The Blooming Indian Healthcare Industry
Healthcare industry in India is projected to reach $372 billion by 2022 Healthcare industry in India comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. The healthcare sector is growing at a tremendous pace owing to its strengthening coverage, services, and increasing expenditure by public as well private players.
Strong Demand: Healthcare market in India is expected to reach US$ 372 billion by 2022, driven by rising income, better health awareness, lifestyle diseases and increasing access to insurance. As of 2021, the Indian healthcare sector is one of India's largest employers, as it employs a total of 4.7 million people
Attractive Opportunities: In the Economic Survey of 2022, India's public expenditure on healthcare stood at 2.1% of GDP in 2021-22 against 1.8% in 2020-21. Two vaccines (Bharat Biotech's Covaxin and Oxford-AstraZeneca's Covishield manufactured by SIl) were instrumental in medically safeguarding the Indian population against COVID-19.
Rising Manpower: Availability of a large pool of well-trained medical professionals in the country. The number of allopathic doctors with recognised medical qualifications (under the I.M.C Act) registered with state medical councils/national medical councils increased to 1.3 million in November 2021, from 0.83 million in 2010.
Policy and Government Support: In Union Budget 2022-23, Rs. 86,200.65 crore (US$ 11.28 billion) was allocated to the Ministry of Health and Family Welfare (MoHFW). The Indian government is planning to introduce a credit incentive programme worth Rs. 500 billion (US$ 6.8 billion) to boost the country's healthcare infrastructure.
India is blooming in the healthcare sector, but are we on the right track? Even if we are, Should India be here or was India supposed to be here a few years ago?
Virgil ~ Roman poet said "Fortune favours the bold" Meaning Luck is usually on the side of those who take chances and risks.
To be where we should have been, To become the best in the world, Simply, we need to race up the pace.
If there’s one positive outcome of the Covid-19 outbreak, induced lockdowns and subsequent waves, it is in the form of increased adoption of technology across different segments and industries. The healthcare industry for one, which braved the biggest blow of the novel virus, has in the recent past been witnessing massive improvement and innovation ushered by digital and technological transformation.
Technology further has the potential to transform unsustainable healthcare systems into sustainable ones by ensuring efficiency of operation and unhindered growth while equalising the relationship between patients and medical professionals.
It is not what we want but what we need. The Indian Healthcare sector needs a tech transformation and the hustle starts now.