The Tech Panda asked people their expectations from the Union Budget 2022 regarding healthcare and wellness.
The COVID-19 pandemic has made sure that the health technology sector buckles up quickly to respond to this prolonged environment of heightened crisis. Digitization has aided the transformation to on-ground awareness and actual, calibrated penetration of information and treatment. But there’s always scope for improvement.
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Medical expenses have gone up in the past two years with COVID taking centre stage. Several people have either lost jobs or have had to take pay cuts, resulting in financial stress on families. To ease these problems, the people look to the government to make digital healthcare more affordable.
Last year, healthcare experts commended the high capital outlay in the Union Budget presented. The Tech Panda asked people their expectations from the Union Budget 2022 regarding healthcare.
Layak Singh, Founder & CEO, Artivatic.AI
Fund allocation for genome mapping programs
Moderate GST rates
“Expenditure on genetic research in India is in no way comparable to even the world average. Experts are advising rich fund allocation for genome mapping programs in order to hasten the development of monitoring resources to calibrate the genome-related health status of the Indian population. Such projects are humungous in nature and are only successfully possible in a close public-private partnership.”
“The “Make-in-India” initiative is another tough, timely call-to-action for the tech sector in general. This planned push for tech adoption is important to make the economy self-reliant again. Hence, health tech-centric startups will need the aid of policy and tax sops such as moderated GST rates. These will encourage them to continue building these scalable, digital infrastructures that can help in these challenging times, plus they streamline offline offerings and save costs and time.”
Nupur Khandelwal, Co-Founder, Navia Life Care
Increase healthcare budget to 2.5% of GDP
Establish a healthcare innovation fund
More funding for ABDM
COVID has undoubtedly highlighted the significance of a robust healthcare system in the country and has shown the world that you are only as strong as your healthcare systems.
“The centre’s budgetary allocation to the healthcare sector should be increased to at least 2.5% of the GDP to bridge several gaps that currently exist in the system.
“Further, tech driven-innovative healthcare solutions have played a pivotal role in fighting mankind’s biggest health crisis and healthcare providers have embraced these solutions to solve for accessibility. This year’s budget should focus on encouraging these solutions by way of tax benefits/ tax holidays and even establishing a healthcare innovation fund.
“Lastly, the launch of ABDM was a positive step for ensuring easy access and creating the much-needed digital backbone for the healthcare sector. However, more funding should be allocated to ABDM to accelerate the nationwide rollout and to ensure its long-term success.”
Vijender Reddy Muthyala, Co-founder & CEO, DrinkPrime
Redefine GST on providers of drinking water
Incentivise startups to tackle potable water challenges
“The Government through programs such as Jal Jeevan Mission-Har Ghar Jal has been focusing on the laudable initiative of giving people access to potable water. While we have made great strides in building out access especially in rural areas, accessibility to drinking water remains a challenge.
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“The government needs to provide incentives to inspire startups to tackle this issue. Only through a cohesive public and private partnership will we be able to solve this basic human right. One area the Government should investigate is the GST and other taxes levied on providers of drinking water. Water is an essential basic human necessity and should be taxed accordingly. DrinkPrime would like to work with the government to make drinking water more accessible and affordable to all Indians.”
Darpan Saini, CEO, Phyt.health
Reduce GST on health insurance premiums from 18% to 5%
Make health insurance applicable for telehealth services
“A special focus on making health insurance affordable by reducing GST on premiums from 18% to 5% is a viable option. The government should make health insurance applicable for telehealth services such as doctor consultations or online physiotherapy to help patients recover from the comfort of their home. This is crucial for patients who can’t visit a doctor due to COVID restrictions.
“Moreover, the FM could also look to increase the limit of deduction under Section 80D from INR50,000 to INR1 lakh. This could help the common man combat the rising healthcare costs.”
Mandar Marathe, CEO, Koppr
Raise GDP spend on healthcare from 1.8% to 3%
Reduce rate of capital gains tax from 10% to 5%
“A significant allocation of the budget should be made towards bolstering the healthcare infrastructure of the nation. From the current 1.8% of GDP spent, the FM should further raise it to 3%. Apart from healthcare, the Modi government could do wonders to bring in more domestic equity investments by reducing the rate of capital gains tax from 10% to 5% or doing away with LTCG tax altogether.”
Tarusha Mittal, COO and Co-founder, OroPocket and UniFarm
Bring new-age tech like blockchain, AI, & ML to healthcare
Reduce taxes on health & term insurance policies
“Another important backbone of our country is our healthcare system. After coming across a rather weak healthcare ecosystem, we need to digitize our healthcare in India by introducing new-age technology like blockchain, AI, and ML. There should also be a larger allocation of funds for health education. I would also, request our honourable Finance Minister to reduce taxes on health and term insurance policies.”
