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  • Thursday, May, 2022| Today's Market | Current Time: 10:17:16
  • Quote: Budget Expectation: Dr Veeraal Gandhi, Chairman and Managing Director, Voxtur Bio Ltd

    Published on January 10, 2022

    During a pandemic or any other healthcare crisis, medical diagnostics plays a critical role in detecting infection and containing its spread. During previous pandemic waves, the diagnostics industry proved its effectiveness in early-stage healthcare interventions by ensuring disease identification and personalised care of patients. Going forward, developing robust testing capabilities and infrastructure should be the focus of the government to ensure the effective containment of infections or diseases. Therefore, in the upcoming budget, the government needs to propose incentives and tax benefits on investments by IVD manufacturers. Moreover, to make the IVD industry self-sufficient, advanced, and productive, the government should incentivize technology adoption. The budget can propose subsidies on technology imports from developed countries to facilitate the fast-paced growth of the domestic IVD industry. It can also propose a framework for an effective public-private partnership (PPP) model for cost-efficient technology transfer. In addition, the budget needs to relook into the tax liability on the IVD sector to ensure the delivery of affordable healthcare. The IVD industry has a huge export growth potential thanks to the growing adoption of point-of-care tests and a shift in the healthcare outlook across the world from illness to wellness. So, the government needs to create an enabling environment for the domestic IVD solutions manufacturers to help them invest in R&D and enhance export competitiveness.

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