Industry’s reaction to Union Budget 2024-25

Industry’s reaction to Union Budget 2024-25

Indian Pharma Post brings together the views of industry leaders on the Interim Union Budget 2024-25 announcement and its impact on the industry

  • By IPP Bureau | February 02, 2024

The interim Union Budget 2024 presented by Finance Minister Niramala Sitharaman has no specific announcement for the Indian pharmaceutical sector. Indian Pharma Post brings together the views of industry leaders on the Interim Union Budget 2024-25 announcement and its impact on the industry.

Kiran Mazumdar Shaw, Executive Chairperson Biocon & Biocon Biologics

“In the Interim Union Budget 2024-25, Finance Minister Nirmala Sitharaman has provided a comprehensive roadmap for sustained economic growth that will enable India to achieve a developed economy status by 2047. Her emphasis on research & innovation, bio manufacturing, green technology, robust infrastructure development and technology-driven digital transformation augur well for India to deliver on aspirational yet people-centric, inclusive development."

Nikhil Mansukhani, Managing Director, MAN Industries

"The budget aligns with the vision of ‘Viksit Bharat’, which of creating a prosperous nation in harmony with Mother Nature. We see the emphasis on modern infrastructure, including metro rail network and NaMo Bharat, as a significant catalyst for urban and industrial transformation. It is commendable to see the government's strategy to triple capital expenditure, fostering robust economic growth and job creation. The 11.1 percent increase in next year's outlay to 11, 11,111 crore, constituting 3.4 percent of the GDP, reflects a visionary approach. The focus on building infrastructure aligns seamlessly with the government's vision for a resilient and prosperous India.

Very importantly, the provision of viability gap funding for offshore wind energy, establishment of coal gasification and liquefaction capacity, and the phased mandatory blending of compressed biogas in CNG and PNG, are welcome steps towards India's commitment to achieving 'net-zero' by 2070. These will lead to reduced imports and boost self-reliance, a very welcome approach to our sustainability goals.

The strategic economic railway corridor programs are bound to boost the energy, mineral, and cement corridors, ports connectivity, and enhanced and smoother traffic. These initiatives will undoubtedly propel infrastructural development and growth."

Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance

“The interim Budget on 'Viksit Bharat' and spells out a broad strategy for the comprehensive development of the nation and the focus on healthcare will further India's overall development.

The Pharmaceutical sector is a knowledge-driven industry and the emphasis on innovation is of vital importance. The industry aims to move up the value chain by spending on innovation and R and D...We look forward to the thrust on research and innovation in pharma during the comprehensive Budget later this year."

Sanjiv Navangul, Managing Director & CEO, Bharat Serums and Vaccines

“We are encouraged with the recent budget announcement that lays emphasis and much-deserved attention on women’s health. With all maternal and child healthcare schemes under one comprehensive programme, the collective vision of healthy women, healthy pregnancies, and healthy future is turning into reality. Added to this, HPV vaccinations for girls in the 9-14 age group for the prevention of cervical cancer, immunisations of children, and schemes such as Poshan 2.0 will help improve nutrition delivery, early childhood care, and development.

The government's efforts to build capabilities and domestic capacities will augment the existing healthcare infrastructure and will ensure that healthcare reaches every home in India.”

Dr. Charit Bhograj, Founder & CEO, Tricog Health

“Interim Budget 2024 presented by Finance Minister Nirmala Sitharaman promises a boost for healthcare in India. The proposed measures include broadening health insurance coverage, reinforcing immunization efforts, investing in maternal and child health, and prioritizing rural healthcare. These initiatives will enhance medical service accessibility in vulnerable regions. The budget reflects a commitment to inclusivity, accessibility, and establishing a robust healthcare foundation for all citizens, signaling a significant move toward strengthening the healthcare infrastructure in the country.”

Sigal Atzmon, CEO & Founder, Medix Global

“Having worked across diverse healthcare systems, I can see that India is taking important steps towards building the next phase of its healthcare eco-system with a shift towards more affordable, data driven and accessible care. While there are still gaps in certain areas, the Union Budget's dedicated focus on consolidating maternal and child health schemes reflects a wise approach to streamlining care delivery. Additionally, the announcement encouraging vaccination for girls to prevent cervical cancer is a proactive step towards prioritising preventive healthcare for women. Medix Global remains dedicated to collaborative efforts for a future defined by personalised care, inclusivity, and prevention, and we are confident that these initiatives will have a positive impact on healthcare delivery.”

Dr. Saloni Wagh, Director, Supriya Lifescience

“The commitment to immunize girls aged 9-14 against cervical cancer aligns seamlessly with our public health objectives. The government's focus on 'One Nation, One Market, One Tax' through GST has streamlined compliance processes and effectively doubled the tax base.

We warmly welcome the government's four central pillars of economic development, particularly its efforts to empower women, youth, and improve the livelihoods of the underprivileged and farmers. The success of initiatives like the Mudra Yojana loans and the significant rise in female enrollment in higher education and STEM courses mark commendable milestones in women's empowerment. We pledge our unwavering support to drive growth, enhance productivity, and create opportunities for all in alignment with the government's economic agenda. Furthermore, we commend the government's emphasis on promoting clean energy and green mobility.”

Krunal Mehta, Co-founder & COO, Jivika Healthcare

“The interim budget for 2024-25 underscores a positive and comprehensive strategy to boost public health. Inclusive initiatives, such as cervical cancer vaccinations and streamlined maternal and child healthcare programmes, highlight a commitment to holistic well-being. Utilising existing hospital infrastructure for medical colleges, accelerating Anganwadi centre upgrades, and the newly-designed U-Win platform for immunisation management reflects a proactive approach. The budget's emphasis on research collaboration and tackling challenges like out-of-pocket expenses showcases a robust effort to fortify an inclusive and resilient healthcare system.

The FM has emphasised a positive and all-encompassing strategy to elevate public health. Announcements like cervical cancer vaccinations and streamlined maternal and child healthcare programmes underscore dedication to holistic well-being. The specific emphasis on cervical cancer vaccination will alleviate the burden on the government healthcare system, potentially lowering mortality rates.”

Vipin Vijay, CEO, Arya Vaidya Pharmacy (Coimbatore) Ltd.

“In light of the recently presented Interim Budget 2024-25, the government's resolute commitment to enhancing the healthcare and wellness sector is truly commendable. Noteworthy initiatives, such as the strategic emphasis on cervical cancer vaccination and the introduction of the U-Win platform for immunization in conjunction with Mission Indradhanush, emphasize pivotal measures essential for the nation's nuanced growth and success.

The integration of maternal and child healthcare initiatives into a cohesive scheme further reflects a meticulous approach that fosters coordination and efficacy across diverse healthcare programs. This integrated framework holds the promise of improving healthcare outcomes for both mothers and children, marking a substantive stride toward holistic well-being. Furthermore, the development of Anganwadi centers under the Saksham Anganwadi and Poshan 2.0 schemes reflects the government's commitment to advancing nutrition delivery and early childhood care.

Additionally, the bold initiative to open more medical colleges across India is a necessary step in expanding our medical education infrastructure. Despite acknowledging the challenges related to faculty and infrastructure shortages, we are confident that this move will catalyze the development of more robust healthcare training facilities. This initiative aligns seamlessly with our vision at Arya Vaidya Pharmacy (Coimbatore) Limited, where we consistently strive for excellence in Ayurvedic education and practice. Together with the government, we look forward to contributing to the evolution of a healthcare landscape that prioritizes education and holistic well-being.”

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