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As Finance Minister Nirmala Sitharaman is scheduled to present Union Budget 2023 on 1 February, the healthcare sector has urged the government to increase spending in overall funding for the healthcare sector. Among other demands from the sector are more budgetary allocation pertaining for Infrastructure creation, increasing R&D activity.

“Continuance of the good work by adapting the changing dynamics in services, financials and facility, will definitely propel the excellence for sake of mankind. More budgetary allocation pertaining to Healthcare Sector for Infrastructure creation, increasing R&D activity and widening the scope are the aspirations. High end Equipments and facilities may be encouraged to be available by way of manufacturing or import," said Jyoti Prakash Mahapatra, Chief Financial Officer, Ruby Hall Clinic.

Pre-budget expectations survey showed an increase in demand for making pharmaceutical investments more attractive. The COVID-19 pandemic has put the healthcare system's resiliency to the test.

“There is still work to be done, beginning with an increase in spending on public healthcare. In the upcoming Union Budget, the domestic pharmaceutical industry anticipates an increase in overall funding for the healthcare sector, a focus on policies that support R&D activities, and a continuation of tax breaks on different medications. The industry gained significant momentum in the previous year, particularly in securing access to COVID-19 vaccines and medications," said Raheel Shah, Director of Business Development, BDR Group. 

This year's budget will be essential to accelerating sectoral growth and ensuring access to cutting-edge medical solutions for a variety of diseases, not just COVID, added Shah.

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Updated: 20 Jan 2023, 01:57 PM IST
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