Healthcare in India has evolved as a promising sector both in terms of revenue and employment. It consists of a broad spectrum of services- Hospitals, Medical Equipment and Devices, Clinical Research and Trials, Medical Tourism (MT), Health Insurance and Outsourcing. This sector is rapidly growing owing to increasing coverage, service portfolio and expenditure funded by both private and private segments.
India’s competitive advantage lies in its talented pool of medical professionals and cost-effectiveness. There are several renowned healthcare consulting firms in India are that are guiding hospitals and other clinical units for transitioning to the value-based system of care. Their professional services help hospitals to get accreditation and increase the standards of hospital quality management for delivering patient-centric services. Additionally, the rapid development of healthcare technology in India, innovative approaches and state-of-art facilities and infrastructure make India a famous MT destination worldwide.
Some Interesting Facts and Statistics about the Healthcare Industry in India:
- Indian Healthcare market is estimated to grow three-fold to USD 133.44 trillion by 2022.
- MT sector is experiencing a growth of 22-25% and has reached approximately USD 6 billion in 2018.
- The government spending on healthcare has increased to 1.4 % of GDP in 2018. It is planning to further enhance this to 2.5% of GDP by 2025.
- India successfully signed 23 healthcare deals worth USD 679 million in the first half of 2018.
- Some of the top healthcare companies in India include Dr.Reddy’s Laboratories, Cipla, Wockhardt, Religare, Apollo, Fortis and Piramal.
- The Indian Government has developed Sustainable Development Goals (SDG) targeted to be achieved by 2030.This is an attempt to ensure health, end poverty and ensure prosperity and peace for the people. As part of this agenda, one of the SDGs focuses strongly on health. It aims to promote the healthy living and well-being for people of all age groups by eradicating all forms of malnutrition and achieving universal access to safe drinking water, hygiene and sanitation.
- The Government of India launched a unique public health insurance scheme in 2018 called Ayushman Bharat. This caters to healthcare needs over 100 million families with an annual coverage of Rs. 5 lakhs each making it one of the largest endeavours globally.
Paradoxes of Indian Healthcare
- Though healthcare is a fundamental right, it was largely left to be addressed by the private sector earlier.
- Although it attracts investments, care delivery mechanisms remain debatable.
- Despite being amongst the cheapest globally, healthcare remains unaffordable to a lot of Indian citizens.
- Doctor : Patient ratio remains poor (1:1000) though MT booms.
- There are glaring differences in healthcare outcomes within India due to dependency on the state administration.
Indian Healthcare is at the crossroads with multiple challenges and opportunities. Yet, it has a promising future with more consumers becoming conscious towards their healthcare upkeep.