The Lok Sabha 2024 election results have marked an important moment in India’s political landscape. The National Democratic Alliance (NDA), led by the Bharatiya Janata Party (BJP), secured 291 seats, with the BJP falling short of a majority on its own. The election results have caused a sharp fall in benchmark indices, reflecting investor concerns about the potential instability.
What impact will this outcome have on India and her economy? What implications will the results have on the country’s healthcare sector? With many successes, such as Covid-19 vaccination drive, the ongoing Ayushman Bharat scheme in its kitty, India’s healthcare sector, in particular, stands at a crossroads.
We invited reactions from top industry players. From assessing the current scenario to providing an analysis of challenges and opportunities, these reactions provide deep insights into how the future may potentially shape up in the years, if not months, to come.
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Arushi Jain, Director, Akums Drugs and Pharmaceuticals
The re-elected government presents an optimistic outlook for the pharma and health sector, promising transformative advancements. With a renewed mandate, expectations are high for progress in research and development, driving innovation in medical science. Increased funding for research, coupled with streamlined regulatory compliance, will also expedite the introduction of new drugs for rare diseases, enhancing industry agility and efficiency.
The government’s commitment to promoting ‘Made in India’ global manufacturing will strengthen the sector, encouraging self-reliance and elevating India’s standing in the global pharmaceutical arena.
The focus on enhancing infrastructure, both digital and physical, holds the potential to revolutionize healthcare delivery, ensuring quality services reach every corner of the nation. Furthermore, the government’s PLI scheme and other incentives are poised to spur investment and propel sectoral growth.
Flagship initiatives like the Ayushman Bharat Yojana and the Pradhan Mantri Bhartiya Janaushadhi Pariyojana are expected to improve healthcare accessibility and affordability, nurturing a healthier and more prosperous future for all citizens.
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Dheeraj Jain, Founder and Chairman, Redcliffe Labs:
Viksit Bharat is a visionary initiative by Modiji to make India a developed nation as we complete 100 years of Independence in 2047. The vision encompasses different growth aspects, including socioeconomic development, environmental sustainability, and good governance. Well, for any country to grow and progress, citizens need to be healthy.
As we see, several initiatives have been taken by the Indian government in the healthcare sector, and India’s health policies since independence have made significant strides in improving healthcare infrastructure, disease control, maternal and child health, and health insurance.
However, challenges persist in ensuring equitable access to healthcare based on geographical boundaries, addressing the growing burden of non-communicable diseases, expanding mental health services, enhancing the skilled healthcare workforce, and fully implementing digital health initiatives. Prioritizing preventive health measures is crucial for a healthier Bharat.
Emphasizing regular health checks, vaccination, healthier lifestyles, and early intervention is essential to ensuring the well-being of all age groups and controlling rising health issues from an early age. If the allocated healthcare budget is spent in the necessary areas in the coming years, we can definitely take a leap towards a Healthier Bharat, a Developed Bharat, by 2047.
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Dr Jay Goyal, Eye Surgeon, LASIK and Retina Specialist, and Director,
Surya Eye Hospital:
The 2024 India election presents a great opportunity for significant health care reforms in our country.
The past 10 years have seen the launch of several key healthcare initiatives, like the health insurance scheme Ayushman Bharat Yojana for affordable healthcare and the Pradhan Mantri Bhartiya Janaushadhi Pariyojana for affordable medicines, with the purpose of achieving the goal of universal healthcare.
The Ayushman Bharat scheme has worked well in providing access to healthcare for millions of Indians, but problems like limited coverage and payment delays to hospitals have severely dented its impact.
Government hospitals struggle to offer advanced tertiary and quaternary level diagnostics and treatment as the focus is to enhance primary and secondary level services to improve accessibility.
Healthcare as a sector is very capital-intensive, both for setup and maintenance. Private players often find it difficult to recover their investments, and patients have to bear the brunt of expensive treatments.
There is a unique opportunity for public-private partnerships (PPP) where the government and private players can come together to make a model that is affordable to the patients, sustainable to the private players, and enables the government to offer an advanced level of care to its patients.
This has the potential to revolutionize healthcare in our country and benefit our citizens by providing them access to the best in healthcare at an affordable price.
