Healthcare has become one of India’s largest sectors – both in terms of revenue and employment and is experiencing 22-25 percent growth in medical tourism. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players and is expected to double its size from present (April 2017) US$ 3 billion to US$ 6 billion by 2018.
It comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. India’s competitive advantage also lies in the increased success rate of Indian companies in getting Abbreviated New Drug Application 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.
1) The medical community easily welcomes big data advancement, but implementation is not as fluid. Non-relational databases merge patient information from many sources, providing actionable metrics. The technology presents itself at the perfect time to fill the need to exploit newly available patient information stores.
2) Many healthcare technology advances incorporate Internet connectivity, an industry forecasted to grow to almost $300 billion by 2020. However, this convenience also extends to computer hackers, as the Internet connected medical device field matures, malicious cyber-attacks will increase.
3) Patients, insurers and regulators join in lamenting that drug prices have grown exorbitantly. Pharmaceutical manufacturers counter that lower pricing will hinder product development. In the meanwhile, the two groups continue struggling to find a pricing consensus, while consumers struggle to keep up with prescription costs.
Health and Safety Assurance Services (HSAs), patient portals and wellness education materials are key to improving patient engagement. Healthcare companies should invest in tools and processes to better understand their target market and customer segments and improve the patient experience to engage more effectively with today’s informed health care consumers, Companies should also consider building pilots before investing in scale, learn to embrace change, technology, and evaluate new revenue sources.
In other words, You need to discover and implement effective measures to increase revenues and build brand image and to get ‘digital’ as soon as you can so as to cater to the changing public interests, habits and demands.