Finance Minister Nirmala Sitharaman exempts three cancer drugs from custom duties to make them more affordable. “I also propose changes in the BCD on x-ray tubes & flat panel detectors for use in medical x-ray machines under the Phased Manufacturing Programme, so as to synchronise them with domestic capacity addition,” Sitharaman said in her Budget speech.

Dr Sangita Reddy, Joint Managing Director, Apollo Hospitals Group

"The budget announcement demonstrates the Government’s commitment to enhancing the healthcare system through a holistic approach. The change in the Basic Customs Duty (BCD) for X-ray tubes and flat panel detectors under the phased manufacturing program is a great strategic move. This will reduce costs and give a boost to domestic manufacturing capacity of India. 

Further, announcement of exemption of customs duties on three cancer medications is a notable step in improving treatment accessibility and affordability for a major health challenge. This move shows the Government’s dedication to addressing the cancer burden and alleviating patient financial stress.

In the interim budget the government allocated Rs. 90,171 crore for the health sector, this investment was crucial for developing sustainable healthcare strategies across India. Additionally, the budget had already announced health coverage for individuals over 70 up to Rs.5 lakhs and an innovation fund, which are critical for advancing healthcare. These moves have helped the healthcare sector to strengthen infrastructure."

Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd and CEO, Venus Medicine Research Centre

“The Central government’s decision to exempt three more cancer medicines from customs duty is a commendable step towards making cancer drugs more affordable. It will also make oncology exports more competitive and incentivise manufacturers by reducing their costs. We also welcome the Finance Minister’s announcement to include manufacturing & services and innovation, research & development among the nine priority areas identified by the government to ensure fast-paced growth I line with its vision of “Viksit Bharat”. Pharma manufacturing being India’s strength, we expect the government to build on it with its incentive-based approach. A renewed focus on innovation and R&D, on the other hand, will transform India into a value-driven economy, unleashing its immense potential wealth creation potential.”

Siddarth Daga, Managing Director, VINS Bio                            

“The Union Budget 2024-25 introduces significant advancements for the healthcare sector, crucial for an anti-venom manufacturer like VINS Bioproducts Limited. With a 12.59% increase in fiscal spending on health, from Rs. 80,517 crores to Rs. 90,658 crores, the budget enhances manufacturing capabilities and reduces dependency on imports. Increased funding for research and development supports improved infrastructure and fosters the development of more effective treatments. For 2024–25, the healthcare sector was allocated ₹90,171 crore from the budget, marking a significant increase from the Rs. 79,221 crore allotted in 2023–24.

The Union Budget's allocation of ₹90,658.63 crore for the health sector marks a significant step toward enhancing India's health infrastructure. The Department of Health and Family Welfare receives rs. 87,656.90 crore, highlighting the government's commitment to improving healthcare access and quality. Furthermore, Rs. 3,001.73 crore has been allocated to the Department of Health Research, underscoring the importance of advancing medical research and innovation.

Investments in digital health infrastructure will streamline operations and enhance the distribution network, ensuring broader access to life-saving healthcare products. However, the budget should have allocated more funds for training healthcare professionals and expanding healthcare insurance coverage. Reducing out-of-pocket expenses, currently at 42%, would significantly improve overall healthcare outcomes, aligning with our mission to save lives.

Overall, the budget positively impacts the healthcare sector, providing a strong foundation for growth. Addressing these areas could further enhance its effectiveness and reach.”

Deepshikha Sharma, CEO, Sharp Sight Eye Hospitals

“Union Budget 2024 marks a transformative moment for India's healthcare and medical industries. With the government’s emphasis on ‘Viksit Bharat’, promoting inclusive growth, and focusing on employment, manufacturing, innovation, R&D, and next-gen reforms, this budget is set to significantly impact our sector.  It aims to reduce the financial burden of critical medical treatments. The exemption of Customs Duties on medications and the reduction in Basic Customs Duty on medical devices such as x-ray tubes and flat panel detectors will greatly enhance the accessibility and affordability of vital medical technologies, including those used in eye care.

The significant increase in the National Health Mission's allocation to Rs. 38,183 crore for 2024-25, a 12.7% rise from the previous year, highlights the government's commitment to strengthening healthcare services. The increase in research and development funding, including a boost to the Anusandhan Fund, is a great step forward. It aligns perfectly with our goal of staying at the cutting edge of ophthalmic innovation. Moreover, the emphasis on public-private partnerships and corporate investments will be key to scaling up solutions and improving service delivery. We remain committed to collaborating with the government and industry peers to address remaining gaps in healthcare accessibility and affordability, ensuring that every individual benefits from high-quality eye care.

The substantial boost in the Union Health Ministry's budget from Rs. 79,221 crore in 2023-24 to Rs. 90,171 crore for 2024-2025 represents a robust investment in expanding and modernizing healthcare services. For the ophthalmology sector, this translates into increased opportunities to integrate advanced diagnostic and therapeutic technologies, directly benefiting millions of patients with improved care and outcomes.

The allocation of ₹1.2 trillion to the Health Ministry underscores a crucial step towards meeting the rising demand for eye care in India. As the Indian ophthalmic devices market is projected to reach US$ 3.5 billion by 2026, this budget's focus on expanding healthcare infrastructure and incorporating state of-the-art technology is particularly timely. Investments in cutting-edge eye care equipment are essential not only for enhancing diagnostic and treatment capabilities but also for improving patient outcomes. With nearly 10 million individuals affected by vision impairments in India, integrating advanced technology in eye care is pivotal.”