1. Increased Allocation for Healthcare 💰 The government has allocated ₹89,287 crore for healthcare, slightly higher than the previous year’s ₹88,956 crore. This steady increase underscores the ongoing commitment to improving healthcare services across the nation, building on the significant investments made in previous budgets.
2. PLI Scheme for Pharma 🏭 A Production Linked Incentive (PLI) scheme worth ₹2,143 crore has been introduced to stimulate the pharmaceutical sector. This initiative is expected to bolster domestic manufacturing, enhance global competitiveness, and reduce dependency on imports, marking a substantial increase from the support provided in earlier budgets.
3. Customs Duty Exemptions 💊 To make cancer treatment more affordable, three additional cancer medications have been exempted from customs duties. This move will significantly reduce the cost of these life-saving drugs for patients, continuing the trend of easing access to essential medications initiated in prior budgets.
4. R&D Support 🔬 The budget has substantially increased the allocation for biotechnology research and development from ₹500 crore to ₹1,100 crore. This enhancement will provide a major boost to innovation and development in the biotech sector, encouraging cutting-edge research and technological advancements, doubling the support compared to previous years.
5. Ayushman Bharat Scheme 🏥 The allocation for the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana has been raised from ₹7,200 crore to ₹7,500 crore. This increase aims to expand the reach of this flagship health insurance scheme, ensuring broader coverage and better healthcare access for the economically weaker sections of society, reinforcing the significant strides made in recent budgets.
These measures reflect the government’s strategic focus on strengthening the healthcare infrastructure, supporting research and development, and making essential medications more accessible to the public. The initiatives outlined in the Union Budget 2024 are expected to have a far-reaching impact on the pharmaceutical and biotech sectors, fostering growth and innovation in these critical fields.
Overall, the 2024 budget builds on previous investments, showing a consistent and growing commitment to enhancing healthcare and supporting the pharmaceutical and biotech industries. The increased funding and new initiatives are set to drive significant progress, making this budget a crucial step forward for these sectors. 🚀💉
