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As we are moving forward to the upcoming budget 2023, Anish Bafna, CEO & MD of Healthium Medtech, has called for favorable policies to support the growth of the medical device industry in India.
Bafna emphasized the need for reduced customs duties, removal of the additional health cess, and increased export incentives for trade margin rationalization. He also urged simplification of compliance procedures, investment in Medtech Parks, and clear GST norms to create a favorable business environment and encourage local manufacturing and R&D in the industry.
As the 2023-24 Union Budget approaches, the medical device industry is seeking favorable policies to address the current inflationary challenges. Bafna’s suggestions aim to boost the domestic R&D ecosystem and provide leeway for the industry to flourish. The upcoming budget will be closely watched by the medtech sector for its support of the industry.
Reduction in customs duties and removal of the health cess, along with increased export incentives, are critical for trade margin rationalization. Rethinking tax and tariff structures on medical device imports would provide the industry with the needed support to flourish and boost the domestic R&D ecosystem.
The industry also calls for simplification of compliance procedures, investment in Medtech Parks, and clear GST norms to create a favorable business environment. Strategic investments and partnerships with Medtech Parks can aid the overall development of the medtech sector and encourage local manufacturing and R&D. The 2023-24 Union Budget needs to outline industry-supportive policies, simplified protocols, and simple GST norms.