WHY Global Economic Experts are Giving THUMBS UP to HEALTHCARE Sector INDIA? (TRENDING TOWARDS US$ 372 BILLION MARK BY 2022)
Indian Healthcare sector seems to be in mode of steady and prolific growth. Down the line, the forecast seems promising. Expectation is sky-high with dreams of total industry size touching US$ 372 billion by 2022. This sector should definitely record a Compound Annual Growth Rate (CAGR) of 16.28% in the time frame of 14 years (2008 to 2022 to be more specific). The business revenue earned from this sector stood at handsome figures of Rupees 4 trillion (US$ 61.79 billion) in the year 2017. If it maintains the stated CAGR, a whopping 8.6 trillion (US$ 132.84 billion) would not be a dream that’s far away. (i)
Statistics reveal that forecast proved true in the past years and is expected to continue the same curve. In 2017 the expectation was US$ 160, which now is an established figure in the business world. From 2008 till the close of year 2017, India has been witnessing steady rise; the business milestones of each year seem to have excelled he growth of the previous year. (i)
Why Global Economic Experts are giving Thumbs Up to Healthcare Sector in India?
The top reasons for bright and healthy scenario of healthcare in India are:
- One of the largest revenue earners in Indian business sector
- Creating Mammoth Employment Opportunities – by 2030 it is expected that the sector will be providing 40 million jobs in the country. (i)
- Wise and prudent business strategies are facilitating mergers and acquisitions with domestic and global companies in order to acquire newer marketing horizons and generate growth.
Top Healthcare Consulting Firms Provide Integrated, Value-added Care
India healthcare consulting firms are working in tandem with doctors who are the backbone of healthcare industry. The mission is to ensure that the doctors remain free from hassles of and nitty-gritty of medical delivery in India, so that they can devote time and work on their expertise to cure patients.
Pharmaceutical companies are coming up in large numbers because of the increased healthcare opportunities and areas of collaboration with healthcare experts. With the rise in the numbers, pharmaceutical consulting has acquired a whole new dimension. They are providing world-class infrastructural facilities for healthcare clinics both in the urban and the rural circuit. Apart from infrastructural planning they can provide world-class services in the areas like –
- Hospital consulting, licensing and operations services
- Medical equipment listing and procurement budgeting
- Managing doctor recruitment and HR services
- Healthcare commissioning and management services
- Fund raising after fund requirement analysis
- Market research and repositioning
- Event management services
- legal issues handling services
More Reasons for Healthcare Revenue and Industry Size Growth
The growth of medical tourism in India is proving a fertile ground for growth of business consulting services in India in pharmacy sector. It has been a record number of years that India has been the frontrunner as the ideal medical hub in the continent of Asia. The consultants and experts of the healthcare industry work on every detailed aspect to boost efficiency and productivity of hospitals, doctor- run clinics, nursing homes, and primary healthcare centers or organizations up to the grass-root level.
Even telemedicine, which is a relatively new concept in the world of healthcare, is reason behind the amazing growth graph of the healthcare industry in India. It refers to real-time, lightning speed, interactive communication between healthcare professionals and patients far across by using telecommunications technology. It is counted among the boons of Information Technology.
Establishment of world-class healthcare facilities in every nook and corner of the country is presenting a promising picture; acting as a magnet to pull both global and domestic healthcare seekers. The increased number of patients means that more and more doctors are needed to provide health care. The need to leverage medical efficiency through top-class hospitals and best of doctors seem to pose an uphill task for the Government. Here comes the need of the consultants and their top solutions in pharmaceutical consulting.
The perspective of healthcare is 360-degree management. Needless to say, that requires efficient doctors, managers, administrators, finance analysts and business heads along with top-class governmental initiatives for countless patients within and beyond Indian borders. In recent years India Government has approved of 100% FDI or Foreign Direct Investment in technologically advanced medical devices. Hence foreign investors are giving a boost to the revenue by their prolific investment; government reports have pinned this figure to US$ 4.99 billion in between the 200-2017-time frame. To top it all, people have become more aware of the lifestyle health issues and chronic diseases. It is the combined effect of all the above factors that substantiate the growth in the healthcare sector of India.
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