Nutraceutical sector can contribute substantially to India’s fiscal growth and public health

By KARTHIK KONDEPUDI

Against the backdrop of India’s economic landscape, the forthcoming Union Budget for the fiscal year 2024-25 holds supreme importance, specifically for the nutraceutical and healthcare industries.

The Indian nutraceutical industry is a promising imposition in the global market, and I would expect that this Union Budget would focus on providing the industry with a fiscal environment that furthers innovation and encourages research and development.

Thus, a strong regulatory framework that registers a balance between confirming product safety and promoting industry growth should be an essential expectation. I would like to see the government take measures to promote innovation and R&D, simplify regulations for the sector, streamline the consent processes, granting faster market access for newfound and innovative products.

By nurturing an ecosystem that is favourable to research and development, the government can empower the nutraceutical sector to contribute substantially to India’s fiscal growth and public health.

Furthermore, the industry advocates for tax inducements and subsidies to incentivize investing in progressive technologies and sustainable practices. By promoting the implementation of advanced manufacturing practices and sustainable sourcing, the nutraceutical sector marks to associate itself with the worldwide shift towards ecological and socially accountable practices.

Such measures not only impact the industry’s competitiveness on the global stage but also put India as a trustworthy player in the global nutraceutical market.

From the healthcare industry’s standpoint, I would expect this budget to recognize the sector’s varied needs and assign sufficient funding to further develop healthcare infrastructure, especially in rural areas. Comprehending the significance of ease of access and quality healthcare for all, I urge the government to assign resources for the formation and maintenance of more healthcare facilities in underserved regions.

I would also like to see diverse initiatives being taken up by the government to promote the integration of technology into healthcare delivery and prompt allocations of funds towards telemedicine, health information systems, and digital health solutions that can boost the competence of healthcare services, bridge urban-rural healthcare inequalities, and ensure the availability of medical knowhow to all crooks, turns and bend of the country.

I also would like to stress the necessity for policy measures that reassure public-private partnerships in developing and applying such technological solutions. In the challenge of the COVID-19 pandemic, the healthcare industry has already underlined the significance of readiness for future health crises. Thus, I would expect the government to allocate sufficient funds for developing a planned supply of medical essentials, improving research capabilities further in healthcare science, and strengthening the healthcare workforce.

To sum up, I would envisage that this budget not only attends to immediate concerns but also lays the foundation for sustainable growth, innovation, and inclusivity. (The author is Partner – Herbochem)