'Urgent need for innovative healthcare solutions'

Union Budget 2020: Urgent need for innovative healthcare solutions

Saurabh Agarwal is the Chief Financial Officer (CFO) at Medlife

By Saurabh Agarwal

India’s healthcare sector is one of the biggest contributors to the Indian economy, accounting for 6% of GDP. However, it is also fragmented with issues such as lack of access to timely and quality treatment, the need for better primary care infrastructure, and high costs of treatment and admission, etc.

While the government has undertaken some major initiatives like Ayushman Bharat, its benefits are yet to reach the masses at large. In this light, we hope the upcoming budget will address three areas: affordability, accessibility, and transparency of healthcare and related services. E-pharmacies provide healthcare access and affordability to millions of Indians while creating new jobs and attracting FDI into the country.

A uniform set of guidelines will thus help regulate the e-pharmacy business and give clarity on registration and licensing for others in the segment. It will also resolve issues faced by the online pharma industry such as inventory management. Once the government comes out with a notification, e-pharmacies can look forward to better growth opportunities.

We also expect the upcoming budget to focus on inclusiveness of new-age companies and focus on ground-level work in the healthcare domain. There is also an urgent and massive need for innovative, tech-based, large-scale as well as affordable healthcare solutions in the country.

(Saurabh Agarwal is the Chief Financial Officer (CFO) at Medlife)