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Union Budget 2021 – Reaction on Healthcare sector
- The PM Atmanirbhar Swasth Bharat Yojana will be launched with a total outlay of Rs 64,180 crore over a period of next six ( 6 ) years
- In addition, the finance minister Nirmala Sitharaman also announced that the government will provide Rs 35,000 crore for COVID-19 vaccines in 2021-22.
- The COVID-19 pandemic was an unprecedented medical crisis.
India
healthysoch
New Delhi, February 01, 2021 :
Commenting on the Union Budget 2021, Dr. Prathap C Reddy, Chairman, Apollo Hospitals Group said, “The COVID-19 pandemic was an unprecedented medical crisis and it underlined the importance of building a resilient healthcare infrastructure. Today, the Hon’ble Finance Minister’s said health was her first pillar and her announcements to develop primary, secondary and tertiary healthcare systems, greatly gladdened my heart. This ground-breaking focus on health which will provide access to medical care for all in our country, fuel job creation and boost economic momentum.
India’s efforts in managing the pandemic have been exemplary – our frontline workers and scientists have been working tirelessly to save lives and develop indigenous vaccines. Now the allocation of Rs. 35,000 crores for COVID-19 vaccines and more if required, makes our glorious nation stand tall as a model for the world.
We must now look at the next crisis of Non Communicable Diseases, which will be responsible for 80% of deaths and cause a 3.8 trillion USD burden to the country by 2030. It is important to focus on prevention, early detection and possible cure to protect Indian families from grief, financial burden and to help the GDP grow. India having proven its clinical excellence, should now focus on clinical trials, research, innovation and technology. There is potential for India to become the largest global health technology center. As an additional opportunity, India can generate employment and be a healthcare service provider for the world.”
According to Nikhil Chopra, CEO & Whole Time Director, J.B. Chemicals & Pharmaceuticals, “A well-rounded holistic budget that embraces all sectors through various measures to boost economic activity. Against the backdrop of the pandemic and an economy facing an unprecedented contraction, the Hon’ble Finance Minister has met the challenge face-on with a budget that has a long term vision laid out in a strategic road map. The emphasis on an ‘Aatmanirbhar Bharat’ with an increase in capital expenditure will boost investment in infrastructure and fuel economic growth.
The significant increase in allocation for health and well-being augurs well for the nation and can be a driving force and strong foundation for accelerating essential drugs and health-related consciousness to the last mile of Indians. The allocation of funds for Covid-19 vaccination will fast track the inoculation drive and it is worth lauding the Government’s commitment to provide further funds if deemed necessary.
The budget addresses the gaps in rural and urban healthcare that the pandemic exposed with the ‘PM Atmanirbhar Swasth Bharat Yojana’ in addition to the National Health Mission. Along with the emphasis on nutrition, clean water, and clean environment, this will bolster health infrastructure and reach across India. The pharma industry is ready to contribute towards fortifying the health of the nation that is the cornerstone of development. JBCPL stands by the nation!
According to Dr. K. Hari Prasad, President, Apollo Group – Hospitals, “While health is a primary prerequisite for any human being, it never received the importance it deserved. The Pandemic has propelled health into the forefront and this is aptly reflected in the budget presented today. The outlay towards prevention, treatment and wellness is welcome and should impact the Health indices positively. Almost the entire budget is targeted at public healthcare infrastructure and facilities and talks about enhancing primary, secondary and tertiary care. This must improve public healthcare infrastructure and services which is a welcome phenomenon.
However the budget has been silent on certain critical aspects of healthcare which we hope will be addressed in due course. Health Insurance Premiums are increasing and increasing the premium amount for tax exemption would have been a great initiative to increase the number of people covered by Health insurance. This would have helped the huge middle-income population in our country. Private health sector which is a significant provider in India has shared the Responsibility of fighting Covid with the Government. Many private providers particularly the single doctor clinics, nursing homes and smaller hospitals are struggling for survival and deserved some relief in the budget.
India was always self-sufficient in terms of availability of high quality healthcare services. Patients from over 200 countries travel to India for healthcare and this adds to the wealth of the nation. Facilitating medical travel into India is another opportunity which should have been leveraged.
It is practically impossible to achieve everything in one budget, but it is gratifying to note that a good beginning has been made. I believe this lays the foundation for many other required interventions to improve the health of the nation.
According to Mayur Ranjan Dwivedi, Head – Business Strategy and M&A at Religare Enterprises Limited, “It is heartening to see that the government has finally addressed the long-standing demand of the industry by increasing FDI limit in insurance sector from 49% to 74%, subject to specific compliance. This move will allow foreign ownership and control safeguards, help liberalize the sector and improve penetration. The limit hike will also attract enhanced capital flow to the sector and help insurance companies to raise funds. However, as mentioned by the Minister of Finance, the execution of the proposal will require amendments to Insurance Laws Act 2015 and Insurance Act 1938.”
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