What Exactly Is The Healthcare Industry In India Like
What exactly is the healthcare industry in India like? What all are the different sectors in it? What is the healthcare system mix in India? Does India have a robust and good healthcare system in place? What all are the 4 main healthcare sectors in India? We will peak a deep dive into all these questions and a lot more by the way of this post here. Talking of numbers then the Indian healthcare sector has a net worth of over 140 billion U.S. dollars as of 2016. Progressing ahead with projections to reach up to 372 billion dollars by the end of 2022. The Indian healthcare market had propelled to become one of the largest sectors in terms of revenue and employment. The industry was moving ahead at a rapid pace. Managing to cater to a large number of the growing cases of COVID-19 outbreak during the pandemic. It the time now to check out some of the sectors in the Indian healthcare industry. It consists of the following:
- Hospital care of any type.
- Physician and clinical services.
- Dental services.
- Healthcare at-home services.
- Free-standing nursing-care facilities, continuing care retirement communities.
- Retail sales of prescription drugs.
- Retail outlet sales of durable medical equipment.
- Government administration.
- Mohalla clinics.
The Indian healthcare system has many challenges. One of the biggest being the patient to caregiver's ratio. The Indian demography has a universal healthcare model in place that is mostly administered at the state level rather than the national level. It is the Indian Constitution that has made the provision of healthcare in India the responsibility of the state governments, rather than that of the central government in place. There is always some question around the point that if India has a good healthcare system in place. Well, to be frank, India has got a vast health care system in place, but there remain many differences in the quality of care provided in the rural and urban areas. These leave a mark while we draw an analysis between public and private health care. Despite this, when compared to the other economies from across the globe the Indian healthcare domain is still a popular destination for medical tourists. This is because of the relatively low costs and the high quality of its private hospitals. Yet its government hospitals are high in quality and have changed their service offering over the passage of the last few years. AIIMS being as one of the prime names, considering the quality of care and the relatively low cost to be born for those in need.
This sector is divided into 3 main ones. These are mentioned here in the following, primary care, secondary care, and tertiary care. Primary care is often the 1st point of contact for people in need of healthcare. This is usually provided by the professionals such as general physicians, dentists, and pharmacists. The hospital's subsector is part of the health care and social assistance sector domain. All the industries in the hospital's subsector provide medical, diagnostic, and treatment services. All of which are including the physician, nursing, and other health services to the hospital inpatients. Also, for the specialized accommodation services required by the inpatients. It the time now to check for the linked monetary fundamentals considering this sector. As per information made public in an article published by Diplomat,' it stated that over 70% of the total medical expenses in India are paid by the patients out of their own pockets. Thus, making the requirement of health insurance even more necessary. This cost proportion is one of the highest in the world. When we talk about mental healthcare in India, then it is an extremely expensive sector. The projection of the hospital industry in India is forecast to rise to Rs. 8.6 trillion or US$ 132.84 billion marks by the end of FY22 from the figure of Rs. 4 trillion or US$ 61.79 billion marks in FY17 at a CAGR of 16–17%. The Government of India is meticulously planning to increase public healthcare spending to up to 2.5% of the country's GDP by the end of 2025.
What is the USP of the Indian healthcare industry? Let’s have a look into this domain in the Indian state of affairs.
The uniqueness of the Indian healthcare sector lies in its competitive advantage. This having in its large pool of well-trained medical professionals. The Indian healthcare domain is also cost-competitive compared to its peers in both Asia and even in Western countries. The ultimate cost of surgery in India is about 1/10th of that in the US or any other Western European country boasting of having the best healthcare setup in place. This is a sector where all stakeholders are the government, public, and private service providers. Even including the medical professionals and patients collectively will need to make constructive efforts to end the trust deficit going ahead in the post-COVID-19 age. There is a National Health Policy 2017 that aims to bridge the gaps by increasing the public spending to as much as 2.5% of the GDP by the end of 2025 and this Policy takes into account the problems and the viable solutions holistically with the private sector as an active strategic partner. To achieve this goal of universal coverage, the Indian government would be needing the support of the private sector at primary to tertiary care levels. This support will have to come in the form of large investments, new technology incorporation, innovations, and the quality care services offered. A robust innovative partnership model will need to continue emerging in India, leading to cutting down across the traditional business models. However, the actual challenges remain at large, as to how to significantly reduce the treatment prices while also retaining the optimum quality care offered. The crux of the matter is in the fact that it will require all of us to come together and move on the path of building a ‘Swasth Bharat’ or a Healthy India initiative.