We are the world’s most populous country. The world is watching as India decides its path forward in healthcare, a decision that will have a significant impact on global healthcare.
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Dr Joy Shah, Founder, Beagle Lasers:
The Lok Shabha 2024 election results will have an impact on the healthcare industry and It will have a mixed effect. While some of the ongoing agendas, like Ayushman Card, will see changes, the new healthcare reforms will have challenges in introducing and implementing them.
The current need for healthcare is to ease down the process and with strong opposition and good-quality MPs making better decisions for the country is very essential and there is a chance of this change during these five years.
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Dr Praveen Gupta, Principal Director & Chief of Neurology, Fortis Hospital
The impact of an NDA (National Democratic Alliance) win in Lok Sabha (Indian Parliament) polls on the healthcare market can vary based on the policies and priorities of the winning party.NDA manifesto promises aim to put healthcare accessibility and quality in the front seat.
Firstly, by providing sanitary pads at Re 1, there’s a focus on improving women’s healthcare. Secondly, initiatives will target the prevention and reduction of ailments like anaemia, breast cancer, cervical cancer, and osteoporosis, with a specific goal to eliminate cervical cancer.
Ayushman Bharat will be expanded to cover non-EWS and SC/ST senior citizens, and regular Ayush camps will offer elders holistic healthcare rooted in traditional practices. The manifesto also promises to eradicate malnutrition among tribal children, and provide comprehensive healthcare in tribal areas, including combating sickle cell anaemia.
NDA has started several initiatives like Ayushman Bharat for the benefit of people and hopefully the new government either NDA will continue. Health has been and should be an important focus of all governments.
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Dr Vivek Desai, Founder and MD, HOSMAC
This term offers the incoming government unparalleled opportunities for meaningful reforms in healthcare, opportunities that demand urgent attention and decisive action.
There is a need for swift standardization of private healthcare costs. The exorbitant fees charged by some of the private hospitals prevent access to essential medical services for the lower & middle socioeconomic classes of citizens. The Ministry of Health’s initiative, in the previous term, to consult with state governments on nationwide uniform charges was a welcome step. We urge the government to expedite this process, ensuring healthcare is made affordable and accessible.
Integrating healthcare schemes horizontally is paramount, especially given the dire situation where nearly 400 million Indians lack health insurance coverage. By harmonizing various healthcare initiatives, the government can streamline access to insurance coverage.
The implementation of Electronic Health Records (EHR) through the Ayushman Bharat Digital Mission is another area that demands attention. EHRs are essential since they not only reduce medical errors but also enhance patient care and decision-making.
While MedTech has been identified as a sunrise sector under the ‘Make in India’ initiative, efforts must be intensified to reduce imports, which currently stand at $4.1 billion, and boost domestic production to reduce dependency.
Lastly, in order to meet the SDG goals by 2030, the government should focus on promoting sustainable healthcare facilities, including the mandatory GRIHA 3 rating or silver-rated Green Building Certification for all hospitals. This step will not only ensure environmental sustainability but also improve patient outcomes.
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Girish Korde, Founder and Director, Sunrise Oncology Center:
The 2024 Lok Sabha election results mark a pivotal moment for India’s healthcare sector. With the ruling party’s decisive victory, there is an anticipated continuation and potential expansion of healthcare initiatives like Ayushman Bharat. The government’s emphasis on healthcare infrastructure, digital health, and medical education reforms is likely to gain momentum.
The increased budget allocations and policy support are expected to enhance accessibility and affordability of healthcare services. This election outcome could drive significant improvements in public health outcomes, strengthen the primary healthcare system, and foster innovations in the sector, ultimately aiming for a more inclusive and robust healthcare system in India.
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Karthik Kondepudi, Partner, Herbochem
The results of the 2024 Lok Sabha elections, which have led to another term for the National Democratic Alliance (NDA) under the leadership of the Bharatiya Janata Party (BJP), are expected to have several significant impacts on India’s healthcare sector.
Firstly, the continuation of the BJP government suggests a further push for their flagship healthcare initiatives. This includes the Ayushman Bharat Yojana, which aims to provide health insurance coverage to over 500 million Indians. The BJP’s 2024 manifesto has promised to expand this scheme to cover senior citizens above 75 years of age and the transgender community.
