‘Healthcare startups expect seamless credit facilities and a lower tax slab’
The Tech Panda asked the healthcare industry what their expectations are from the upcoming Union Budget 2023.
The Union Budget 2023 is almost here, churning up many expectations from the Finance Minister Nirmala Sitharaman on 1st of February 2023.
The highlights of last year’s health budget included the National Digital Health Ecosystem roll out, the National Tele Mental Health Program, and integrated architecture for Mission Shakti, Mission Vatsalya, Saksham Anganwadi, and Poshan 2.0.
The Tech Panda asked the healthcare industry what their expectations are from the upcoming Union Budget 2023.
Pranat Bhadani, President, Business Growth, SigTuple
“India currently imports bulk of its medical devices. Even for companies like us which have completely designed and assembled the device in house, we are forced to import a lot of the essential parts – from PCB to ball screws.
Make it easier to import spare parts and difficult to import the device, incentivise exports, incentivise the development of an ecosystem
“For Make in India to work, the following should be the government’s focus (similar to the smartphone industry). Make it easier to import spare parts and difficult to import the device, incentivise exports, incentivise the development of an ecosystem – by rolling out SEZ benefits, PLI schemes, etc. With a focus on building a sustainable ecosystem, the med-tech industry has the potential to add billions of dollars to the economic output of the nation.”
Jitin Bhasin, Founder & CEO, SaveIN
“The Union Budget 2023-24 can be a game changer for the Indian healthcare sector. Technology or digital health has already proved its mettle during the pandemic. Be it efficient management of COVID-19 and vaccination or achieving the goal of Universal Health Coverage, startups in the healthcare sector would be great enablers with the provisions of policy assistance.
Given the acute need to further the penetration of quality healthcare, it would be a welcome step if the upcoming union budget can make provisions for policy assistance and on-demand credit lines through banks for startups focused on the healthcare segment
“Given the acute need to further the penetration of quality healthcare, it would be a welcome step if the upcoming union budget can make provisions for policy assistance and on-demand credit lines through banks for startups focused on the healthcare segment. Furthermore, healthcare startups would be expecting a lower tax slab on their products, services, and solutions and this much-needed fiscal or tax incentive would help in creating a robust digital health ecosystem in the country.
“With the implementation of the National Digital Health Mission, the government has already shown its intent to provide all support to startups in the sector. With robust policy push through the Union Budget provisions, digital solutions would certainly help in creating a comprehensive and integrated healthcare ecosystem in the country and support the patients to get access to high-quality and cost-effective care. It is expected that adequate financing and funding healthcare startups would help in evolving new care models. Now, the health-tech community or startups would be expecting a rational policy framework to develop sustainable business models.”
Dr.Preet Pal Thakur, Co-founder, Glamyo Health
“At Glamyo health, we would expect the honorable finance minister to rationalise tax compliance, especially the aspect of tax withholdings.
We would expect the honorable finance minister to rationalise tax compliance, especially the aspect of tax withholdings
“Furthermore, to encourage Indian startups getting domestic capital, tax rates for resident investors should be harmonized at par with the Foreign investors. We also expect the government to increase the healthcare outlay to INR 1 Lakh crores.”
Namit Chugh, Investment Lead, W Health Ventures
“The increase in allocation of budget for National Health Mission (NHM) and launch of the ‘National tele-mental health programme’ in the last Union Budget 2022, was a step forward in the right direction. We expect this budget to increase the allocation for mental health and further build resilience of national mental health infrastructure, as well as incentivize strengthening of the talent pool of counselors and mental health professionals – to handle the massive mental health challenge we are facing. We need additional investment on skilling other healthcare personnel such as nurses and lab technicians as well.
We expect this budget to increase the allocation for mental health and further build resilience of national mental health infrastructure, as well as incentivize strengthening of the talent pool of counselors and mental health professionals – to handle the massive mental health challenge we are facing
“On the digital front, now that a robust platform and infrastructure for managing digital registries of healthcare providers and patients is created, there is a dire need to boost adoption and accessibility. The government should allocate more budget for rolling out this initiative. The creation of longitudinal data for masses will unlock several use cases such as data interoperability, personalized healthcare recommendations, hyperlocal pharmacy data, etc. and will further accelerate India’s digital health agenda.”
Dr. Ajay Sharma, Chief Medical Director, Eye-Q
“People in India are becoming increasingly aware of the enormity of vision loss. This is primarily due to the major initiatives launched by eye-care hospitals to examine and resolve discrepancies. As the growing population ages in India, the burden of eyesight disorders will only shoot up. Many of the most prevalent causes of blindness or moderate-to-severe loss of vision, including cataracts, under-corrected refractive error, glaucoma, and diabetic retinopathy, are preventable if frameworks for early detection and intervention are freely accessible.
“Worse, the burden of eye diseases and visual impairments is not uniformly distributed: it is often far higher in remote regions, among low-income people, women, senior citizens, individuals with disabilities, minorities, and indigenous populations.”
Rajat Goel, Co-founder & CEO, Eye-Q
“Therefore, to commit to a greater push to make eye care services an essential component of universal health coverage and tackle the skyrocketing impact of vision loss on sustainable development, the union Budget 2023 must come up with new mechanisms and initiatives for large-scale eye screening and testing.
To commit to a greater push to make eye care services an essential component of universal health coverage and tackle the skyrocketing impact of vision loss on sustainable development, the union Budget 2023 must come up with new mechanisms and initiatives for large-scale eye screening and testing
“Following the Covid-19 pandemic, India is confronted with a mountain of backlog due to a steep decline in the number of eye surgery, particularly in rural areas. So, we also anticipate initiatives and government support to assist eye-care chains in clearing the backlog. Moreover, lowering GST and other import taxes should be prioritised in order to make health insurance and eye-care equipment more affordable.”
Kalyan Sivasailam, Co-founder & CEO, 5C Network Pvt. Ltd.
“While the healthcare ecosystem is evolving with multiple players, advanced technologies, and increasing access to information, the Govt of India can become more proactive on the diagnosis front, simply because early diagnosis could prevent serious disease, and therefore avoid the cost of disease which ultimately is borne by the government and the people. Towards this, the government could legislate and regulate the diagnostic ecosystem to optimize the availability of diagnostic intelligence.
To build a robust and resilient healthcare system, India will need to see increased investment (both public and private) as well as the use of its healthcare system
“A central database of all diagnostic centers, modalities, and studies performed in the country is important. The government could enlist the community of vendors and health-tech players to contribute to this data-sharing program. The OPD (or outpatient) insurance, most diagnosis today in India is paid out-of-pocket by patients. This leads to less number of diagnoses than what might be an opportunity to detect illness earlier. It also ensures that the radiodiagnosis market (such as X-ray, CT, or MRI scans) opens up by as much as a factor of ten! In turn, it is good for the healthcare industry. To build a robust and resilient healthcare system, India will need to see increased investment (both public and private) as well as the use of its healthcare system. The health of the nation lies in promoting preventive care. Though diagnosis can significantly lower medical costs by detecting life-threatening health conditions early, the opportunity itself is undervalued.”
