"The Union Budget 2023-2024 has a strong focus on healthcare and the environment which we welcome at Heart Care Foundation of India. One Health was a concept that our founding president Dr. KK Aggarwal strongly focused on and the provisions in the budget to help achieve net zero emissions by 2070 through the adoption of more energy-efficient ways of travel and fuel consumption will have a great impact on our overall physical well-being as well. We welcome the increased focus on healthcare research which will enable us to be better prepared to tackle all new and unknown illnesses that we may be threatened by in the future. Promoting nursing education through the setting up of 157 new nursing colleges will help make quality care accessible to a larger population. We hoped to see more focus on training centers on heart disease and CPR in the budget given the drastic increase in the number of heart attacks among the younger population in India. Metabolic diseases deserve specific attention as well given the pandemic proportions of these diseases due to the high-stress and unhealthy lives that the population at large is now leading. Mental health has come to the fore with COVID-19 in mammoth proportions and deserved to be given more priority in the budget as well."
"In this Union Budget, the government has focused on some of the core needs of the health and wellness sector. The plan to establish 157 nursing colleges as collocated facilities alongside medical colleges will help cover the shortage of trained healthcare workforce and lead to greater healthcare coverage of the out-of-hospital medical services. The plans to provide access to ICMR labs and other R&D facilities as well as a collaborative approach to pharmaceuticals research and encouragement of private sector investments, multi-disciplinary training for R&D and manufacturing of high-quality medical devices, and various other such measures are going to augur well for the overall universal healthcare access and quality in India.
It is also encouraging to see that the budget outlines several measures towards improving the ease of doing business by reducing compliances and decriminalizing legal provisions. The centers of excellence in Artificial Intelligence to be set up for sectors like health will ensure that the country starts creating tech-based solutions in-house. This will further encourage innovation in the country and ensure that the health tech sector in India picks up pace.
Overall, the budget has made a progressive stride towards the healthcare and startup sectors as well as in terms of giving a boost to women and their economic empowerment. These are encouraging announcements, and we hope for timely and adequate execution of the same in the months ahead."
"The decision to provide multi-disciplinary training for the development of medical devices and support for the manufacturing of high-quality devices is going to be a key enabler for the domestic medical devices industry. These courses will not only ensure the availability of skilled manpower for future medical technology but also offer opportunities for high-end manufacturing research. The decision of opening up facilities in select ICMR labs for research by private and medical colleges will enable better infrastructure access for both individuals and organizations who are looking at undertaking research and innovation in this area.
I appreciate the mission to eliminate sickle cell anaemia by 2047 through awareness generation and universal screening of 7 crore people in affected tribal areas; an essential step taken in the right direction. This is where startups like HealthCube can bring about a major transformation by providing one-stop access to anaemia screening even in remote areas. It is also encouraging to note that the government is focusing on specific initiatives for the economic empowerment of women."
In future, with the support of 5G internet connectivity, and more cross-industry tech partnerships, the AI engines will become smarter at understanding the needs of the customers, making buying insurance as easy as buying a T-shirt online. The uptake of life insurance products is increasing. I am sure that more people will include insurance products in their financial portfolios in 2023.. Incentives like a GST exemption or a reduced GST slab can further help in meeting the needs of consumers. Pension/annuity proceeds should be made tax-free in the hands of policyholders, or a deduction for the principal component should be allowed. Further, an aggregate deduction of up to Rs 1.75 lakh, for the premiums paid for life and health can be introduced to nurture the eco-system of insurers, insurtechs and consumers.
“The country needs higher allocation to the health sector to ensure improved accessibility of quality healthcare in the country. The government should think of investment in healthcare as investment in human capital, because a healthy nation can ultimately impact the economy of the nation. The sector also needs policies and incentives that encourage innovation in digital healthcare and promote partnerships between private and public sectors. While Ayushman Bharat Digital Mission (ABDM) has several elements aimed at transforming healthcare in the country, investments need to be made to further push adoption and also to encourage private players to participate with clearly defined delivery models,” saysSiddhartha Nihalani, Co-founder, Practo.