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Healthcare may be India's next boom

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Press Trust Of India New Delhi
Last Updated : Jun 14 2013 | 4:11 PM IST
Healthcare industry in the developing world is all set to grow exponentially and India with its inherent qualities can become a global hub for healthcare delivery, a study by a healthcare agency has suggested.
 
"Healthcare is one of India's largest industries. It is being touted as the next 'big boom' and the sector is expected to grow rapidly over the next decade, to reach a level of Rs 3,00,000 crore by 2012, largely spurred by an increased corporate presence in the sector," Chief Executive Officer Imprimis Life Aman Gupta, quoting the study, said.
 
The study, carried out by Imprimis Life "" an agency dedicated to life sciences and healthcare "" aims at underlining the medical advantages southeast Asian countries offer in comparison with the monetary disadvantages the west is trying to overcome.
 
"There is an urgent need to package the services we offer in such a way that it attracts more patients from overseas. The government has to play a key role by providing quality air links with countries that could be our potential customers," he said.
 
The last few decades have seen large investments in several healthcare facilities and health infrastructure. The private sector has also shown keen interest in the sector, the study pointed out.
 
Although India enjoys several distinct advantages in the healthcare sector, south-east Asian countries like Singapore and Thailand pose stiff competition as they, too, offer world-class services at much less rates as compared to the West, the study said.
 
"We have to learn from Thailand. The government there has initiated promotion efforts to combine healthcare services and tourism activities, especially for patients whose health needs are not urgent.
 
India, too, with its monuments of historical importance, could offer healthcare delivery packages to such patients, Gupta opined.
 
For those who need urgent treatment, everything should be packaged in such a way that every facility they require is available under one roof, he added.
 
The key to unlocking the growth potential in the healthcare sector as well as to attract high spending foreign patients was to substantially increase insurance penetration, the study said.
 
"Having more people covered under health insurance schemes will solve the dual purpose of keeping them fit and helping healthcare industry grow," Gupta said.
 
Regarding the trend of Indian hospitals opening centres in other countries, he said, "It will ultimately help them build a brand image in such countries. The centres there could be used to refer cases to the main hospitals here in India."

IN THE PINK OF hEALTH
  • India can become a global healthcare hub
  • Sector expected to grow to Rs 3,00,000 crore by 2012
  • World-class services at much less rates is India's advantage over the West
  • But India faces stiff competition from countries like Singapore and Thailand
  • Needs to package services in such a way that they attract more overseas patients

 

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