How does the healthcare industry contribute to the Indian Economy?

The Indian healthcare industry consists of various service providers like doctors, nurses, hospitals and several other private, public and voluntary organizations. They deliver diagnostic, preventive, remedial and therapeutic services. Medical equipment, pharmaceutical manufacturers and health insurance firms are also included in this sector.

Some of the advantages that Indian Healthcare are-

Strong Demand-Indian Healthcare Market is likely to reach USD 372 billion. The contribution of this sector to the economy is likely to grow due to rising incomes, better healthcare awareness, improved access to insurance and an increase in the incidence of lifestyle diseases.

Attractive Opportunities-The Indian Hospital Industry is growing at a rate of 16-17% and is expected to reach Rs.6.2 trillion by 2022.

Rising Manpower-The number of qualified doctors and the proper recruitment of skilled medical professionals through efficient healthcare HR strategies has increased remarkably over the last five years

Policy Support-The Indian Government has launched the world’s largest government healthcare scheme called Ayushman Bharat from September 2018.

 Drivers of Healthcare in India

• Private sector in India has played a predominant role in Indian healthcare with a growing number of healthcare firms that offer patient-centric services. This has not only given a good income to the economy but also helped India gain national and international reputation.
• The growth of telemedicine has helped Indian healthcare tremendously. Thanks to the expertise of skilled hospital consultants, major hospitals in India are delivering telemedicine services enabling better healthcare access to millions of people. They have also entered into seveal private-public partnerships to make optimum utilization of hospital human resources to dispense high-quality care services to the masses.
• Indian medical tourism market is growing at a remarkable rate of 18% and is likely to reach USD 9 billion by this year as healthcare consultants  are involved in devising proper strategies and enabling adequate infrastructure to attract both domestic and foreign patients.
• The increasing trend of mergers and acquisitions deals in the hospital sector has also facilitated the optimal utilization of healthcare human resources to yield the best clinical outcomes and enrich patient engagements.

 Contributions of Indian Healthcare

• USD 5.09 billion has been allocated for nutrition-related programmes by the government of India.
• Increase of healthcare spending by the Indian government is likely to go up to three percent of GDP by the year 2022.
• The Union Budget has allocated an outlay of USD 9.87 billion for the healthcare sector this year.
• The government initiative Pradhan Mantri Jan Arogya Yogna is providing a healthcare cover of  5 lakh rupees annually for more than 125 million families.
• More than 50 lakh people have received treatment under the Ayushman Bharat scheme.
• The government mission Indradhanush is covering immunization for partially vaccinated and unvaccinated children in both the rural and urban areas.
• There are nearly 9.27 lakh doctors available for active service and 3.07 million nurses in India.
• Ayushman Bharat is likely to generate employment for 11 lakh Indians in the next few years
• There are nearly 1.5 lakhs centres which will bring healthcare closer to the Indian citizens and also provide free essential drugs and diagnostic services.
• Thanks to digital technologies like artificial intelligence, 3D printing, robotics, augmented and virtual reality in healthcare, there is a huge increase in efficiency and accessibility of medical services. This is leading to better healthcare outcomes and healthier citizens who can boost the Indian economy.
• There is increasing growth and awareness of organ donation, particularly from deceased persons. This has helped to give a new lease of life for many sick patients thereby reducing treatment expenses.
• The growth of healthcare apps and wearables in enabling millions of Indians to comfortably monitor their blood pressure, pulse rate, sleep times and weight. The Indian healthcare wearable industry is growing at a rate of 75 to 100 percent each year and is contributing nearly USD 1923 million in revenue to the economy.
• Advanced treatments like palliative chemotherapy for cancer, implants for hip fracture and angioplasty and bypass surgeries have become more cost-effective thanks to governmental support. As these interventions are done with state-of-art infrastructure and latest healthcare technologies, they account for the top 10 tertiary care procedures in hospital admissions.
• The rise of home healthcare has evaded the necessity of hospital admission for catering to the needs of elderly patients and chronic lifetime ailments.