Healthcare and Social Services Sector

Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well as private players.

The Government, i.e. public healthcare system comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of primary healthcare centers (PHCs) in rural areas. The private sector provides the majority of secondary, tertiary and quaternary care institutions with a major concentration in metros, tier I and tier II cities.

India’s competitive advantage lies in its large pool of well-trained medical professionals. India is also cost-competitive compared to its peers in Asia and Western countries. The cost of surgery in India is about one-tenth of that in the US or Western Europe. Talking about the risk involvement then the healthcare sector faces unique and evolving challenges, including falling reimbursement levels and the increasing cost of care, rising medical negligence claim values, frequency of employers liability claims, and rising costs of medical indemnity. In order to overcome these risk various, insurance policies for healthcare sector in India are available.

The overall Indian healthcare market today is worth US$ 100 billion and is expected to grow to US$ 280 billion by 2020, a compound annual growth rate (CAGR) of 22.9 percent. Healthcare delivery, which includes hospitals, nursing homes, and diagnostics centers, and pharmaceuticals, constitutes 65 percent of the overall market.

India’s competitive advantage also lies in the increased success rate of Indian companies in getting Abbreviated New Drug Application (ANDA) approvals. India also offers vast opportunities in R&D as well as medical tourism. To sum up, there are vast opportunities for investment in healthcare infrastructure in both urban and rural India.

Desired insurance policy product for entities in the healthcare sector:

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