India is one of the biggest markets in the world for Healthcare sector with some remarkable achievements to its credit in recent years, including:
• Ranks among the top 3 medical tourism destinations in Asia.
• Ranks among the most favored destinations for healthcare start-ups. In-home customized healthcare services including periodical health check-ups, nursing at home, etc, are rapidly transforming India’s healthcare landscape.
• Expected to be among the top three Pharmaceutical markets in the world by 2020. Union Government with its ‘Pharma Vision 2020’, is pushing to make India a global leader in end-to-end drug manufacture.
There is also a growing awareness among Indians about their health which can be summarized from the fact that the Healthcare budget of an average Indian household is expected to touch 13% in 2025.
The Union Government on its part, is also increasing public expenditure in Healthcare to 2.5% of GDP, encouraging public-private partnerships (PPP) in Hospital Infrastructure and boosting Medical Tourism through innovative initiatives.
• Modification of the Drugs & Cosmetics Act to promote Generics and reduce the cost of medicines.
• Conversion of 2 lakhs sub-centres in Indian villages to Health & Wellness Centres.
• Single-window approval system for innovation in medical research. This will grant permission / approvals within 30 days from the date of application to Indian Innovation projects who have applied for global patents.
• Healthcare ‘SEHAT’ (Social Endeavour for Health & Telemedicine), launched at Government-run Common Service Centre (CSC) to empower rural citizens by facilitating access to medical information and services.
• Union Government under the ‘National Health Assurance Mission’ provides all citizens with free drugs and diagnostic treatment as well as insurance cover to treat serious ailments.
Currently, one of the largest service-sector industries, both in terms of revenue and employment, the Indian Healthcare Industry is expected to reach a market-value worth US $ 280 billion by 2020.
With growing investments and greater awareness on health-related issues, Healthcare Industry, being recession-free, promises to stay one of the growth-engines of the Indian economy for many years to come, thereby ensuring stable and sound employment opportunities for smart and skilled Healthcare professionals.