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Business News/ Budget / Budget Expectations/  Budget Expectations: Focus on Made in India medical devices for affordability
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Budget Expectations: Focus on Made in India medical devices for affordability

Budget Expectations: Government should focus on supporting and further elevating the ‘Made in India’ medical devices to help make quality healthcare more accessible

Budget Expectations: Government should focus on supporting and further elevating the ‘Made in India’ medical devicesPremium
Budget Expectations: Government should focus on supporting and further elevating the ‘Made in India’ medical devices

The Union Budget 2023 will play a pivotal role in the growth of India's healthcare industry. In order to facilitate easy access to healthcare services, the medical device industry seeks the government’s support. The sector believes that this move will not only help companies implement comprehensive healthcare models, but will also help elevate technology, making it a means of supporting start-ups and innovators in the healthcare space.

“Today, India is heavily reliant on imports of medical devices, primarily from China. This dependence has only increased over the last two years and has put India in a perilous position. Further, a staggering 80% of medical devices are imported into the country to meet the need for demand for high-quality critical care medical devices. Therefore, granting access to capital investment and preferential financial support to manufacturers will go a long way in reducing overall operating costs for domestic players," says Mr. Mudit Dandwate, CEO & Co-Founder of Dozee.

“Additionally, a GST rate of 18% is levied on software, a component that is closely intertwined with the medical device. This has had a tremendous effect on the software-based services related to medical devices, making them expensive and inaccessible to patients. Therefore, lowering this GST rate will aid in accelerating the growth of medical device manufacturing in India making it a lot more cost-effective for the populous," Mudit added.

India's exports may reach a new high with the PLI scheme, which promotes incremental production-based incentives while diversifying exports. With the goal of achieving $1 trillion in exports by 2025, the Union Budget for 2023 could broaden the PLI scheme and consider potential industries.

“We anticipate an increase in the healthcare budget could leapfrog innovation and adoption of technologies - Artificial intelligence, Digitisation, Remote Monitoring - to provide every Indian in the remotest of places access to quality healthcare."

While the sector is optimistic about the Union budget for 2023 and believes that the government and regulators will continue to support healthcare with fiscal and policy support. To strengthen the government’s vision of ‘Made in India for the world', the sector expects benefits to be extended to healthcare manufacturers under the 'Make in India' campaign for high-quality products and equipment to be manufactured at a reasonable cost.

“We hope to see positive policies that would bolster 'brand India' and raise awareness of Indian medical devices internationally."

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Published: 11 Jan 2023, 10:18 AM IST
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