India's Healthcare Sector: Calls for Reforms and Investments in Budget 2024

For a healthier, wealthier, wiser India: More provisions in healthcare could be beneficial in the future

India's budget for FY24 highlights a strong focus on economic growth, employment, women-led development, and healthcare initiatives. The budget aims to equip the workforce with necessary skills, promote women's participation in the workforce, and invest in healthcare infrastructure. With exemptions for cancer medications and customs duty, the budget addresses critical healthcare challenges and supports indigenous manufacturing. The strategic provisions in the budget pave the way for India to strengthen its position in the global market and drive long-term prosperity.India stands on the cusp of exceptional growth and global influence, driven by a robust economy. Its 8.2% GDP growth in FY24, against 3.2% globally, reflects this state of play. This budget further paves the way to carry this momentum forward by focusing on the continuity of past programmes and introducing newer initiatives that are focused on helping the country unleash its full potential. The budget demonstrates an unwavering commitment to enhancing employment and skill development. By introducing comprehensive programmes for over 20 lakh young Indians, ranging from internships and education loans to substantial funding, GoI is committed to equipping our workforce with the necessary skills to thrive in today's dynamic economy. Building a 'women-led economy' continues to be an ongoing theme, with an allocation of over ₹3 lakh cr for schemes benefitting women and girls and promoting women-led development. From establishing creches to setting up working women's hostels and organising women-specific skilling programmes, GoI has put its best foot forward to facilitate higher participation of women in the workforce. This strategic focus on inclusive human capital development not only promises to reduce the unemployment rate, but also fosters innovation, diversity, and productivity, positioning India for long-term growth. The healthcare sector has a huge opportunity to contribute to India's vision and aid in developing and skilling the human capital of professional caregivers like nurses and paramedics. With a rising ageing population, professional caregivers will become indispensable in providing high-quality care. By investing in the training and development of these caregivers, we will address a critical need while also stimulating job creation and economic growth. Moreover, a well-trained caregiving workforce reduces the burden on healthcare systems, allowing greater productivity. By fuelling the development of more caregivers, we can create a ripple effect of economic benefits and steer the nation towards prosperity. Establishing the Anusandhan National Research Foundation, with a corpus of ₹1 lakh cr in continuation from the interim budget, remains a significant milestone. Extending partnerships to the private sector can drive groundbreaking R&D projects that address critical challenges and seize new opportunities. For healthcare, especially, this could mean solving for access, affordability and quality in the deepest parts of the country. Focused research and development could lead to implementing large-scale preventive and diagnostic measures through AI, developing new, cheaper therapies, and, most importantly, the promise of a better quality of life for every individual. GoI should accelerate identification of sectors and implement this initiative at the earliest to see tangible returns of their vision. The exemption of customs duty on components of X-ray tubes and digital detectors is commendable. It will boost the indigenous manufacturing of digital X-ray machines. GoI also needs to be applauded for exemptions of three life-saving cancer medications. India is battling a massive challenge in the form of non-communicable diseases (NCDs), cancer being one of them. According to WHO, 74% of all deaths globally are due to NCDs, while in India, we have witnessed a doubling of deaths due to NCDs in the past two decades. Cancer kills productivity, uproots families and leaves us operating in fear. Initiatives like this will bring down the treatment cost for patients and their families and go a long way in enabling more people to seek the proper treatment at the right time. This budget has the markings of a future-looking prescription. One hopes for more strategic provisions in healthcare in the future, like GST exemptions from infrastructure investment trusts (InvITs), as they can be a game-changer in skilled employment creation and expansion of the sector. With a thriving middle class and a fast-growing tech industry, India is poised to become a powerhouse in the global market. And this budget has laid the groundwork to aid us in this journey.

