NEW DELHI: The Union Budget 2023-24 is just around the corner. The healthcare industry has urged the government to enhance expenditure in total funding for the healthcare sector as Finance Minister Nirmala Sitharaman is due to announce the Union Budget 2023 on February 1. More funding for infrastructure development and increased R&D activity are two demands made by the sector.

"Keeping up the good work while adjusting to the changing dynamics in services, finances, and facilities will undoubtedly accelerate brilliance for the benefit of humanity. The focus include expanding the scope, increasing R&D activities, and allocating more budgetary resources to the healthcare sector. High-end facilities and equipment may be encouraged to be available through importation or manufacturing "said Jyoti Prakash Mahapatra, the Ruby Hall Clinic's chief financial officer.

An increase in demand for making pharmaceutical investments more appealing was revealed by a pre-budget expectations poll. The COVID-19 epidemic has tested the resilience of the healthcare system.

"More needs to be done, starting with raising spending on public healthcare. The domestic pharmaceutical industry anticipates a rise in total financing for healthcare, an emphasis on regulations that encourage R&D initiatives, and the continuance of tax benefits on various pharmaceuticals in the next Union Budget. 

The central governments and state governments can set up a healthcare fund to offer the private sector low-cost capital, financial benefits, and support with dedicated viability gap funding for Public-Private Partnership projects.

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