Budget 2024: Healthcare industry expects more funds for R&D, innovation in pharma, and public-private collaboration

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interim budget 2024 that is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1. “The budget's emphasis on research and development offers us an exceptional chance to innovate.

We hope to see increased government backing in areas vital to us, such as regulatory reforms and more healthcare funding," said Vibcare Pharma CEO Siddharth Singhal. He said government support is crucial for the pharma and healthcare sector to address the dynamic healthcare needs of India.

“By focusing on advanced R&D, we aim to introduce better and more cost-effective medicines. This budget's healthcare focus aligns with our mission, promising growth opportunities and reinforcing our dedication to providing accessible healthcare solutions," the pharma industry expert said.

“The forthcoming budget presents a transformative opportunity for the pharmaceutical industry to excel in innovation, sustainability, and global competitiveness, further strengthening India's position as a pharmacy of the world," Singhal added. The industry's current valuation is approximately $50 billion, with growth targets of $120 billion to $130 billion by 2030 and $450 billion by 2047, as per government estimates.

Also Read: Live updates on Pre-Budget 2024-25 expectations India continues to enhance its position and seize the opportunity to become a global hub for the medtech sector, the industry is poised to witness continued expansion, growth, investment opportunities, and technological innovation during FY 2024-25, said Healthium Medtech CEO and MD Anish Bafna. He called for a collaborative action plan involving public-private partnerships between the government, medical device companies, hospitals, manufacturers and suppliers, healthcare