Budget 2024: 'Comprehensive policy needed to stimulate growth and innovation in healthcare'

Union Budget 2024: It is essential to expand healthcare facilities in rural and suburban areas to meet rising demand. (Image Credits: Pixabay) Budget 2024: Finance Minister Nirmala Sitharaman will table the Union Budget 2024-25 shortly. As the Budget 2024-25 will be announced shortly, healthcare industry leaders anticipate significant investments in public health infrastructure, primary healthcare facilities, and essential medicines. Abrarali Dalal, Director & CEO, Sahyadri Hospitals Pvt Ltd. revealed that the upcoming budget represents a significant opportunity to strengthen India's healthcare infrastructure, drive growth, and enhance our resilience. "We anticipate significant investments in public health infrastructure, primary healthcare facilities, and essential medicines. Moreover, promoting telemedicine and digital healthcare solutions will be vital in making healthcare more accessible and efficient to everyone. We also foresee major advancements in areas such as Home and Transit Care Services and the rapidly expanding field of Medical Tourism. With India aspiring to be the world's medical tourism hub, policies which will simplify processes at Indian embassies and provide insurance recognition for Indian healthcare providers, and establish facilities such as welcome desks at airports in major cities will be instrumental. PM's vision of setting up 3,000 hospitals in Tier 3 towns with 100-150 beds each is yet to be achieved," Dalal told Financial Express.com. To make this happen, the government should incentivise the private sector, such as affordable electricity, low-cost land, accessible loans, and streamlined approval processes. Enhanced budget allocations could significantly improve healthcare accessibility and affordability across Tier II, and Tier III cities also along with the metro cities, he said. Meanwhile, simplifying and making taxes fairer, particularly through GST reforms, can further support this goal. "It is essential to expand healthcare facilities in rural and suburban areas to meet rising demand. Additionally, while there was a focus on AI in healthcare last year, the recent budget in February misses the specific allocations for this critical area. The potential of AI in diagnostics and medical advancements is immense. We urge the government to expand the relevant schemes to cover the development of hardware supporting advanced digital technologies like Generative AI. This will enable us to fully leverage AI's transformative power in healthcare," he told Financial Express.com. According to Rajat Goel Co-founder & CEO of Eye-Q Super Speciality Eye Hospitals highlighted that they have time and again pressed for a well-rounded budget that would help the eye care sector address the critical needs of the population. "With 62 million visually impaired persons and 8 million blind people, India bears approximately a quarter of the world's burden of blindness and vision impairment. As a leading eye care hospital chain, we eagerly anticipate the upcoming Budget 2024-25, hoping for transformative policies that tackle these pressing issues. We strongly advocate for large-scale door-to-door eye screening initiatives, which are essential for early detection and treatment. Additionally, the backlog of eye surgeries, exacerbated by the COVID-19 pandemic, urgently requires resolution, particularly in rural areas where access to healthcare remains limited. We also look forward to an infrastructure boost that will enhance the capacity of eye care facilities nationwide," Goel told Financial Express.com. Furthermore, support for research and development is crucial to advancing innovative treatments and technologies in eye care. Importantly, lowering GST and other import taxes on medical equipment and supplies would significantly reduce costs, making eye care more accessible and affordable. "With these measures, we believe the budget can pave the way for a brighter, clearer future for millions of individuals, ensuring that quality eye care is within reach for all," he said. Meanwhile, Joy Chakraborty, Chief Operating Officer, P. D. Hinduja Hospital and Medical Research Centre highlighted that it is crucial to reflect on our progress and chart a course for strengthening India's healthcare system. "The previous budget laid a strong foundation by emphasizing the establishment of new medical colleges and optimizing existing facilities, demonstrating the government's commitment to improving medical education quality and accessibility. Building on this foundation, we must now focus on harnessing the power of innovation and technology to transform our healthcare landscape. India's growing middle class, with increased disposable income and healthcare awareness, is driving demand for high-quality healthcare products and services. This demographic shift, coupled with initiatives like Startup India, is fostering an entrepreneurial