Budget Expectations: Government should focus on supporting and promoting 'Made in India' medical devices
• Budget expectations: Government should focus on supporting and promoting 'Made in India' medical devices to help make quality healthcare more accessible
Union Budget 2023 will play an important role in the development of India's healthcare industry. To facilitate easy access to healthcare services, the medical device industry seeks government support. The sector believes that the move will not only help companies implement comprehensive healthcare models, but also help upgrade technology, making it a means to support start-ups and innovators in the healthcare sector Will become.
“Today, India is heavily dependent on imports of medical equipment, mainly from China. This dependence has only increased in the last two years and has put India in a dangerous position. In addition, 80% of medical equipment in the country is imported to meet the demand for high quality critical care medical equipment. Hence, providing access to capital investment and preferential financial support to manufacturers will go a long way in reducing the overall operating cost for domestic players," says Mr. Mudit Dandavate, CEO & Co-Founder, Dozzi.
“Additionally, a GST rate of 18% is levied on software, a component that is closely linked with a medical device. This has had a tremendous impact on software-based services related to medical devices, making them expensive and inaccessible to patients. Hence, reducing this GST rate will help accelerate the growth of medical device manufacturing in India, making it much more cost-effective for the population," Mudit said.
India's exports can reach a new high with the PLI scheme, which promotes incremental production-based incentives while diversifying exports. With a target of achieving $1 trillion in exports by 2025, the Union Budget for 2023 may detail the PLI scheme and consider potential industries.
"We anticipate that the increase in the healthcare budget can leapfrog innovation and adoption of technologies - artificial intelligence, digitization, remote monitoring - to provide quality healthcare to every Indian in remote locations."
While the sector is optimistic about the Union Budget 2023 and believes that the government and regulators will continue to support healthcare with fiscal and policy support. Strengthening the government's vision of 'Made in India for the world', the sector hopes to engage healthcare manufacturers under the 'Make in India' campaign to manufacture high-quality products and equipment at a reasonable cost. Benefit will be given.
"We hope to see positive policies that will promote 'Brand India' and increase awareness of Indian medical devices internationally."
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