Union Budget 2021 – Indian medical device manufacturers keep their hopes high for a level play to contribute for Affordable and Accessible Healthcare
I believe the time has come for our Finance Minister to make a new future for India by giving a huge impetus to the making of Atma Nirbhar Bharat in healthcare. Healthy India means Happy India. Current pandemic has shown that the diagnostic industry is a very essential part of healthcare sector in every country. Without adequate diagnostic tests, it would have been impossible to control the spread of COVID-19. The domestic diagnostic industry is still a very small industry, estimated at USD 9 bn (around INR 675 bn), and is expected to grow at a compounded annual growth rate (CAGR) of ~10% over the next 5 years. Growth will be primarily driven by a change in demographics, increase in lifestyle diseases, and higher income levels across all strata of society, rise in preventive testing, deeper penetration with asset-light expansion, and spread of healthcare services and insurance. Having said that the industry looks forward to crucial government support that is needed to help this indus