spirit that's reshaping our medical technology sector," Chakraborty told Financial Express.com. The healthtech market in India is poised for exponential growth, projected to reach ~$35 billion by 2030. "As this ecosystem matures, both startups and incumbents are bringing unique strengths to create value for patients. The previous budget's commitment to R&D, with its Rs 1 lakh crore corpus and 50-year interest-free loan, has been instrumental in spurring private sector involvement and innovation. To stimulate growth and innovation in healthcare, we recommend a comprehensive policy reform approach. This includes expanding financial support for diagnostic infrastructure investments and implementing targeted tax incentives. We propose either zero-rating GST for healthcare with input tax credit or bringing the sector under a 5% GST bracket," he said. According to him, these measures would ease financial burdens on providers and boost growth in medical technology and innovative delivery models. "By creating a favorable business environment, we can accelerate healthcare transformation, encouraging investments in cutting-edge technologies and services. Such reforms are crucial for enhancing healthcare quality and accessibility while fostering a robust innovation ecosystem across India," he added. Chakraborty also pointed out that post-COVID-19 era has seen a higher focus on preventive care and health management, coinciding with rising lifestyle disease prevalence in urban areas. "To address these challenges, we recommend focusing on public-private partnerships (PPP) and a more comprehensive reform of medical education to ensure our professionals are trained in the latest techniques. By expanding these commitments in the forthcoming budget, we can create a robust ecosystem that encourages innovation, enhances domestic capabilities, and improves healthcare delivery across the nation. This budget presents an opportunity to leverage digital healthcare, including AI and machine learning, to make quality healthcare more accessible and affordable for all Indians," he said. Meanwhile, Prabhdeep Singh, Founder and CEO of Red.Health said the he remains optimistic about bolstering emergency medical services across India. "The government should allocate budgetary resources towards integrating 5G digital health infrastructure, enabling seamless communication and coordination. Additionally, the government should prioritize investing in paramedic training programs and expanding health insurance coverage for emergency services under the Ayushman Bharat scheme for everyone in the upcoming budget. Furthermore, incentivizing private sector investments through tax breaks will enhance efficiency in the emergency pre-medical care segment," Singh told Financial Express.com. Ahead of the Union Budget 2024-25, Dr Gurushankar S, Chairman, Meenakshi Mission Hospital & Research Centre highlighted that hospitals also need to be given special interest rates on bank loans. "The healthcare industry is a capital-intensive business. Establishing a new hospital requires investment in medical equipment, which is mostly imported and quite expensive. When capital costs are high, the break-even period stretches to 10 years or more, putting healthcare entrepreneurs at risk. To reduce the break-even time and make it viable to open new hospitals in smaller towns, the government needs to provide these incentives. This approach can help balance infrastructure development between urban and rural healthcare," Dr. Gurushankar told Financial Express.com. Moreover, hospitals face numerous operational and patient-related issues. Therefore, it would be more appropriate for tax authorities, when they have doubts, to first question and understand the situation instead of resorting to tax raids, he said. "Tax raids demoralize doctors, discouraging the establishment of new hospitals. While tax collection is important, it should be conducted in a more civilized manner through notices rather than raids. This approach can foster a supportive environment for healthcare providers and encourage the growth of new medical facilities in society. The government has been very helpful and supportive of healthcare professionals, and the authorities must reflect the same values and act in accordance. Additionally, tax authorities should not treat hospitals merely as businesses aiming for profit. They should also consider the invaluable service hospitals provide to society. Recognizing the social value of healthcare institutions is essential in shaping policies that support their growth and sustainability. The government should communicate these values to the tax authorities to ensure a supportive and understanding approach towards healthcare providers," he told Financial Express.com. Raj Gore, CEO, Healthcare Global Enterprises Limited (HCG) said he expects the healthcare sector to receive a substantial boost in budgetary allocation to meet the growing needs. To effectively address our country's