Hyderabad: Union Budget is a much anticipated event every year and more so in FY 21-22, as expectations are running much higher this time.
The year that’s ending has been a year of pandemic disrupting lives & livelihoods & causing economic turmoil. From being one of the fastest growing economies, we are still battling with the pandemic gloom.
In 2021-22 budget, prioritization of Healthcare sector shall be of utmost importance. While India fought Covid 19 reasonably well and with vaccines just being rolled out, we must not forget the indomitable spirit of the private health sector which fought the pandemic alongside with the government despite severe financial losses in revenues.
Covid 19 has shown us all that Health is the new normal and going forward health shall be significantly measured by sanitation, hygiene and preventive healthcare. With a market size of 1.4 billion people government must look into attracting investments into these sectors via existing as well as start-ups.
Attracting investments in healthcare start-ups & “Atmanirbhar” in healthcare equipment
The key solution to address this gap in accessibility and affordability of healthcare is making homegrown technology-driven innovations that facilitate production and delivery of medical devices within the country, provided the policymakers use this opportunity to align the resources/budgets to ensure accessible, equitable, and quality healthcare for the citizens of India. The needs to be addressed in the budget this year with a specific allocation of the budget for healthcare delivery, healthcare personnel, infrastructural developments, and a special focus on innovations in healthcare by supporting start-ups in this field. It is evident that this pandemic has fast-tracked the need and adoption of technology-driven solutions in healthcare and this trend is here to stay. Healthcare providers have embraced technology with virtual consultations, robot-assisted procedures, wearables (AI in medical equipment), and many more innovations that aid smooth delivery of healthcare. Government can consider putting healthcare start-ups under MSME category which will enable them to get the extended advantages. Banks to also consider flexibility in lending to such start-ups as these will add the much needed boost to not just the start ups but also to the healthcare industry.
Digitization of healthcare and the impetus required
2020 has been the year of pandemic and the new normal which have changed the way we look at healthcare. The healthcare sector has been quick enough to change and adapt to the digital transformation. Going forward such changes are all set to go to the next level ably supported by AI, Big Data & Analytics, Electronic Records & Telemedicine. While we strive for seamless digitization we also have to work for protection against data breaches & safeguard all such data.
