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India’s Great Healthcare Challenge, Also an Opportunity

Health Insurance in Indian Market

Insurance Plans

As claimed by many forums across the country and globe, India is facing a great challenge in terms of healthcare as compared to other nations. Now there are two ways to look at it, one it is really a troublesome situation and we are lagging behind the other nations, the second one is definitely the most preferred one, look at it as an opportunity.

The top three challenges faced by the Indian Healthcare Industry are limited access to healthcare, low grade quality of the services being offered and the rocket high prices. These things are not only discussed in our own country but are also being discussed at a global forum resulting in greater opportunities to improve upon.

There are many opportunities that are arising due to this scenario and technology being the focus for all is driving this as well. Many giants in healthcare like Siemens, GE etc. are coming up with new age technologies that can severely reduce the time and cost involved. The symptoms and diagnostics can be done through a mobile device and can be monitored remotely. This is also giving an opportunity to the telecom sector, as in order for the physicians to see the data, good connectivity is the key.

Healthcare cannot be improved only with the help of reach, there are various other factors too, and cost being the major one. The margins towards various healthcare devises and services are extremely high and at times have as high as 400% profit margin. In order to make it affordable and reachable to all, government has taken a step towards improving this scenario and regulate the prices.

The use of automation in the healthcare sector is the major driving change. The previously deployed ICUs had to be monitored by a human intervention, now with all the advancements the machines deployed are automated and can easily monitor the complete process and circulate the information to the people involved.

The present size of the Indian Healthcare Industry is expected to grow multifolds by 2020, which will open new doors for various sectors supporting healthcare.

Presently the growth aspect is being taken forward individually by states, and in order to make it more effective, it needs to be led in a combined manner. The healthcare industry is bound to undergo changes at every stage and it is all for the good. It is imperative that all the participants should come together to drive this change and join hands to bridge any gap which is existing.

Now the biggest question that arises is what government bodies can do?

The government today has already started working towards making a better healthcare market, they are making changes to the ways to ensure the reach is extended to every individual and nobody is left out. Individuals today prefer going to the private hospitals rather than reaching out to the government operated ones, the reason behind this is very straight forward- lack of facilities.

As per various surveys conducted, there is only one bed per six patients in the government run hospitals, making it extremely difficult for the people. The private sectors are cashing out on this and charging a heavy amoun,t which is leading to rural areas relying on home based treatments.

Another dominant set back in this is the lack of insurance facilities. As compared to other countries, our country is far behind in terms pf providing medical insurance to its citizens. This is also changing slowly, with many insurance companies like Oriental Insurance coming up with affordable and very cheap insurance plans, it is becoming easily accessible to all, even to the low income group.

Below mentioned are the some of the major roadblocks described in brief:

1. Population

As known by all, India is the second largest populated country in the world and as its population is rising multi-fold year over year, we need to be prepared in such a manner that we can cater to the needs of each citizen.

2. Infrastructure

Given to the increasing population, it is very crucial to develop infrastructure in such a manner that it can easily provide the necessary support to all. Though there are many facilities provided by the government run hospitals but as stated these are just not sufficient to cater to the growing population. The hospitals basically lack basic necessities like staff and hygiene, making the private sector the focus of it all.

3. Insurance

Among all the other countries across the globe, India is the lowest in terms of expenditure for healthcare. The contribution done by the government towards this is extremely low at a mere of approximately 32%. Majority of the Indian population does not even have health insurance.

The new budget has taken some steps toward improving this situation in the country and is taking measures towards the developments. This is mainly targeted towards the rural sector as the need of the hour states so. There are many new healthcare programmes being launched and many companies like Oriental Insurance are participating in it by doing their bit.

Over 70% of our population
is not aware of healthcare, and the main ones are the people who are living in
the rural areas. The campaigns being carried out need to be done in these areas
to encourage people to step out and come forward towards a better India. All in
all this cannot be achieved until and unless the citizens come forward and join
hands. 

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