Synopsis
In a recent Union Budget announcement, Finance Minister Nirmala Sitharaman exempted basic customs duty on 36 life-saving drugs, enhancing accessibility for patients. Additionally, a new campaign to boost medical tourism was introduced, including streamlined visa processes for international patients seeking treatment in India.Key Takeaways
- 36 life-saving drugs exempt from customs duty
- Boost to medical tourism with 'Heal in India' campaign
- Streamlined visa procedures for international patients
- 13 new patient assistance programs introduced
- 10,000 additional medical college seats announced
New Delhi, Feb 1 (NationPress) The Union Finance Minister, Nirmala Sitharaman, unveiled significant exemptions on basic customs duty for 36 essential life-saving medications while also providing a substantial boost to medical tourism in India.
During her eighth consecutive budget presentation and the NDA government's second complete Union Budget of its third term, she stated, “Basic customs duty has been waived for 36 life-saving drugs, while 6 particular drugs will incur a 5 percent customs duty.”
This initiative aims to alleviate the burden on patients, particularly those battling cancer, rare diseases, and other chronic conditions.
In a notable enhancement for Patient Assistance Programs (PAPs), customs duty has been eliminated on medications supplied through this program, thereby increasing access to vital medications for economically disadvantaged individuals.
Additionally, 13 more patient assistance programs have been introduced to greatly benefit underprivileged patients.
To further promote medical tourism, the FM announced the launch of a ‘Heal in India’ campaign in collaboration with the private sector.
Moreover, visa protocols have been streamlined for patients looking for treatment in India, aiming to boost the country's medical tourism sector.
The medical tourism market in India is estimated to be approximately $9 billion.
According to the Global Medical Tourism Index, India ranks at number 10.
Over the past year, India has witnessed substantial growth in medical tourism, largely attributed to the increasing popularity of the AYUSH system (Ayurveda, Yoga, and Naturopathy, Unani, Siddha, and Homeopathy).
In 2023, the government also introduced medical visa provisions to facilitate the entry of foreign tourists seeking health and wellness treatments in the country.
While announcing the Union Budget, FM Sitharaman also revealed 10,000 additional seats in medical colleges and the establishment of daycare cancer centers in all district hospitals.
