Private Sector as a Vibrant Force in India's Healthcare Industry

Healthcare was conventionally considered as a public sector forte, and there has been a primary thought process that a service as crucial as healthcare should be provided and supported by the public sector only. However, with drastic shifts in operations and approach in the Indian socio-economic context, health has also made its way to the private sector following the footmarks of many other industries. The healthcare reform initiatives along with the emerging trend of privatization of multiple state-owned sectors, the Indian healthcare industry is showing a paradigm shift with major investment chunks getting channelized through this sector. With 80% of the Indian market under its grip, the private sector can be proclaimed to be one of the significant contributors in the healthcare industry in the present context.

In earlier days, state-run hospitals used to be the primary source for receiving medical assistance for everyone. With the passage of time and change in the global conditions, the private sector is now emerging as a major force in the healthcare industry. With state-of-art infrastructure, regular investments, international standard medical facilities, and efficient services, the private hospitals have managed to top the preference list of the mass. Even if we think in a personalized way, a renowned private nursing home or hospital remains our priority when it comes to treating ailments instead of being aware of the higher costs attached. Hence, we can say that the quality of services received through the private sector hospitals has negated the price comparisons making private hospitals the future of the healthcare industry.

Though the fact remains that private hospitals and medical services started their journey to bridge up the gap between the demand of services and the supply of the same by the public hospitals, the private healthcare has managed to secure a place of its own in almost no time. The modern methods of treatment, the prompt service, and the hygienic ways of patient handling are key contributors to this sudden yet steady acquisition of the entire healthcare market.

India has a huge bunch of private hospitals today which are at par with the international standards of treatment and have everything ranging from the latest equipment and technology-driven operations to healthy environmental support. It can be assumed that the shift of preference from the public to private healthcare got ignition from qualitative factors more than any other. The expansion of support factors like diagnostics, telemedicine, pharmaceuticals, health insurance, and medical devices are some of the critical elements that have propelled the progress of private sector into the most dominating healthcare sector.

Rise in income and healthcare expenditure bolstering the private health sector

As the statistical records support, the income level of individuals has increased over the last few decades in a considerable way. More and more consumers are willing to pay higher to get better, more reliable, and highest quality of medical facilities denying the average services offered at a lower cost. Globalization and urbanization have made the expectation benchmarks high for every individual. With affordability going up the income scale, the expenditure on healthcare has increased considerably. Moreover, if we follow the demographic charts, the average life expectancy has increased inflating the number of aged people higher in the margins. This pool of aged people contributes to the demand for healthcare services positively and further expands the expenditure level considerably.

Public awareness of health

Over a few decades, the lifestyle diseases are showing an emerging trend with alarming figures. This has caused a change in the approach to health maintenance for a huge percentage of the population. The awareness of health and hygiene along with the standards of lifestyle have changed drastically. The people, in general, have become more focused and informed about the tiny tit-bits of health associated fundamentals. Hence, healthcare services are no longer sought just for treating serious diseases but also as a means for maintaining daily health. As a result, the entire healthcare industry, particularly the private sector, is observing a rise in the demand in services.

Government contributions and initiatives

Though playing as a simultaneous entity, the Government has also aided the increase in the private sector intervention in the healthcare industry. Multiple tax exemptions, duty relaxations, low rates for hospital establishment are some of the measures taken by the Government that have fueled the growth process of the private sector initiatives in healthcare. There are regulations for reduced import duties on drugs and medicines as well that have been helping the pharmaceutical industry to flourish side by side, which is again contributing to strengthening the private sector in healthcare.

The Indian private healthcare sector is surely registering immense growth and also showcases rich potential for further rise in the future. The private sector has taken over as a noteworthy entity when it comes to employment opportunities as well. At IIHMR, Delhi, we have been consistently preparing the aspirants for the healthcare industry and have enabled them to secure top positions with leading players in the healthcare arena. Our placement record indicates how successfully the IIHMR graduates have carved their way into the top private hospitals. At IIHMR, students are not just polished to meet the industry demands but are also trained on the tactics to get their hands on the best of job opportunities.