New Delhi: Health industry body NATHEALTH on Tuesday urged the government to increase public health spending to more than 2.5 per cent of GDP and rationalize GST for healthcare with a flat rate of 5 percent.
In its pre-budget recommendations, NATHEALTH also called for the implementation of “transformative measures that focus on strengthening healthcare infrastructure and making strategic investments to address both demand and supply challenges.”
Finance Minister Nirmala Sitharaman is expected to unveil the budget proposals for FY24-25 on July 23 in Lok Sabha.
NATHEALTH Chairman and Max Healthcare Institute Chairman and CEO Abhay Soi said India has made significant strides in becoming a global powerhouse in healthcare and this has contributed substantially to GDP and job creation.
As the nation moves toward a $5 trillion economy, providing quality healthcare to the entire population is a prerequisite.
Addressing healthcare challenges will require approximately 2 billion square feet of advanced healthcare infrastructure, he added.
"To meet these needs, increasing GDP spending on healthcare to 2.5 percent is crucial to improve social insurance, expand facilities in tier 2 and 3 cities, and promote digital health services," Soi said. .
Among its recommendations, NATHEALTH advocated "rationalizing the GST with a uniform rate of 5 per cent for healthcare and full eligibility for input tax credit; addressing the issue of unutilized MAT credits and reviewing health cesses for MedTech to ensure affordability.”
It further recommended "declaring healthcare as a 'national priority' status to facilitate better financing and offer tax incentives to encourage private sector investment in healthcare infrastructure, manufacturing, digital health, exports and education across India." on par with SEZ policies available in other prominent sectors.”
Additionally, he also called for greater acceptability of the Pradhan Mantri Jan Arogya Yojana (PMJAY) and the Central Government Health Scheme (CGHS) among frontline quality providers in the private sector and unlocking private capital to achieve Universal Health Coverage (CSU).
The healthcare industry body also suggested facilitating ease of doing business compliance using digital tools and promoting the medical technology ecosystem and supply value chain for innovation and localization.
With India becoming a preferred choice globally, policies to promote India as a preferred destination with a comprehensive set of medical products, services and solutions are the need of the hour.
"The next budget must focus on healthcare infrastructure, innovation, skill development for medical professionals and strengthening public-private partnerships to ensure better access and quality across the country. Prioritize research and development will drive medical innovation and address emerging health challenges," Soi said. saying.
In its pre-budget recommendations, NATHEALTH also called for the implementation of “transformative measures that focus on strengthening healthcare infrastructure and making strategic investments to address both demand and supply challenges.”
Finance Minister Nirmala Sitharaman is expected to unveil the budget proposals for FY24-25 on July 23 in Lok Sabha.
NATHEALTH Chairman and Max Healthcare Institute Chairman and CEO Abhay Soi said India has made significant strides in becoming a global powerhouse in healthcare and this has contributed substantially to GDP and job creation.
As the nation moves toward a $5 trillion economy, providing quality healthcare to the entire population is a prerequisite.
Addressing healthcare challenges will require approximately 2 billion square feet of advanced healthcare infrastructure, he added.
"To meet these needs, increasing GDP spending on healthcare to 2.5 percent is crucial to improve social insurance, expand facilities in tier 2 and 3 cities, and promote digital health services," Soi said. .
Among its recommendations, NATHEALTH advocated "rationalizing the GST with a uniform rate of 5 per cent for healthcare and full eligibility for input tax credit; addressing the issue of unutilized MAT credits and reviewing health cesses for MedTech to ensure affordability.”
It further recommended "declaring healthcare as a 'national priority' status to facilitate better financing and offer tax incentives to encourage private sector investment in healthcare infrastructure, manufacturing, digital health, exports and education across India." on par with SEZ policies available in other prominent sectors.”
Additionally, he also called for greater acceptability of the Pradhan Mantri Jan Arogya Yojana (PMJAY) and the Central Government Health Scheme (CGHS) among frontline quality providers in the private sector and unlocking private capital to achieve Universal Health Coverage (CSU).
The healthcare industry body also suggested facilitating ease of doing business compliance using digital tools and promoting the medical technology ecosystem and supply value chain for innovation and localization.
With India becoming a preferred choice globally, policies to promote India as a preferred destination with a comprehensive set of medical products, services and solutions are the need of the hour.
"The next budget must focus on healthcare infrastructure, innovation, skill development for medical professionals and strengthening public-private partnerships to ensure better access and quality across the country. Prioritize research and development will drive medical innovation and address emerging health challenges," Soi said. saying.
