is the projected worth of the Indian Health Care Sector by 2022. Learn how new skills are helping this sector grow by leaps and bounds.
The Indian Healthcare sector is really huge. It is big revenue wise as well as in its capacity to generate employment.In fact the elements that make up this sector is huge. It comprises of hospitals,clinic,equipment supplier, para medical staff,clinical trials,medical tourism, and yes the great Indian alternative system of medicines. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
The Indian health care sector is divided into two major parts : The private sector and the public sector. Public Sector is taken care by the government of India. Government of India further provides healthcare for its citizens by making properties both at central level and then at state levels. In the rural areas the government provides health care through primary health centers.The private sector also provides health care services at every level and is recently penetrating the Indian tier 2.3 and rural areas also.
India as a nation happens to be globally competitive when it comes to providing quality health care services.The reason is that we produce some of the best health care professionals in the cheapest possible cost. That’s what makes India the preferred choice for medical tourism. We provide world class medical procedures at a fraction of cost.
By 2022, it is expected that the Indian Healthcare market will be worth Rs 8.6 Trillion. This makes it one of the fastest growing sector revenue wise in the country. Currently the medical tourism industry is growing at the rate of 25% and provides jobs to lakhs of professionals.There is a significant scope for enhancing healthcare services considering that healthcare spending as a percentage of Gross Domestic Product (GDP) is rising. Rural India, which accounts for over 70 percent of the population, is set to emerge as a potential demand source.
Some of the major initiatives taken by the Government of India to promote Indian healthcare industry are as follows:
- India’s first ever ‘Air Dispensary’, which is based in a helicopter, will be launched in the Northeast and the Ministry of Development of Northeast Region (DONER) has already contributed Rs 25 crore (US$ 3.82 million) for its funding.
- The Intensified Mission Indradhanush (IMI) has been launched by the Government of India with the aim of improving coverage of immunisation in the country and reaches every child under two years of age and all the pregnant women who have not been part of the routine immunisation programme.
- The Union Cabinet approved setting up of National Nutrition Mission (NNM) with a three year budget of Rs 9,046.17 crore (US$ 1.40 billion) to monitor, supervise, fix targets and guide the nutrition related interventions across the Ministries.
- The Government of India aims to increase the total health expenditure to 2.5 percent of Gross Domestic Product (GDP) by 2025 from the current 1.15 per cent.
- Mr J P Nadda, Union Minister of Health and Family Welfare, Government of India, launched initiatives such as LaQshya, for Labour Room Quality Improvement, a mobile application for safe delivery, and operational guidelines for obstetric high dependency units (HDUs) and intensive care units (ICUs).
- In March 2018, the Union Cabinet of India approved the continuation of National Health Mission with a budget of Rs 85,217 crore (US$ 13.16 billion) from 1st April 2017 to 31st March 2020.
- In April 2018, the Government of India approved to sign Memorandum of Understanding (MoU) with the medical agencies of BRICS countries for cooperation in the field of medical products.
- In April 2018, the Government of India apprised the signing of Memorandum of Agreement (MoA) between India and World Health Organisation to facilitate in improving public health in India
- In May 2018, the Government of India approved financial outlay of Rs 14,832 crores (US$ 2.30 billion) for FY 2017-18 to FY 2019-20.
- In May 2018, the Government of India approved Rs 1,103 crore (US$ 170.14 million) for setting up All India Institute of Medical Sciences (AIIMS) in Deoghar, Jharkhand.
- In June 2018, the Ministry of Health and Family Welfare signed an Memorandum of Understanding (MoU) with the Norwegian Ministry of Foreign Affairs through the Norway India Partnership Initiative (NIPI) from 2018-2020, the cooperation is aligned with National Health Policy 2017.
Source : Ibef
The Indian health care sector is all set to provide millions of jobs in the future and also is one of the good sources of income for the nation.This sector is bound to be the best seller of the Indian Economy.