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Economic Analysis for the Indian Healthcare IndustryPublished by: Frost & Sullivan Published: Jan. 6, 2007 Table of Contents
AbstractModernization of the healthcare systems and greater collaboration with the healthcare industry to provide innovative drugs, modern medical equipment, better healthcare services, as well as expand healthcare insurance are the primary aims of the Indian Government. It has stated in the National Health Policy that it hopes to increase the number of healthcare centers in remote areas and improve supply of essential healthcare services by boosting the public healthcare expenditure to 2.0 percent of the gross domestic product (GDP) by 2010. This is eminently achievable, considering the rising healthcare needs of the country, favorable economic conditions, and greater disposable income. The economic environment plays a crucial role in developing this industry. Economic policies greatly impact this demand-driven industry and industry-specific policies, wherever effectively enforced, provide added impetus.India has leveraged its economic reform process initiated in 1991 to become one of the largest and fastest growing economies in the world and is anticipated to grow steadily from 2006 to 2010. The GDP and gross capital formation are expected to increase sturdily and the inflation rate is likely to reduce. The Government is also implementing suitable policies to considerably lower the unemployment rate. Increasing investment in health infrastructure and facilities, combined with quality health education for professionals, has improved the quality of health services in the country. India is fast emerging as a regional hub for healthcare services, attracting patients from various countries. In fact, medical tourism is one of the most promising and dynamic sectors of the industry. Key healthcare initiatives undertaken by the government include establishment of new regulatory bodies, launch of several healthcare programs, and changes in patent laws. It is also implementing Telemedicine, one of the largest healthcare projects in the world, to revolutionize the delivery of healthcare services using information and communications technology. Frost & Sullivan’s Healthcare Country Industry Forecast service provides vital inputs for evaluating the attractiveness of a country and its healthcare industry. Besides enabling decision makers to assess the impact of non-market forces, it also helps in identifying new market opportunities. This service provides a strong base for preparing contingency plans. In addition, investors can assess industry-specific risk factors as well as conduct a more in-depth micro research. Benefits of this Service Identify New Market Opportunities The future trends of the economic environment of India have been analyzed along with their impact on the healthcare industry. This analysis will provide valuable information to industry participants on opportunities in specific segments of the industry. Understand Future Industry Trends The research service gives an insight into the Indian healthcare industry, discusses its dependence on the prevailing economic scenario, and forecasts the future economic environment. This will help industry participants to gauge the future direction of the market, enabling them to devise appropriate strategies to improve market share. Comprehend Policy and Regulatory Environment A detailed analysis of the economic framework of the Indian healthcare industry offers insights into the economic parameters as they exist and the future direction of the same. This is particularly beneficial in the case of the healthcare industry as these economic indicators form an important criterion for industry performance. Devise Country Entry Strategies The research service provides valuable information and analysis of the strengths and weaknesses of the economy of India, which are relevant to the healthcare industry. This is particularly useful in devising country-specific strategies for industry participants. Evaluate Industry Segment Potential This study offers detailed coverage of economic issues affecting the industry and their future direction. It provides both country and industry trends and forecasts for major variables and is an excellent tool for companies that plan to enter new geographic markets. This will help corporate planners in developing accurate business strategies and enhance credibility to planning company resources. Get Full Details About This Report >> |
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