As coronavirus gnawed its way through India, there was a multi-sectoral downward impact across industries. The impact has largely been seen in aviation, hospitality, retail and allied businesses and these sectors will continue to show prolonged effects, according to ratings agency ICRA. The automotive industry suffered a loss of Rs 2,300 crore daily and an estimated 3.45 lakh jobs were wiped out, according to a parliamentary panel report submitted to Rajya Sabha Chairman M Venkaiah Naidu. The labour-intensive tourism industry has also faced the brunt of the pandemic, with over 100 million jobs at risk globally.
The scene is no different for the healthcare sector. The pressure on the industry to deliver, despite various challenges, has been immense. Although reeling under pressure initially, the sector was quick to recover and deliver efficiently, even as cases of coronavirus increased rapidly in the early months. However, having said that, there is an immediate need for an increased number of ICUs, ventilators and medical equipment, to ensure the healthcare sector is better equipped to respond to emergency health threats and disease outbreaks. It is imperative to make quality healthcare accessible and affordable to meet the rising medical assistance needs in the country. Investment in healthcare infrastructure is needed in metropolitan India as well as in Tier 2 and 3 cities. Budget 2021 must address the need for higher allocations and funding to the healthcare sector.
We are hoping that the input tax will be reduced so that labs can offer affordable testing to the middle- and lower-class sections of the society. This would be a drastic but a welcome change, especially for the lab industry where imports are high. Abolition of the import duty and reduction in the GST rates for locally sourced supplies, kits or equipment can further help bring down the testing cost a customer has to bear.
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Public-private partnerships in diagnostics will be a game-changer for India’s healthcare development. Schemes like Ayushman Bharat and projects that are being initiated under the National Digital Health Mission are painting a promising picture for the sector, especially with the government evaluating models for partnering with private healthcare companies to provide services. We are looking forward to positive steps in this direction and would request that the scope be expanded to include pathology and diagnostic testing services too.
In line with Prime Minister’s vision of focusing on wellness, I would like to reiterate that higher public spending in preventive check-ups and primary care will ultimately bring down overall healthcare expenses for our country.
In India, unlike mandatory insurance for our vehicles, health insurance is not mandatory. It’s time to evaluate this gap, and also ensure sufficient and easily available insurance cover for OPD, clinic consultations, diagnostic services and other pre-hospitalisation expenses. This will encourage the practice of preventive healthcare among citizens, who will come forward for preventive health check-ups, which, in turn, can reduce the disease management burden on the country.
Government needs to invest in set-ups where frequent check-ups can happen on a regular basis, which can avoid bigger health concerns in future. Diagnostic centres, especially in Tier-2 and Tier-3 cities, are few and far between, investment in the sector is crucial to increase access to labs and testing facilities with quick report generation so that treatment delays can be avoided.
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India needs to develop technology in the diagnostic services sector—IVD (in vitro diagnostic device) machine manufacturing should be especially encouraged. Siemens, for example, manufactures medical equipment and supplies it internationally. If we reduce taxes for medical device manufacturers in India, they too can offer high-quality products and services at a competitive rate.
The government strategy to combat the virus and ensure manufacturing and supply chain continuity, and access to healthcare services has been commendable. Also, as the country prepares for a nationwide COVID-19 vaccine roll-out, a considerable increase in the healthcare expenditure would be of paramount importance. We are looking forward to a Budget that will boost our economy and will be beneficial for both the industry as well as the citizens of India.
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