The pharmaceutical and medical sectors, especially in the wake of the COVID-19 pandemic, have highlighted the need for robust medical infrastructure and equipment.

The Budget 2024–25 has addressed this by making essential medical equipment more affordable and boosting domestic manufacturing capabilities.

Nirmala Sitharaman has presented the Union Budget 2024–25 in the Parliament today with a special focus on medical equipment stating, “To provide relief to cancer patients, I propose to fully exempt three more medicines from customs duties. I also propose changes in the BCD on X-ray tubes and flat panel detectors for use in medical X-ray machines under the Phased Manufacturing Programme, to synchronise them with domestic capacity addition.”

Customs Duty Reduction

The BCD on X-Ray tubes and flat panel detectors for use in medical X-Ray machines has been adjusted to synchronize with domestic capacity additions. This will lower the cost of medical imaging equipment, making advanced diagnostic tools more accessible to healthcare providers.

Support for Orthopedic Implants

All types of polyethylene used in the manufacture of orthopedic implants will now be duty-free. Additionally, special grades of stainless steel, titanium alloys, and cobalt-chrome alloys used in manufacturing other artificial body parts are also exempt from customs duties. These changes will significantly reduce the cost of producing advanced medical implants in India.

Encouraging Innovation

The government will provide financial support for the research and development of new medical technologies and equipment. This includes setting up state-of-the-art facilities and offering incentives for private-sector innovation in healthcare.

The strategic focus on medical equipment underscores the government's commitment to building a self-reliant India. By reducing import dependencies and fostering domestic production, these initiatives will not only boost the economy but also ensure that India can meet its technological and healthcare needs independently.

The emphasis on reducing customs duties and supporting domestic industries will make advanced technologies and medical equipment more affordable and accessible. This, in turn, will improve the quality of healthcare services and promote industrial growth in critical sectors, contributing to the overall development and prosperity of the nation.