Better Public Access to Health Insurance is the Key Contributor to the Growth of the Health Industry

Healthcare is one of the major industries that India has today, and it caters to a large mass in multiple ways. With significant changes in the overall set-up of the industrial infrastructure and policy implications, the health sector is one of the dominant names in the market today. As known by all of us, ailments are something that can be hardly predicted. With the high probability of a sudden occurrence of diseases or any other health issues, the healthcare sector deals in one of the most vulnerable services. The people seeking health services may also be in a state of jeopardy in case of an abrupt or unpredictable health emergency. Thanks to the presence of the insurance sector that plays a crucial role here in bridging up the gap between the unpreparedness of the patient’s party and the emergency requirement of the services. Health insurance is a part of the total healthcare system that keeps the functioning service oriented and smooth. The growth that this sector has been showcasing over the recent years, clearly demonstrates that there has been a strategic shift in the approach and policy implication of this sector, of which insurance is a key factor.

Insurance-Major Determinant of Health Sector Growth

The crude statistics reveal that the healthcare industry has registered remarkable growth in the last few years. If we go by numbers, the number of primary health centers and the sub centers have increased considerably to 33,235 and 168,157 respectively. The multiple parameters that have played critical in bringing about and determining this growth are the rise in average income of the people, change in the awareness pattern of the people and public access to insurance. Insurance is integral when it comes to glitch less provision of services pertaining to the medical amenities. It is less likely that a person would be prepared all the time with a certain amount of money to be spent on health accounts making him or her absolutely prepared for any unforeseen emergency. Having reasonable insurance will only ensure timely treatment facilities and hassle-free methodical processes. From taking admission to hospital to having critical surgeries done, insurance takes care of almost every bit of the health aspect. Proper access to insurance facilities can enable the mass to rely more on the services provided by the health sector which in turn also contributes to the growth of the overall industry. For a better understanding of the current growth scenario in this sector, you can pay a visit to https://www.ibef.org/industry/healthcare-presentation.

Government initiatives propelling the access to insurance

Health is primarily dealt in by the government sector and cannot stand stout without the active participation of the same. Public health itself being an index of development parameters, developing nations like India need to give more attention to the overall improvement of the health sector. As far as the insurance services are concerned, along with government interventions, there have been key players in this field like Appollo Munich Health Insurance, Royal Sundaram, Max Bupa, Star health, Future Generali, Bajaj Allianz and much more worth mentioning. As the number of people going for medical insurance increased over the years, it acted as a catalyst to the growth of the healthcare sector. Apart from the private insurance authorities, the Government also plays a critical role in making the insurance opportunities affordable and accessible for all regardless of their economic conditions. Under the noteworthy launch of Ayushman Bharat, the National Health Protection Scheme by the Indian government, 5 lakh free health insurance was declared to the marginalized people making the health sector services within reach for all. This initiative also has the potential to generate over 100000 jobs by the year 2030 which would be a major component of employment growth in this sector which is forecasted to reach 40 million in the coming times. Please refer to http://ayushmanbharat.co.in/ayushman-bharat-yojana-registration-online/ for further details of the Ayushman Bharat scheme.

With health insurances roped in with the health care services as a whole, it is obvious that the industry will experience a rise in the business with insurance playing a major role. With a higher level of life expectancy, more of the expenditure component will be aligned with the medical insurance sector. As an obvious consequence, insurance will emerge as a major determinant of the growth of the healthcare sector.

We, at IIHMR, New Delhi, a leading educational organization, have been consistently and committedly working to pave the way of future forward through a better equipped healthcare sector. We have hence amalgamated our curriculum with the industry related knowledge and practical exposure to ensure flawless performance and a great career ahead for our students. The insurance related avenues are also kept under focus to justify the overwhelming growth in contribution by this single source to the healthcare sector.