India to Take Over as a Global Healthcare Hub!

India accounts for the second largest population in the world securing its place right after China. This huge number not only refers to resource consumption but also indicates a larger pool of people always available for the development of fresh initiatives. India has a diverse market accommodating multiple business domains like retail, FMCG, education, health, and much more. However, one sector that has been emerging as a vital force contributing significantly to the Indian economy in terms of GDP is the healthcare sector. The crowd involved in serving the industry as well as that on the receiving end is massive, and the sector contributes to a major share of the total economic growth registered by the nation in every fiscal year. The approach to healthcare and wellness has changed over the last few decades. People these days are more inclined towards maintaining general well-being rather than addressing sporadic requirements generating out of unexpected situations or emergencies. With people approaching the medical services on a regular basis to keep up good health, this industry is registering considerable and consistent growth. Studies have revealed that with recent reforms and government interventions, the healthcare sector is about to take over the global market by storm within another five years. Read more at https://www.ibef.org/industry/healthcare-india.aspx

The Change in Demand Pattern

In earlier days, healthcare was only considered as a means of treating an ailment that was difficult to be cured with domestic remedies. But with the access to information related to the overall well-being of health, the nutrition parameters, and the daily lifestyle fundaments, the people have become more aware of the fact that maintenance of general health is of much importance and that there should be health checks in regular intervals to avoid any sudden accidental situation. This trend has significantly contributed to the overall rise in the CAGR ratios over the past years. The exact statistics of CAGR being 16-17%, India has a lot to expect from this sector. The market speculations and forecasting predict that by the year 2025, India would be able to see its healthcare sector in the global scenario.

The Infrastructural Change

The public healthcare amalgamated with the private healthcare sector accounts for the entire healthcare system in India. With more number of Indian companies getting ANDA approvals and a lot of public money getting routed to the branches of the healthcare sector, growth is an obvious outcome in the coming years. Apart from the hospitals, the pathological centers, diagnostic centers, the laboratories, medical equipment suppliers, pharmaceuticals, and the medical insurance companies have been the major contributors in bringing about the change. The hospital industry in India alone is expected to register a growth of INR 4.6 trillion within the span of FY17 to FY22, helping to maintain the uniform CAGR at 16-17%.

Government Initiatives

The healthcare sector in India has always received a lot of support from the government. The recent reform and policy implications taken up and suggested by the government have been significantly contributing to the further growth and rise of this sector. To make the industry rise at par with the international standards and perform and rather overtake the foreign markets has been the motto for long. To deliver the same, the government has come up with amendments in the taxation system and excise duties. Under the “Make in India” initiative, there would be measures that will result in a fall in tax components, and there will be incentives on establishing a medical device industry. There has been a significant foreign influx of funds as well. These initiatives are likely to have a major impact on the functioning of this sector in the times to come and will positively help to strengthen the same.

The Market

The sector has been showing a sharp rising trend in the growth percentages over the last five years. Covering almost every therapeutic category of drug, there are 10,500 registered manufacturing units in the market at present. Out of these, 8000 are formulation plants making generic drugs. There are 2500 bulk drug manufacturers with an approximate turnover of around USD 12 Billion. These figures show that India already accounts for 10% of the global bulk drug market. With the forecasted growth percentage of 16%, the major share is sure to fall within the Indian contour. (Source: https://health.economictimes.indiatimes.com/news/industry/india-the-future-hub-in-global-healthcare/46904429

Looking at the trends and the rapid growth that the healthcare industry has been consistently registering, it is evident that healthcare is surely one of the top industries if you are looking for a secure and a rewarding career. If you have the relevant education, industry knowledge, and practical know-how, you can easily unlock the best of opportunities in the burgeoning healthcare sector.