”The Indian healthcare system, one of the largest in the world, is likely to grow to USD 50 billion by 2033, with contributions from both public and private sectors. The government expenditure for health has been a steady increase from 1.4% of GDP in FY19 to 2.1% of GDP in FY23. However, in view of the healthcare needs from within and outside of India, there is an urgent need to infuse more investments to upgrade the life sciences infrastructure. Doing so is important to aid the R&D capability of pharma majors as well as Indian startups in the life sciences research, which will further boost India’s rise as an innovation hub and help go beyond the ‘pharmacy of the world’ tag. We have witnessed encouraging steps of 35% on-year increase in budgetary support to capital expenditure in the budget of 2022. Continuing a similarly robust budgetary allocation for healthcare infrastructure will not only improve the state of life sciences R&D in India but will also augur well for the country’s capability to offer quality but cost-effective medical services” says Vishal Goel, Managing Director, RX Propellant
We believe this quote provides a unique perspective on the anticipated budget and its potential impact on the healthcare sector in India. We are curious to know if you are working on any stories related to the upcoming budget where this quote could be featured. Alternatively, we would be thrilled if you consider including this quote in your coverage of the budget, providing a fresh insight into the future of the Indian healthcare system.
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