The government is likely to focus on increasing the network of Jan Aushadhi Kendras, which provide affordable generic medicines. There are also promises to extend free ration schemes for the poor, which can indirectly impact health by ensuring better nutrition.
The election outcome is also expected to influence the healthcare infrastructure development in the country. The government has previously committed to increasing public health spending to 2.5% of GDP by 2025, aiming to enhance universal health coverage, improve service quality, and ensure affordability.
For investors, the stability brought by the election results tends to be favorable. Historically, financial markets have performed well during election years. However, the specific impact on healthcare-related investments will depend on the actual implementation of policies and budget allocations following the elections.
Overall, the BJP’s victory in the 2024 elections is poised to continue and possibly expand existing healthcare programs, focusing on affordability, accessibility, and infrastructure development in India’s healthcare sector.
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Rohit Chauhan, Director, Cannarma
As Prime Minister Modi begins his third term, we at Cannarma remain enthusiastic about the future of India’s hemp business. We expect that the government’s sustained emphasis on innovation, sustainable agriculture, and economic growth will pave the path for major progress in the hemp industry.
The entire sector is hoping for supporting regulations that encourage hemp product research, development, and commercialization, allowing India to fully realize the promise of this versatile crop. Together, we can build a strong hemp market that not only benefits the economy, but also promotes environmental sustainability and wellness.
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Dr Sanjay Sharma, Founder, FootSecure
The Lok Sabha 2024 results indicate a third term for Prime Minister Narendra Modi, ensuring the continuation of key plans and policies initiated in the previous year. We anticipate significant advancements in healthcare accessibility. The National Health Policy, which aims to increase public health spending to 2.5 percent of GDP, will enhance the quality and reach of healthcare services.
We expect this next term of the NDA government to bring policy and regulatory support to key areas like manufacturing medical devices, fostering self-reliance, supporting innovation, and incentivizing health tech start-ups, and subsidiaries in public healthcare services to make them more accessible. We would also urge the government to recognize the urgent need for awareness about podiatry as a specialty, given the alarming rate of foot and ankle diseases leading to amputations.
A push for digital health and expanded Public-Private Partnerships will also help address critical infrastructure gaps, ensuring a stronger, more resilient healthcare system for all. This visionary approach sets the stage for a healthier, more prosperous India.
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Vaibhav Jain, CEO, Aayush Bharat:
Healthcare has always been a top priority for the BJP government. The efforts have been significant, from efficiently managing COVID-19 to promoting holistic wellness through Ayurveda. The establishment of the WHO Center for Traditional Medicine is an important milestone for the Ayush sector.
The government has also launched programs in collaboration with various embassies to invite people to study Ayurveda in the country under the ICCR program. As Modi embarks on a third term, we are hopeful for strong support for Ayurveda, as a healthy population is crucial for the country’s prosperity and development. This is an important step toward realizing the dream of Viksit Bharat by 2047.
In the coming days, we expect more proactive policies and reforms in the healthcare sector that will enhance the quality of products and services and make India a leading global medical tourism destination. The Ayush sector can play a pivotal role in helping India achieve its dream of becoming the world’s best in the medical field by leveraging technology.
The Modi government’s focus on health and technology promises substantial growth in healthcare technology. Additionally, the emphasis on women’s entrepreneurship suggests a promising future for D2C healthcare brands led by women and for women.
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Varun Agarwal, Co-founder and Director, Renascent Consultants
The results of the Lok Sabha 2024 elections will impact the healthcare sector, based on which coalition takes oath. It is expected that there will be policy continuity and stability, which in turn may lead to increased investments in public healthcare infrastructure and services. This may increase affordable access, regulation of private healthcare providers and overall better healthcare service delivery. This may potentially also lead to innovations in public health strategies and improvements in health equity.
However, in case of private sector, given the popular perception, a NDA Government may encourage increased investments in private healthcare delivery, while conversely, an INDI Alliance Government may focus on increased public healthcare provision and regulation. In conclusion, the overall impact on the healthcare sector will depend on specific policies and funding sources of the respective winning coalition.
