore the government’s forward-looking approach towards women’s health
The implementation of the U-Win platform reflects a strategic move towards leveraging technology for streamlined immunisation management, enhancing accessibility and monitoring of healthcare programs. The intensified efforts of Mission Indradhanush will play a pivotal role in increasing access to essential immunisation across the country
Furthermore, it’s notable to observe the increasing participation of women in the workforce, showcasing the positive impact of past measures, and this trend is poised to continue flourishing and support India’s growth journey
Overall, the budget has not only created an optimistic environment for the sector but also laid a solid foundation for advancements in healthcare, research, and education
– Nikhil Chopra, CEO & Whole Time Director, JB Pharma
Govt’s aim to prioritise women’s health in the country is commendable
The interim Budget 2024 has some notable announcements highlight the Government’s aim to prioritise women’s health in the country, which is commendable. We welcome the move to improve the rate of HPV vaccination in the country and integrate schemes for maternal health and childcare under one umbrella will help to streamline the implementation of both schemes and improve the impact on women’s and children’s health. We look forward to more announcements and opportunities in the upcoming Union Budget that would prioritise women’s health along with research and innovation to improve the pharma landscape in the country
– Shweta Rai, Director, Bayer Zydus Pharma & Country Division Head for Bayer’s Pharmaceuticals Business in South Asia
The recent budget announcement lays emphasis and much-deserved attention on women’s health
We are encouraged with the recent budget announcement that lays emphasis and much-deserved attention on women’s health. With all maternal and child healthcare schemes under one comprehensive programme, the collective vision of Healthy Women, Healthy Pregnancies and Healthy Future is turning into reality. Added to this, HPV vaccinations for girls in the 9-14 age group for the prevention of cervical cancer, immunisations of children, and schemes such as Poshan 2.0 will help improve nutrition delivery, early childhood care, and development.
The government’s efforts to build capabilities and domestic capacities will augment the existing healthcare infrastructure and will ensure that healthcare reaches every home in India.
– Sanjiv Navangul, Managing Director & CEO, Bharat Serums and Vaccines