healthcare challenges, strategic investments in the sector are essential. "Priority should be given to implementing conducive policies that offer benefits through both direct and indirect taxes, along with the rationalization of GST & custom duties. The budget should also prioritize improving the key health indicators, infrastructure, accessibility, and investment in medical research. Additionally, providing advanced training to medical personnel on early disease detection is crucial for enabling proactive intervention and immediate treatment. To deliver better outcomes for cancer patients, the government should adopt uniform standards of care under schemes to include advanced diagnostic / treatment options such as PET scans, Genomics, targeted therapy, and immunotherapy," Gore told Financial Express.com. According to him, the Interim Budget earlier this year introduced some promising initiatives, like the utilization of existing healthcare infrastructure for setting up medical colleges to tackle the scarcity of health care professionals. However, for a more robust health policy, we expect a substantial and equitable health budget from the government, he said. D. S. Negi, CEO, Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC) emphasised on reforming cancer care in India is crucial. "It's important to prioritize funding for advanced treatments like immunotherapy and personalized medicine, ensuring more patients can access these cutting-edge therapies. Extending Ayushman Bharat to those aged above 70 will be highly beneficial for senior citizens. However, the current coverage limit of Rs. 5 lakh may not be sufficient for critical illnesses such as cancer, where treatment costs can range from Rs. 15-20 lakhs. Therefore, it is essential to consider increasing the coverage limit for critical illnesses like cancer to ensure adequate financial support for cancer patients," Negi told Financial Express.com. Expanding screening programs for cancers like cervical, breast, and colorectal can catch diseases earlier, improving the chances of successful treatment. Building more specialized cancer treatment centers and supporting healthcare workers with better training are essential steps, he said. "Public awareness campaigns about prevention and symptoms will also play a key role in fighting cancer effectively. These efforts, alongside international collaborations and incentives for new cancer treatments, can bring significant improvements to cancer care across the country," he added.

Union Budget 2024: 'Need to recognise indispensable role of technology in shaping the future of healthcare'

Union Budget 2024: Investments in digital health solutions, telemedicine, and health informatics can bridge the gap between urban and rural healthcare accessibility. (Image Credits: Pixabay) Union Budget 2024: Finance Minister Nirmala Sitharaman will announce the Union Budget 2024-25 today. Industry leaders emphasise on building infrastructure and technology for healthcare. "We expect a budget that fortifies the cornerstone of our nation's healthcare system. A robust and sturdy healthcare system is essential to India's economic development. We believe that the budget will place more of an emphasis on building infrastructure and technology for healthcare as well as on hiring qualified medical personnel. Improving these fundamental elements would make it possible to provide better healthcare services and guarantee that underserved areas and low-income individuals are sufficiently serviced," Dr Vaibhav Kapoor, Co-founder, Pristyn Care told Financial Express.com. A robust healthcare system is vital for our population's well-being and the country's overall growth, Dr. Kapoor said. "India must strengthen its infrastructure, invest in advanced medical technologies and enable trajectories for upskilling of healthcare professionals. Healthcare technology strengthening can enable doctors to scale up patient care and management and open new pathways to a futuristic care ecosystem," he said. Meanwhile, Rahul Cordeiro, CFO, of Wipro GE Healthcare said that in 2023-24, the budget underscored the importance of 'Atmanirbhar Bharat'. "Today, India is preparing to become 'Viksit Bharat' by 2047. As we set a visionary blueprint for growth, the first Union Budget of the government is particularly significant for healthcare sector. As India aims to become the global manufacturing and MedTech hub, the country needs a promising outlay for the sector to encourage collaboration in R&D and high-end indigenous manufacturing and research. While National Medical Devices Policy 2023, Production Linked Incentive Scheme, Promotion of Research, and Innovation in Pharma MedTech Sector (PRIP) Scheme will help India unlock its full potential, the dependency on import continues to be a challenge," Cordeiro told Financial Express.com. We must solve for the persisting headwinds that have long impacted the sector, import dependence being one, he said. "We are hopeful the