Union Budget 2020 – Indian medical device manufacturers keep their hopes high for a level play to contribute for Affordable and Accessible Healthcare
It’s that time of the year when India Inc. puts forth their suggestions and expectations from the Government in allocating policies and budgets for the year that will be, and healthcare is no exception. The Indian healthcare industry is on a progressive track and the diagnostic industry in particular is expected to steadily grow at a CAGR of 13-14% through 2020. Having said that, the industry looks forward to crucial government reforms that will help achieve these numbers. While technology is expected to continue to make in-roads, I reiterate that affordability and accessibility of healthcare need to take centre-stage. I am hoping that a major focus in the Union Budget 2020 will be given to the diagnostic industry, as it is the starting point to building a Healthy and Happy India. Hard reality of the USD 7 bn Indian medical device industry is that imports still constitute to 72-80%. While Make in India continues to remain the central focus for the government, as an Indi