As the coronavirus made its way through India, there was a multi-sector downward impact across all industries. The impact is widely seen in the aviation, hospitality, retail and related industries and will continue to show prolonged effects according to the ICRA rating agency. The auto industry suffered a loss of Rs 2,300 crore per day and an estimated job loss in the sector was around 3.45 lakh, according to a parliamentary group report submitted to Rajya Sabha chairman Mr. Venkaiah Naidu . Another sector that has been hit the hardest by the pandemic is labor-intensive tourism, where more than 100 million jobs are at risk.
The scene was no different for the healthcare industry. The intense pressure on the industry to deliver, despite various challenges, has been immense. While the sector was initially under pressure, it was quick to recover and respond effectively to the growing healthcare needs of countries as the number of cases steadily increased. However, there is an immediate need to increase the number of intensive care units, ventilators and medical equipment to be prepared and respond to emergency health threats and epidemics. Making health care accessible, affordable and of a high standard is imperative to meet the growing needs of the country. Investments in health infrastructure are needed in metropolitan India, but more so in Tier 2 and Tier 3 cities to make quality healthcare accessible and affordable for all. Thus, the current budget must respond to the need for higher allocations and funding in the sector.
We hope that the input tax will be reduced so that the costs are passed on and laboratories can offer affordable testing costs to the middle and lower classes of society. It would be a drastic but welcoming change for our industry, especially in the laboratory industry where imports are high, hence the removal of import duties and the reduction of the GST on supplies, kits or equipment. local origin can further help reduce the end customer rate. accused.
Public-private partnerships in diagnostics will be a game-changer for health care development in India. Programs like Ayushman Bharat and projects launched as part of the National Digital Health Mission paint a promising picture for the sector, particularly with the government evaluating models of partnering with private healthcare companies to deliver services. We look forward to positive steps in this direction and request that the scope be expanded to also include pathology and diagnostic testing services. In line with our honorable Prime Minister’s vision to focus on well-being, I would like to reiterate that increased public spending on preventive controls and primary care will ultimately reduce overall health spending for our country.
TPS
In India, unlike compulsory insurance for our vehicles, health insurance for ourselves is not compulsory as in other countries. It is essential to assess this and ensure sufficient and readily available insurance coverage for OPDs, clinical consultations, diagnostic services and other pre-hospital expenses. This will encourage preventative health care among the citizens, who will come forward for preventive health checks which can reduce the burden of disease management on the country.
The government must invest in facilities where frequent checks can take place on a regular basis, which can prevent greater health problems in the future. Diagnostic centers, especially in Tier 2 and 3 cities, are scarce, investments in the sector are critical to increase access to laboratories and testing facilities with rapid reporting to avoid delays treatment.
India to produce its own technology, especially IVD machine manufacturing should be encouraged. For example, Siemens supplies medical equipment internationally, and other countries get quality products, so reducing taxes here in India and transferring the tax reduction to these manufacturers will equip India with better products and services.
The Indian government’s strategy to tackle the virus and ensure continuity in the supply chain, manufacturing and access to health services has been laudable. In addition, as the country prepares for a nationwide COVID-19 vaccine rollout, a massive increase in healthcare spending would be of critical importance. We are waiting for a budget that will stimulate our economy and benefit both the industry and the people of India.
The author is the CEO of Thyrocare Technologies.
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