The healthcare sector is among the largest sectors in India and has been attracting foreign players. It is crucial that foreign companies have the necessary knowledge about the sector to be able to penetrate the market.
The Indian healthcare sector is among the largest sectors in India both in terms of revenue and employment and has been growing at a tremendous pace, also witnessing significant entrepreneurial initiative over the last few years. The sector is expected to record a threefold rise, at a CAGR of 22 per cent during 2016-2022 to reach US$ 372 billion in 2022 from US$ 110 billion in 2016.
Various segments such as life sciences, medical devices, biotechnology, pharmaceutical and diagnostics have been attracting foreign players to the country for both collaboration as well as investment purposes. All the same, it is crucial that foreign companies wanting to penetrate the Indian healthcare market understand ground realities and existing trends besides identifying the most appropriate business model and suitable target segment relevant to their offering.
Growing population, increasing affordability, comparative cheaper treatment costs as opposed to the West and medical tourism thereof, increased health insurance penetration, increased patient awareness, out-of-the-box thinking by healthcare players for better operations, government opening up its arms to Public Private Partnership (PPP) and even providing tax holidays will be the key factors to look out for to drive the future of healthcare in India.
About 50 per cent of spending on in-patient beds is for lifestyle diseases; this has increased the demand for specialized care. The Indian home healthcare market is estimated to reach the value of US$ 15 to 16 billion by 2020.
Rural India, which constitutes over 70% of the country’s population, is a major demand source keeping in view healthcare spending as a percentage of India’s population. Telemedicine can bridge the rural-urban divide in terms of medical facilities, extending low-cost consultation and diagnosis facilities to villages. Major hospitals have already entered into PPP mode to offer telemedicine services to rural areas.
Digital Health Knowledge Resources, Electronic Medical Record, Mobile Healthcare, Electronic Health Record, Hospital Information System, Technology-enabled care, telemedicine and Hospital Management Information Systems are expected to increase substantially in coming years.
However, healthcare provision remains inequitable and challenges in access to quality, affordable healthcare persist in large parts of the country. The medical devices sector has also grown considerably during this period and plays a critical role at each stage of the healthcare continuum. Although it has been instrumental in improving access and affordability of healthcare services, a number of ecosystem constraints have led to a high dependence on imports for addressing domestic demand.
We invite you to participate in BioAsia 2019 – February 25-27, 2019 at Hyderabad, India
Norway will be the Associate Partner Country at BioAsia 2019. We will have speakers from Norway as well as a Norwegian Pavilion to showcase our products. Participating companies will also benefit from the opportunity to network with potential Indian partners/clients as well as have field visits and customized B2B meetings.
The 16th edition of the event will be hosted in the center of life sciences and healthcare activities of India in Hyderabad on February 25-27, 2019. The convention will host an array of activities including business partnering, exhibition, technology conferences with talks from some global thought leaders, interactive sessions, CEO Conclave, startup showcase, biopark visit, networking dinners and more. 2018 marked the 15th edition of BioAsia which attracted 1800 global healthcare and life sciences leaders from 52 countries.
The conference has immensely benefited from its participant history including the likes of several Nobel Prize winners Dr’s Kurt Wuthrich, Ada Yonath, Harald zur Hausen, Barry Marshall, Martin J Evans, Food Laureates and eminent industry leaders viz. Dr. Paul Stoffels (Vice Chairman and CSO, J&J), Dr. Vas Narasimhan (CEO, Novartis), Dr. Patrick Vallance (President Global R&D, GSK) among others.
For more information on the event or business opportunities in the Indian health care sector, please contact:
Ambika Oberoi Sawhney
Senior Market Advisor
New Delhi, India
+91 11 49099202