Union Budget 2023-24 : Key Highlights & Implications for the Health Sector

1 Feb 2023 • FM Nirmala Sitharaman opened the Budget-2023 on a positive note with the declaration that the Indian Economy is expected to grow at 7% in the current year which is the highest among major economies. The Coronavirus crisis has brought healthcare to the forefront of people's and policymakers' minds. Here is what the 2023 budget has offered the healthcare industry.

Key highlights for the Healthcare Industry

  • Mission to eliminate Sickle Cell Anemia by 2047 will be launched (0-40 yrs age)
  • Facilities in select ICMR labs will be made available for research by Public and Private medical college faculty and private sector R&D teams for encouraging collaborative research & innovation
  • 157 new nursing colleges will be established in co-location with 157 existing medical colleges
  • Dedicated multi-disciplinary courses will be made available in existing institutes to focus on medical devices & ensure availability of skilled manpower for futuristic medical technologies
  • New program to promote Pharma R&D will be put into motion with prime focus in the priority areas
  • Use of AI in healthcare will be promoted for efficient human resource management

Implications on sector - With the announcement of the National Digital Health Ecosystem, the healthcare industry will witness development of a robust platform for managing digital registries of healthcare providers and facilities, unique health identities and universal access to health facilities.

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