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Government Initiatives Promoting the Indian Healthcare Sector

Feb 09, 2018

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One of India’s largest sectors, in terms of employment and revenue, is healthcare. This sector is comprised of hospitals, medical devices, outsourcing, telemedicine, medical tourism, health insurance and medical equipments. Also, the medical expenditures in India are projected to grow up to US$ 43.7 Billion by 2020. As per our analysis, there are several factors, such as growing geriatric population, increasing incidences of non-communicable diseases, rising disposable income, and increasing awareness among people, which are impacting the growth of Indian Healthcare industry.
Accentuating the potential of this industry, Shushmul Maheshwari, CEO – RNCOS said that, “Healthcare industry in India is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players. Also, home-based care accounts for significant share in the total healthcare market”.
The Indian government is undertaking numerous initiatives for the growth of healthcare sector of the country. One such initiative is the National Health Policy 2017 which was approved by the Union Cabinet, Government of India. This policy intends to provide the policy framework for achieving universal health coverage and delivering quality health care services to all at an affordable cost.
Similarly, The Government of India and the Government of the State of Nagaland signed financing agreement and project agreement respectively with The World Bank, for the ‘Nagaland Health Project’ for US$ 48 Million, which aims to improve health services and increase their utilization by communities in targeted locations in the state.
Recently, the overall health budget was increased from US$ 5.96 Billion to US$ 7.3 Billion in the Union Budget 2017-18. The health budget is approximately 2.27% of total Union Budget. Within the budget, the government has also made announcement to harmonize policies and rules for the medical devices industry to encourage local manufacturing and improve affordability for patients.
With more than a decade of experience in healthcare industry, RNCOS can act as a potential growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help make your business flourish by studying the market dynamics, collating with your business and devising the right strategies.
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