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WHY INDIA ? - INDIAN HEALTHCARE SCENARIO |
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- Indian Healthcare Sector is growing at a frenetic pace.
- India will spend USD 45.76 billion on healthcare in next five years.
- Revenues from healthcare sector account for 5.2% of GDP.
- Coupled with pharmaceutical sector, the total healthcare market could increase to USD 53-73 billion.
- Medical Tourism has pegged at USD 350 million and will grown proportionally to USD 2 billion by 2012.
- India has the fastest growing healthcare IT market in Asia, with an expected growth rate of 22%.
- Healthcare spending in country will double over the next 10 years.
- Govt has allowed foreign direct investment upto
51% in hospital services and upto 26% in healthcare insurance.
- Foreign investment has been allowed in all sectors of healthcare in India.
- Govt has reduced custom duty on medical equipments by 5%.
- Import duty on life saving equipment has been reduced from 25% to 5%.
- The rising standard of living along with increased purchasing power and willingness to pay for quality healthcare has led to the emergence of high quality corporate hospitals.
- Changing lifestyle patterns has created a market for preventive and curative care opportunities.
- Healthcare costs in India are about 1/10 of those in other countries.
- Low cost health facilities with very high quality of healthcare services are now available in India.
- Increasing number of tertiary care hospitals have led to increased demands of medical equipment.
- Special Economic Zones have been set up by govt. with large range of incentives including low tariffs and barriers, exemption from taxation etc.
- Presence of a large number of international and domestic healthcare/pharmaceutical companies is another reason for growth and development.
- Pool of doctors and healthcare specialists is an added advantage.
- India has huge network of medical centers/hospitals/laboratories etc with various international accreditations.
- India has become a popular medical tourist destination with huge rise in the number of medical tourists to the country, which has increased more than ten-fold since 2000.
- India is emerging as a low cost base of manufacturing medical devices for the global healthcare market.
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