Healthcare in India: Challenges and Prospects:
The healthcare sector in India is projected to grow about 30 % per arum in coming years, Fastest growing industry in India, accounting roughly 6% of GDP and becoming a lucrative career space in India. Reasonably Recession Proof due to growing domestic demand.
A fast developing economy, increased Monthly Household Income and raised urbanization have been instrumental in spreading the affordability net of average Indian. In present environment patients are demanding for value and quality healthcare services for their money.Economy, demography and Industry.
Indian Economy – average annual growth rate over the past half century
- During the 50s, 60s and 70s – 3.5%
- During the 80s – 5.7%
- During 1990-2005 – 6.0%
- During 2005-06 (9.4%), 2006-07 (9.6%) and 2007-08 (9.0%), averaging 9.3%
- Over 1 billion population: 52% below the age of 25
- Median age of India’s population would remain 30 years even as late as in 2025
- Workforce (15-59 years’ age group) in India would grow to approximately 325 million by 2050
- Today’s youth in India is expected to drive tomorrow’s boom.
Cost advantage in the healthcare sector in India:
Cost Of Key Healthcare Procedures
|Currency: USD||US||Thailand||India||India HC Cost -X Of US|
|Bone marrow transplant||62,500||62,500||30,000||13.33|
Source: India Brand Foundation, IBEF Research
India – Beyond Cost Advantage:
- The Indian healthcare story is not about cost advantage. It has a high success rate and a growing credibility.
- Indian specialists have performed over 500,000 major surgeries and over a million other surgical procedures including
- Cardio- Thoracic, neurological and cancer surgeries, with success rates at par with international standards.
- The success rate of cardiac bypass in India is 98.7 per cent against 97.5 per cent in the U.S.
- India’s success in 110 bone marrow transplants is 80 per cent.
- The success rate in 6,000 renal transplants is 95 per cent.
Patient – Disease Statistics:
- Cancer : 3 million
- Diabetes : 34 million
- HIV : 8-10 million
- Epilepsy : 8 million
- Hypertension : 150 million
- Schizophrenia : 1 million
- Asthma : 40 million
- Alzheimer’s : 1.5 million
- Cardiac-Related Deaths : 2 million
The outgrowth of IT had tempted many aspirants towards IT and ITES sector, however because of the newer avatar of healthcare as a industry, attracting professionals in to healthcare segment, which is growing manifolds. The demand for manpower of healthcare industry would double up in upcoming years.
The Employment opportunities are provided to as many as 4 million people in the health care segment or other related sectors catering to the health care industry in India. The employment opportunities expected to generate for 9 million people in next couple of years.
According to industry reports currently there are more than Half million doctors are employed in 15097 hospitals; Additionally there are 0.75 million nurses are employed.
In last few years, there is an extraordinary increase in corporate hospital’s in India, many of these hospital’s are running by professional managers and administrators, who have an good understanding about the dynamics of business.
A recent industry survey estimates that India will need 2,96,000 healthcare management professionals and 7,00,000 professionals in future.
A recent Planning Commission report states the, India’s public healthcare is facing a serious decline due to non-availability of medical and paramedical staff, diagnostic services and medicines. There is an urgent need to train and motivate medical practitioners to engage in public healthcare services.
However Healthcare as an industry has created newer opportunities and there is an increase in demand for Economists, Financial Professionals, Hospital Administrators, HR professionals, Hospital operations executives / managers, marketing executives / managers, PR executives / managers, Customer Care / Managers, Business Development Managers/ Executives and lots of more opportunities for professional’s who has strong knowledge on several integral aspects like healthcare marketing, quality management, human resource management and accreditation systems.
There is a major shortage of quality professionals for hospital services; service professionals for bio medical equipment, diagnostics. The manpower demand of the healthcare industry would double up in the next 7 years.
The Indian public healthcare services are running acute shortage of medical professional’s, particularly in community healthcare centers, there is dire need of surgeons, obstetricians and gynecologists , physicians and paediatricians.
Density of health care workers in the country is a little over 8 per 10,000 population. Allopathic physicians comprise 31% of the workforce, followed by nurses and midwives (30%), pharmacists (11%), practitioners of traditional systems of medicine (9%) and others. However, there is a acute shortage of qualified specialist nurses, paramedical professionals and also qualified hospital administrators.
Few past experiences indicate that low-cost solutions uniquely may not be sucient to attract medical tourists for having healthcare treatments in India. The negative perceptions about India, with regard to hygiene standards, prevalence of contagious diseases, quality of healthcare services provided in public sector hospitals, and wastage management practices followed in India, counter the positive vibes created by the cost competitiveness of Indian healthcare system.
The current healthcare infrastructure in India is inadequate, The overall number of beds, physicians and nurses is low compared to other developing countries and international averages. India could tap substantial opportunities in the growing international healthcare tourism by way of developing its healthcare systems, implementing the successful strategies embraced in other countries.