It has been clearly predicted that the Indian healthcare industry is going to transform into a chief sector that will boost the economic growth and contribute to economic progress of the country, along with the IT and Education industries. The healthcare industry in India is poised to reach about US$70 billion by 2012. The rapid growth is paced at 12% per year in the last four years and is expected to become an industry of US$ 280 billion by the year 2020. This is mainly due to the rise in income levels, elderly population, growing population, medical tourism, government initiative and lifestyle diseases in the country. Some of the chief players, who have made a big contribution to this boom, include Apollo Hospitals Enterprises, Max Hospitals, Fortis Healthcare Ltd and Aravind Eye Hospitals.
The pharmaceutical industry in India is known comprises of 8% of the world’s pharmaceutical manufacture. The pharmaceutical market is estimated to grow up to US$ 55 billion by the year 2020. Since the last two years, Indian pharmaceutical companies have been aiming at multinationals, to pool resources as well as for acquisition. India is poised to join the league of the 10 top global pharmaceutical markets, in sales by 2020. India is also the topmost exporter of generic medicine, worth around US$ 11 billion. Some of the top pharmaceutical industries in India include Ranbaxy Laboratories Ltd, Cipla Ltd, Cadila Healthcare Ltd, Lupin Ltd, Sun Pharmaceutical Industries Ltd, Wockhardt Ltd, Glaxosmithkline Pharmaceuticals Ltd, Aurobindo Pharma Ltd and Dr. Reddy’s Laboratories.
Indian healthcare industry is also profiting from medical tourism, which is growing at a fast pace. Tourists come to India to attain quality healthcare at an inexpensive cost. So far, 13 hospitals in India has been accredited by the Joint Commission International. So, reduced cost, easy communication, since most Indians speak English and international standard, has make India the prime destination for healthcare. According to the studies conducted, around 450, 000 foreigners have come to India for healthcare last year. The Indian healthcare industry is working hard to meet the growing demand, by striving to match the international medical healthcare system.
To tap into the growing market of the Indian healthcare industry, an International trade exhibition along with conference was held at Pragati Maidan in New Delhi on March, 2011. There were around 300 famous manufacturers of medical and technological equipment from 10 countries. Each country showcased their latest and innovative equipments. The aim of this exhibition was to offer Indian industrialists the chance to create mutually beneficial partnership between the global and Indian businessmen. This exhibition was a platform for medical fraternity and businessmen to invest and compare the advance in medical equipment.
The Indian Government is onto state funded healthcare insurance schemes to support the poorest section of the society, while the corporate section is providing quality care to the demanding general public. Hence, through development and delivery of affordable, basic healthcare, the Indian healthcare industry, is all set to enhance the infrastructure and healthcare throughout the country.