Why The Government Should Use Taxes To Fund Research And Modern Medicine
With the implementation of the Goods and Services Tax, the whole taxation system has been unified. Therefore, the entire country has come under a single tax regime. This has led to better tax collection, thus increasing the revenue of the government.
An increase in tax revenue is one of the benefits of gst. It is the responsibility of the government to pass on these benefits to the citizens of the country in different forms. These various forms include access to clean drinking water, better transportation, improved health care, etc.
We pay taxes to reap out the benefits of the services which are managed by the government. Healthcare is one such field where we want our taxes to be utilised. Tax revenue should be used by the government to fund various researches and to help out the doctors with the knowledge base on modern medicine.
Why Is Funding Necessary For Healthcare-Related Industries?
Taxes are collected to be invested into public utilities which are needed by the country as a whole. Proper allocation of the money earned through GST is critical. Also, healthcare is one of the primary parameters to rate the advancement of a country.
With access to better health care, people would lead a healthy and better life. Taxes would provide sustainable funding to various medical researches. This money would be put to good use.
The Effect On Traditional Medicine
India has been a country that heavily relies on ancient medicine systems like Unani and Ayurveda. Though effective, these medicines lack proper clinical trials to back their benefits. Also, these systems do not have a cure to the diseases emerging from lifestyle changes such as Ebola, AIDS, etc.
In such a situation, funding the investigation of modern medicine becomes essential. Conventional healthcare makes use of various proven compounds to cure diseases.
Competing With Other Nations
Various countries like Italy, Spain, etc. have spent a lot of money to fund researches and are now among the top countries in terms of healthcare and modern medicine. India is far behind in this race.
Taxes come in handy to fund such an important sector which spells out the competitiveness and image of the country.
Safety Net For Health Crises
With better facilities and research, India would become self-reliant in case of a massive health crisis. Also, this would help healthcare professionals in finding a cure to the diseases which still have no cure.
For an improvement in the researches and clinical trials, access to better equipment and facilities have to be granted. This access will only be possible if the country invests in studies and medicine.
The Role Of Taxpayers
With the GST system, several gst slabs have come to the picture. These rates have been applied to a lot of products and would lead to an increase in the amount of tax collected by both the Central as well as State Governments.
This money collected through the tax route is the best way to fund something like medical research which is being conducted for the benefits of the mass in general. The cost of health care and medicines has increased a lot. Government intervention would bring down these costs.
To maintain the quality of health care services, research and upgradation of the medical system have become urgent. These researches should be funded with the help of taxes as these are not conducted for specific individuals. The results serve the entire population.
How Can The Government Help?
- The money collected through taxes can be given out to companies working on medical research and modern medicine.
- Medical institutions should have access to proper funding so that the students would have access to better facilities and resources for conducting their research.
- The government can issue a guideline on how the money can be utilised by the companies and medical institutions who are working in the field.
Using the taxpayers’ money to fund medical researches is an investment for the government. The expenditure on healthcare and modern medicine reflects upon the well-being of a nation as a whole. The better the studies would be funded, the more prepared will the countries be to fight any major health crisis.
The government is the flag-bearer of the country. And healthcare should be one of its most important agendas.