India paving its way to “Health for all”
This year World Health Day was celebrated on 7th April 2023 with the theme "Health for All," emphasizing the diverse healthcare needs of individuals and communities worldwide. Access to healthcare is a fundamental human right, yet millions worldwide still lack access to basic healthcare services.?
Governments and policymakers have a critical role to play in ensuring that everyone has access to healthcare services. This includes investing in healthcare infrastructure, expanding health insurance coverage, and prioritising health equity.
The healthcare sector has experienced substantial expansion worldwide, with the industry's value increasing from $8.5 trillion in 2018 to $12 trillion in 2022. India’s overall healthcare industry is estimated to be around $372 billion in 2022, with a compound annual growth rate (CAGR) of 22%.
Given the vast size and population of India, the Indian government places significant emphasis on public health. In the Union Budget 2023-24, the government has allocated INR 88,956Cr towards health expenditure, an increase of 2.71% over last year.?
Achieving health for all is not just a moral imperative; it is also a smart investment in global health and development. By prioritising healthcare access and equity, we can improve health outcomes and reduce health inequalities worldwide.
Driving accessibility via technology
Fulfilling ‘last mile coverage’
GoI has invested in initiatives such as Ayushman Bharat Digital Mission (ABDM) which is helping deliver healthcare via telemedicine to those who are either located in very remote areas or are unable to travel due to their age or prognosis. ABDM was rolled out nationally in 2022 under the National Health Authority with an allocation of INR 1600 cr for 5 years. ABDM’s Budget 2023-24 allocation was INR 341.02 cr, a 70.51% increase from the previous year.
Digital health records
Through ABDM, users can create an Ayushman Bharat Health Account (ABHA), which links their health records and provides access to essential government-provided healthcare services. It also offers information on government healthcare insurance schemes and other benefits. Within a year of its launch, ABDM has already witnessed 100 million patients linking their health records to the network.
领英推荐
MedTech
To complement digital infrastructure, both the private sector and the Indian government have supported the development of technologically-enabled medical devices, known as 'MedTech.' The MedTech market in India was estimated to be around $11 billion in 2019 and is projected to grow to $50 billion by 2025, with a compound annual growth rate (CAGR) of 28%.
Leadership Insights
“The healthcare ecosystem in India is shaping up rapidly with the government driving data-driven healthcare from the forefront with the introduction of the health stack and ABHA IDs. Insurance awareness and penetration are improving rapidly as well post-Covid. The ecosystem is ripe for disruption, and we have seen insurers showing strong intent to enable better health for policyholders beyond hospitalisation insurance - a model proven in developed markets. India is ready for Healthcare 2.0 and we are more excited than ever.”
- Khushboo Aggarwal, CEO & Founder of Zyla Health
*Source:?WEF, NITI Aayog, pwc, CCEA, PIB