Healthcare in India is stepping out of the four walls of the conventional health system. Over the years, the healthcare providers have comprehended that the offerings alone will not be enough in the upcoming days. In addition to this, the covid-led unconventional crisis has further compelled the Indian healthcare sector to undergo a major shift.
What Was and What Is?
2019 witnessed an overall spending of just 1.5% of the GDP in Indian healthcare. Since then till now, the Indian government has amplified its allocation towards healthcare and it has set a target to be achieved by 2025, to allocate 2.5% of GDP on health.
The administrative policies in India related to health have matured rapidly over the last year. This was reflected in last year’s budget where allocation for health was raised to ₹2,23,846 crore for 2021-22, which is almost a 137% surge over the last year.
The implementation of technology to collect data and make it more accessible, is one of the notable changes in the Indian healthcare system. As was stated by Anand K., CEO of SRL Diagnostics, “Innovative solutions, along with integration of smart technologies, data science and analytics, need to be discovered to address the changing demand of healthcare services.” Along these lines, the healthcare sector has increasingly started to implement technology in its operations eliminating the mediators.
Disintermediation has taken place in a certain way in which the primary & secondary level hospitals can get direct access to the Super Speciality Hospitals, in a collaborative manner. This framework not only removes the intermediate layers but also extends an advantageous ambience for primary level hospitals, to act simultaneously with the Super Speciality hospitals giving rise to a win-win situation for both the partners.
Being a Technical Giant
The Indian healthcare system is undergoing the following to evolve technically:
- Increased application of electronic medical records with the structured usage of data that will be aiding research and development for studying trends, alerting the country on disease outbreaks, and so on.
- The digital healthcare sector in India was estimated to yield a value of INR 116.61 Bn in 2018 which is now expected to reach INR 485.43 Bn by 2024.
- India’s biotechnology market is estimated to attain $100 billion by 2025.
- The Indian telemedicine sector holds the maximum potential for the eHealth segment in India, which will probably touch $5.4 Bn by 2025.
- As per International Data Corporation (IDC), India’s wearable market grew 144.3 percent year-over-year (YoY) in 2020.
- Emerging trends for artificial intelligence, robotic surgeries and Internet of Things (IoTs) have opened up distinguished avenues for investment.
The radical changes witnessed by the Indian healthcare system is a major indication that the country is developing a great deal of awareness about health, hygiene, and technology. With the quick adaptation of the medicine delivery apps and online consultations, it’s crystal clear that India’s healthcare system is growing exponentially and so are the scopes for healthcare investors.