budget will answer some critical questions such as - how can we accelerate the pace for 'Make in India' by prioritizing sourcing of domestically manufactured MedTech, can rebates to private healthcare providers buying local equipment, especially in underserved areas, incentivize wider adoption, and how can we boost local R&D through Innovation Linked Incentive schemes on the lines of PLI for manufacturing," he added. According to Sameer Dashputre, Chief Strategy Officer & Co-Founder, Dozee, delivering quality healthcare across wide geography with limited Human Resources is India's key challenge. "Technology is the biggest force multiplier which will enable us to bridge the gap in shorter time and lesser cost. We recommend fund allocation for a dedicated Bharat Healthtech AI for developing and implementing large-scale adoption of indigenous AI-powered technologies. The focus of the AI technologies should be on addressing the shortage of medical skills and mass screening for NCD control," Dashputre told Financial Express.com. Moreover, Sajeev Nair, Founder and Chairman, Vieroots the Union Budget 2024 should recognize the indispensable role of technology in shaping the future of healthcare. "Investments in digital health solutions, telemedicine, and health informatics can bridge the gap between urban and rural healthcare accessibility. The government should consider incentivizing startups that leverage technology to enhance healthcare delivery, ensuring that the benefits of innovation are widespread and not confined to urban centres," Nair told Financial Express.com. Additionally, the government should allocate more resources for preventive health measures, including screening, prognosis, and cardiac and cancer risk assessment, given India's high mortality rates in these areas, he said. According to Nair, a stronger focus on the 'Fit India' movement is crucial, as awareness is the key to success. Just as the government successfully promoted the Swachh Bharat Mission through extensive awareness campaigns, a similar approach should be adopted for the Fit India campaign. With the average age of the Indian population around 30, motivating individuals to stay healthy and fit will significantly boost national productivity. "Access to quality healthcare should be a fundamental right for every individual, irrespective of socioeconomic status. Achieving universal healthcare coverage requires concerted efforts from both the public and private sectors, along with policy interventions to bridge healthcare disparities. Increased medical education should not solely focus on producing more doctors but also prioritize holistic healthcare delivery," Nair told Financial Express.com. Moreover, the government has increased the allocation of Rs 1,100 crore for biotechnology research and development. The output of biotechnology R&D tangibly touches our everyday lives. Biotech innovations in healthcare have led to groundbreaking treatments, improved diagnostic tools, and personalized medicine. Therefore, the government should continue to remain focused on biotechnology R&D to provide better healthcare to society at large, he said. "The Union Budget 2024 should emphasize preventive health measures, technological advancements, and universal healthcare access. These steps will ensure a healthier, more productive population and a robust healthcare system," he added. Tetsuya Yamada, MD, OMRON Healthcare India India's healthcare system faces a significant challenge due to the increasing burden of non-communicable diseases (NCDs). "One of the main types of NCD is cardiovascular diseases such as heart attacks and stroke which have hypertension as one of the primary underlying causes. India has more than 220 million people who suffer from high blood pressure, but a WHO study showed that only 15% of them receive treatment. Around 5% of them use a digital BP monitor. This implies that most of them are unaware of their condition, or they don't get the proper treatment. To effectively address this concern, it is crucial to raise awareness about the issue and its potential solutions, such as the regular monitoring of hypertension and ECG at home, to ensure more proactive health management," Yamada told Financial Express.com. We hope that the government will keep in mind the importance of implementing policies and promoting widespread knowledge of preventive care, which can reduce the burden of costs for hospitalization and surgery, he added. "Additionally, it is equally important to monitor the market and maintain the quality and availability of home healthcare monitoring devices. This will help prevent the circulation of counterfeit medical-grade devices in the market, which could hinder the advancement of healthcare. We anticipate that the Union Budget 2024-25 will reflect a forward-thinking approach including preventive care at home, aligning with industry needs, and ultimately establishing a resilient and advanced healthcare framework," he pointed out.

