Making India a global hub for healthcare: Suneeta Reddy, MD, Apollo Hospitals

What is good for every Indian, what is good for middle class, is good for healthcare.This year, the government put disposable income in the hands of citizens encouraging discretionary spending. In a country where we spend 48% of our total wallet on food, this savings on tax will open the doors for spending on many other things, including health. As the saying goes, health is wealth, and more Indians will now secure health insurance, and gain access to quality healthcare.

There were many other meaningful budget announcements which made this budget a special one for healthcare.

First, the focus on cancer was an acknowledgement of the disease burden. So, the announcement of 200-day care chemo centres this year, and coverage in all district hospitals in three years, was timely. This initiative will be transformative, if combined with a keen focus on screening and early detection, an effective hub and spoke model for comprehensive treatment, and curated via the digital health stack.

It was exciting to hear the finance minister’s reference to medical tourism and Heal in India, and that it will be supported in partnership with the private sector, along with capability building and easier visa norms. This is a $100 billion opportunity worldwide, and focused efforts in this space can position India as a global destination for high-quality healthcare. We deserve that space, as we are able to deliver clinical outcomes of international standards at one tenth of the international cost.

Growth in medical tourism will also earn foreign exchange, more capital for domestic infrastructure investment, subsidise treatments for domestic patients, and above all, will build India’s stature as a centre for holistic healing. An important step in the right direction was also the addition of 10,000 more medical seats, 75,000 over the next 5 years. Ideally, we could cover nurses and paramedics, to fully meet our needs for skilled health professionals. The budget has allowed for 100% FDI in insurance. This will set off a virtuous cycle, enabling consumer access to high-quality, affordable and comprehensive healthcare, which the FM mentioned as a key goal of Viksit Bharat.

A number of us were awaiting the FMs proposals on easing regulation, and launching Ease of Doing Business 2.0, like the Economic Survey suggested. The FM did not disappoint, and announced the formation of a high-level committee that will look into simplifying the regulatory framework across sectors.

The last few years have been a period of focus on capex, infrastructure and investment by the government. This year, the FM has chosen to pivot to spurring demand and consumption. Doing both simultaneously, without adversely impacting the fiscal deficit would have been difficult.

In that sense, the budget has taken a different approach, and has placed its faith in the people of India, their prosperity, health and well-being. And that is a very positive sign. As Rabindranath Tagore said: “The country isn’t the earth beneath our feet, it’s the people.”