Prashant Tandon, IAMAI HealthTech Committee Chair & CEO & Co-Founder, TATA 1MG
The Indian HealthTech sector has been witnessing significant recognition and expansion over the past few years, and the Union Budget of 2023 is an opportunity to bring new energy and initiatives to strengthen the sector. With the global pandemic that wreaked havoc in 2020, healthcare and technology have come to the forefront - this Union Budget should provide a substantial prospect to further boost up the national healthcare ecosystem.
India has a unique opportunity to lead the world with new models of digital access to healthcare, which can serve not only emerging markets, but also the developed markets given that countries across the globe face significant inadequacies around healthcare access and affordability.
While the government has laid out proactive policies that have the potential to bring about revolutionary reforms in this sector, with the right kind of action and appropriate investments, India’s HealthTech sector is going to be a formidable force in providing quality healthcare to the citizens of the country.
Here are some expectations from the Finance Ministry for the HealthTech sector.
1. Significant public investment to enable digital access to healthcare: With Government playing the role of the Payor, private companies should actively participate in the delivery of digitally-led healthcare service across the board. Given the multiplier impact of healthcare access, private healthcare investments in tier 2+ towns must be given tax incentives and financing support and grants.
2. Supportive Regulatory Overhaul of key aspects: The new Drugs & Cosmetics Act and Rules must enable easier digital access and ePharmacy models whereas there is need for Telemedicine guidelines to be further sharpened. The Government should lay clear guidelines of digital therapeutics, eDiagnostics, medical devices and technologies besides suggesting relevant modification of Acts and Rules to promote Generics.
3. Public Private Partnerships: The Central Government Health Scheme and other Government delivery schemes must also include participation from private players. Besides, the Government should look at providing ePharmacy access to beneficiaries.