Budget 2024: 'Low-interest rates and grants should be included for boosting domestic API manufacturers'

Union Budget 2024: Additionally, the bill settlement process should be expedited to facilitate quicker financial transactions and settlements. (Image Credits: Pixabay) Budget 2024: Finance Minister Nirmala Sitharaman will announce the Union Budget 2024-25 at 11 am today. Ahead of the Budget 2024-25, industry leaders of the pharmaceutical sector are expecting prioritisation of financial incentives and investment in R&D. According to Ajay Kakar, CEO, Salve Pharmaceuticals, the Union Budget for 2024-2025 should focus on financial incentives in a number of critical industries, including regulatory framework improvements and innovation. This will boast innovation and industrial growth in the personal care, e-commerce, pharmaceutical, and cosmetic industries, Kakar said.. "We need to invest more in R&D to encourage businesses to adopt new technologies and develop innovative products. Policies in the pharmaceutical industry that speed up the approval processes while also providing financial incentives for drug development are significant. The shift towards using natural raw materials strengthens the practice of organic farming, which benefits the personal care industry while encouraging the use of sustainable resources," Kakkar told Financial Express.com. Policies that improve digital infrastructure, reduce logistical costs, and provide tax incentives for online enterprises will all help the e-commerce industry grow. As a result, Indian firms can expand their customer base and enhance the overall customer experience. He also highlighted that the input credit process for exporters should be streamlined to enhance efficiency and reduce administrative burdens. Simplifying this process will ensure that exporters can easily claim and receive their input credits, thereby improving cash flow and reducing delays. "Additionally, the bill settlement process should be expedited to facilitate quicker financial transactions and settlements. By accelerating this process, exporters can maintain better liquidity and financial stability, which is crucial for sustaining and growing their businesses. Together, these improvements will create a more supportive and efficient environment for exporters, enabling them to focus on expanding their markets and increasing their competitiveness globally," he said. Meanwhile, Srivardhan Khemka - Director - Sanjivani Paranteral Ltd. revealed that to achieve a $130 billion industry by 2030, the budget should prioritize research and development, following the example of last year's Promotion of Research & Innovation Program (PRIP) Scheme. "This goal can be met by investing more in integrating technology and AI to enhance speed and accuracy, we must look at overall health care while developing the infrastructure with a focus on medical colleges, nursing colleges and reforming health insurance thereby ensuring universal health care. Further the budget must also look at increasing budget allocations to public health insurance programs to expand coverage, ensuring more people have access to necessary medications. We anticipate policies that assist the pharmaceutical sector with tax relief, such as lower or nil GST rates, to facilitate business operations," Khemka told Financial Express.com. Additionally, considering the pharmaceutical sector's reliance on exports, we expect credit schemes and policies to support international trade. Simplifying access to international markets will strengthen India's role in the global pharmaceutical industry, he said. "Lastly, to promote the "Make in India" initiative, the budget should include low-interest rates and grants to boost domestic manufacturing setups, particularly for domestic API manufacturers," he added. Moreover, Deepak Pahwa, Director, Delair highlighted that the pharmaceutical industry is optimistic about the upcoming budget, especially following the government's implementation of enhanced quality control measures like Good Manufacturing Practices and revised Schedule M. With the Indian pharma sector making significant strides globally, increased budget allocation can bolster our international standing. "We anticipate initiatives incentivising R&D to support the local manufacturing of high-quality pharma products. Additionally, PLI schemes could greatly assist in establishing advanced manufacturing facilities and integrating cutting-edge technologies and machinery. These steps are vital for promoting innovation and sustainable growth within the industry," Pahwa told Financial Express.com. Sanjay Vyas, Executive Vice President and Managing Director, Parexel India highlighted that they are witnessing a dynamic shift in the pharmaceutical landscape. "The industry's push for R&D incentives is a welcome sign. With this focus in mind, expectations towards similar allocation of budget towards these areas is expected from the upcoming budget. With the Indian Pharmaceutical sector trying to reach the USD 130 Billion target by 2030, there is a renewed spirit of research in the areas of cell and gene therapy, new molecular entities, biologics and biosimilars. A strong focus on innovation will not only propel India's generics market but also make it a hub for