Union Budget 2024 marks a transformative moment for India’s healthcare and medical industries. With the government’s emphasis on ‘Viksit Bharat’, promoting inclusive growth, and focusing on employment, manufacturing, innovation, R&D, and next-gen reforms, this budget is set to significantly impact our sector. It aims to reduce the financial burden of critical medical treatments. The exemption of Customs Duties on medications and the reduction in Basic Customs Duty on medical devices such as x-ray tubes and flat panel detectors will greatly enhance the accessibility and affordability of vital medical technologies, including those used in eye care.
The significant increase in the National Health Mission’s allocation to ₹38,183 crore for 2024-25, a 12.7% rise from the previous year, highlights the government’s commitment to strengthening healthcare services. The increase in research and development funding, including a boost to the Anusandhan Fund, is a great step forward. It aligns perfectly with our goal of staying at the cutting edge of ophthalmic innovation. Moreover, the emphasis on public-private partnerships and corporate investments will be key to scaling up solutions and improving service delivery. We remain committed to collaborating with the government and industry peers to address remaining gaps in healthcare accessibility and affordability, ensuring that every individual benefits from high-quality eye care.
The substantial boost in the Union Health Ministry’s budget from ₹79,221 crore in 2023-24 to ₹90,171 crore for 2024-2025 represents a robust investment in expanding and modernizing healthcare services. For the ophthalmology sector, this translates into increased opportunities to integrate advanced diagnostic and therapeutic technologies, directly benefiting millions of patients with improved care and outcomes.
The allocation of ₹1.2 trillion to the Health Ministry underscores a crucial step towards meeting the rising demand for eye care in India. As the Indian ophthalmic devices market is projected to reach $3.5 billion by 2026, this budget’s focus on expanding healthcare infrastructure and incorporating stateof-the-art technology is particularly timely. Investments in cutting-edge eye care equipment are essential not only for enhancing diagnostic and treatment capabilities but also for improving patient outcomes. With nearly 10 million individuals affected by vision impairments in India, integrating advanced technology in eye care is pivotal.
