Budget Expectations
Private investments in tier 2+ towns must be given tax incentives to boost digital healthcare access
New Delhi/IBNS: India has a unique opportunity to lead the world with new models of digital access to healthcare, which can serve not only emerging markets but also developed markets given that countries across the globe face significant inadequacies around healthcare access and affordability, said Prashant Tandon, HealthTech Committee Chair & CEO & Co-Founder of TATA 1MG.
Listing his expectations for the HealthTech sector, Tandon highlighted some key areas where the Finance Ministry should focus:
1. Significant public investment to enable digital access to healthcare: With the Government playing the role of the Payor, private companies should actively participate in the delivery of digitally-led healthcare service across the board. Given the multiplier impact of healthcare access, private healthcare investments in tier 2+ towns must be given tax incentives and financing support and grants.
2. Supportive Regulatory Overhaul of key aspects: The new Drugs & Cosmetics Act and Rules must enable easier digital access and ePharmacy models whereas there is need for Telemedicine guidelines to be further sharpened. The Government should lay clear guidelines of digital therapeutics, eDiagnostics, medical devices and technologies besides suggesting relevant modification of Acts and Rules to promote Generics.
3.Public Private Partnerships: The Central Government Health Scheme and other Government delivery schemes must also include participation from private players. Besides, the Government should look at providing ePharmacy access to beneficiaries.
4. Recognition of Digital Health platforms as Healthcare Establishments: eHealth platforms providing healthcare access should get the same tax treatment as healthcare platforms and they should be considered as eHospitals from a taxation perspective.
5. Capacity Building - India needs significant skilled healthcare workforce, as well as efficient use of healthcare manpower: There is a need for the government to invest in the training and capacity building of healthcare workers, as well as provide incentives to attract and retain qualified medical professionals. For instance, any healthcare worker should be allowed to perform the job of a nurse upon certain certification, or vaccinate, take ECG etc. through skill improvement. Healthcare skill apprentice model should be supported through a shared investment model.
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