Budget 2022 expectations: As Union Finance Minister Nirmala Sitharaman is due to present the 2022 budget on February 1, health sector experts have hoped for an increase in the allocation in view of the COVID pandemic. In this crucial time, health has also become the top priority of peoples and nations. Notably, the COVID pandemic has exposed several gaps in the existing healthcare infrastructure in the country. However, the Center was quick to propose reforms and political levels to address the issues. Recognizing the shortcomings of the health sector, the Center has already launched several short and long-term measures for the health system, including the PLI program to stimulate domestic manufacturing of medical devices under the Atmanirbhar Bharat initiative.Also Read – Why Does Subramanian Swamy Want Income Tax Abolished? Find out here

According to the 2021-2022 budget, the total allocation of the public health sector amounted to 1.2% of gross domestic product (GDP). The FICCI and KPMG report titled ‘COVID-19 Induced Healthcare Transformation in India’, released late last year, said the country needed to increase public healthcare spending to 2.5-3.5% of GDP to support healthcare transformation. Also Read – Income Tax Exemption: Experts Want LTC Program Expanded in Budget 2022. Learn program details here

Sharing its expectations for the 2022 budget, Assocham said the health sector would likely receive the highest priority in the upcoming Union budget 2022-23 due to the continued challenges posed by COVID and the urgent need to develop public health infrastructures. Assocham in its report said that MSMEs, energy, infrastructure and technology could also be priorities. Also Read – Moto Tab G70 LTE with 7700mAh Battery and 2K LCD Display Launched in India, Check Out All Key Specs and Price

Ashok Patel, CEO and Founder of Max Ventilator, India’s leading ventilator manufacturer, told India TV that apart from the need to increase the share of healthcare as a proportion of GDP to at least 2.5% in the next budget, the government should build on its previous policy incentives such as LIP programs and dedicated medtech parks by increasing allocations.

Giving details, Nikkhil K Masurkar, Executive Director of ENTOD Pharmaceuticals, told India TV that the pharmaceutical and medical device industry has gained significant momentum thanks to the government initiative AatmaNirbhar Bharat. He added that the 2022 budget should build on the Production Linked Incentive (PLI) programs and encourage continued investment in capacity expansion of sensitive APIs, drug intermediates, complex excipients, biopharmaceuticals and medical devices.

Dr Shravan Subramanyam, Managing Director of Wipro GE Healthcare, told Business Today: “We expect the Union Budget 2022-2023 will also focus on investments in digital tools to support patient care. and hospital workflow. To give the MedTech sector a boost in 2022, the removal of fees and CESS, and the release of industry payment rights will free up working capital for investments in critical spare and lifesaving equipment inventory.