ground-breaking therapies. We're particularly interested in collaborations that leverage India's strengths in clinical research infrastructure and patient diversity. By fostering a collaborative environment between industry, research institutions, and the government, we can unlock India's potential to become a global leader in pharmaceutical innovation," Vyas told Financial Express.com. The budget can also focus on technological advancements such as Gen AI, where the government can boost investments in AI, identify new research areas for the pharma sectors and additionally promote academia-industry collaboration, he said. "The budget can also focus on implementing centralised data repositories for the country such as Electronic Health Records (EHR) and a centralised medical record database, to maintain transparency and avoid discrepancies," he added. Moreover, Nikkhil K Masurkar, CEO, Entod Pharmaceuticals revealed that he is expecting policies that nurture innovation and growth in the pharmaceutical sector. "The government should incentivise research and development (R&D) by increasing the weighted tax deduction for R&D expenditure from 100% to 200%. This would encourage pharmaceutical companies to enhance their R&D efforts, bolstering India's status as a global leader in innovative healthcare solutions. The budget should focus on enhancing healthcare infrastructure, promoting indigenous manufacturing, and ensuring the affordability and accessibility of medicines. Streamlining regulatory processes and reducing bureaucratic hurdles are also crucial for the industry's growth," Masurkar told Financial Express.com. Key improvements include simplifying and expediting regulatory approvals for new drug launches and clinical trials, which would accelerate innovation and patient access to advanced treatments. Investment in skill development and technology adoption across the pharmaceutical value chain is essential to boost productivity and competitiveness, he said. Lastly, reducing the regulatory compliance burden is vital for fostering a conducive business environment. Implementing a unified regulatory framework to harmonise standards and processes across regulatory bodies would streamline compliance, promoting transparency and accountability in the sector, he added. According to Arjun Juneja, Chief Operating Officer, Mankind Pharma Limited and Chairman, Pharma Committee, FICCI, the Indian pharmaceutical sector stands at a crucial juncture. "A supportive budget can further accelerate the industry's significant growth potential. Key priorities include increased R&D funding, strengthening healthcare infrastructure, and streamlining the GST framework. We urge the government to prioritize increased public healthcare spending, reaching 2.5% of GDP, to ensure wider access to quality medicines. Strengthening R&D infrastructure and fostering innovation are crucial for long-term success. Enhancing export incentives (RoDTEP) and expanding PLI schemes will promote local manufacturing. Regulatory reforms and a renewed focus on primary healthcare, particularly in rural areas, are essential for our sector's resilience. Attracting NRI medical talent back to India will solidify our position as a global pharma leader," Juneja told Financial Express.com. Dr. Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India Limited emphasised that India's pharmaceutical industry, recognised as the 'pharmacy of the world,' is on the verge of a major transformation. "Indigenous manufacturers are evolving with superior, cost-effective products. As a fast-growing sector, it is poised to become a global leader. To achieve this goal, the Indian government needs to take bold strides, including creating innovation zones with benefits and infrastructural support, and encouraging collaboration between public and private entities. The pharmaceutical industry needs more investment, and the government must incentivize and fund cutting-edge drug research and development. Streamlining regulations to speed up approvals for new treatments and investing in educating a workforce skilled in pharmaceutical innovation are crucial. Simultaneously, authorities need to weed out players that don't conform to high-quality drug standards accepted globally, to become more credible and contribute to export earnings. These efforts will usher in a new era of Indian pharmaceutical leadership, characterized by path-breaking outcomes. The industry can then be part of India's ambitious Viksit Bharat journey," Dr. Chigurupati told Financial Express.com. The Indian manufacturing sector is projected to contribute USD 800-900 billion to the GDP in the next four to five years. "India has the potential to become a hub for sustainable manufacturing, contributing to the fight against climate change. We are at a tipping point of transformation that integrates sustainability with advanced technologies. This approach is essential to address the global climate crisis. As an industry leader, Granules India exhorts the Union Government to aggressively pursue its ambitious renewable energy and green hydrogen projects. This will demonstrate the country's commitment to sustainable development, economic growth, energy independence, and global leadership in reducing carbon emissions," Dr. Chigurupati added.