Budget 2024: Finance Minister Nirmala Sitharaman will present the interim budget 2024 on Thursday. Healthy industry experts have expressed various demands that should be included in the budget 2024.
The rising cost of medications presents a significant challenge, especially for people struggling with chronic conditions. Affordable health care, including affordable drug prices, is paramount to the nation’s prosperity. High costs often lead to non-adherence and abandonment of treatment, ultimately exacerbating health problems.
According to Dr Gayatri Kamineni, COO, Kamineni Hospitals, potential initiatives to curb this critical issue are likely to include reductions in Goods and Services Tax (GST) on essential drugs or tax concessions for pharmaceutical companies manufacturing generic versions of crucial medications.
“By emphasizing the importance of generic drugs for enhanced healthcare cost-effectiveness, the budget could promote their usage, leading to significant cost savings, patient benefits, and a more sustainable healthcare system. Furthermore, optimism surrounds the possibility of increased budget allocations for pharmaceutical research and development, thereby fostering innovation and paving the way for affordable medicines, Dr. Kamineni said.
Addressing drug costs demands a multifaceted approach encompassing regulatory reforms, research support, and initiatives to promote fair competition within the pharmaceutical industry, She emphasised.
“Only through such a comprehensive strategy can India ensure accessible and affordable healthcare for all. With Finance Minister Nirmala Sitharaman announcing the budget for 2024-25 on February 1, we expect the Center to focus on the rising prices of medicines and medical equipment manufacturing units in India to be strengthened,” she added.