Is Health Care a Good Business Idea in 2021
Indian Healthcare industry comprises the types of business that provides Health, Social and Cultural aspects to the people living in the country. It encompasses primary, preventive and secondary healthcare for long-term care. The sector witnessed an increase in the number of patients and increased demand over the past few years. Due to this, the organizations have been attracted to implement different strategies for providing services.
The present trends suggest that patients will continue to opt for local providers but also look for a wide range of options depending on their requirements. This allows learning and achieving something that can be beneficial for the whole country. Also, it allows students to work in an environment that is conducive to study.
Current situation of the health care industry
The healthcare market in India is projected to reach US$ 372 billion by 2022 rising income, better health awareness, lifestyle diseases and increasing access to insurance. The Government of India is planning to increase healthcare spending to 3% of the Gross Domestic Product (GDP) by 2022.
The number of doctors with recognised medical qualifications under (I.M.C Act) registered with state medical councils/medical council of India increased to 1,255,786 till September 2020 from 827,006 in 2010 Policy and government support. In Union Budget 2021, the government allocated US$ 4.80 billion for COVID-19 vaccines in 2021-22. In March 2021 the Parliament passed the National Commission for Allied Healthcare Professions Bill 2021, which is to create a body that will regulate and maintain educational and service standards for healthcare professionals.
Pros and cons of investing in Indian healthcare
The Indian healthcare industry is growing at an impressive pace. It is attracting massive investments from global firms and brand enthusiasts. The expanded use of Information Technology (IT) is making the process faster, more efficient and more cost-effective at the same time providing a high quality of services at popular lower prices. The combination of better technology and higher value delivered by the healthcare sector is revolutionising the way we live and work. The country is poised to move from being a hospital and poverty alleviation machine to a health care system that combines the best of both worlds.
The Indian healthcare industry is expanding rapidly and offering a range of services and facilities that are highly regarded the world over. It is no longer just about curing diseases and promoting health but fostering an active and healthy lifestyle as well. This improves both physical and mental health and well-being. If someone enters this market at the current time, this would be the best way to earn profit. The country only has 27 National Health Institutes which provide 24-hour care to patients. Healthcare in India is cheap and best as compared to the rest of the world. People from the rest of the world come to India with medical visas to get the best services at minimal charges. This thing makes a never-ending demand for good healthcare in India. We are around one and half billion and this growing population also increase demands in health and wellness.
The growth of the Indian healthcare industry is a major development in the last few decades. The aspirations of the individuals and the organizations can be seen from the way the systems are structured and the way the patients are managed and treated at every stage of their illness. In the process, it brings about very positive changes in the lives of many people living in the country. However, some cons need to be addressed if we are to make this huge growth happen on an accelerated basis. I have thought it might be useful to have a look at some of these aspects in particular.
The Indian healthcare system is something that can be described as a mixed bag. This means that there are many approaches and facilities provided by various Healthcare Institutions. Services provided include General Healthcare, Orthopaedic care, Cardiac care etc. But the systems are also quite inequitable and expensive for the average person unless they have a personal relationship with a healthcare professional or receive state welfare or subsidized healthcare plans. Most people go to Government supported healthcare institutions that provide free diagnostic laboratory tests, blood tests, X-rays etc. in the presence of disease or injury. Even from a business perspective, investing in the Indian health care industry has some drawbacks. India as a developing nation is creating a large number of medical graduates which increase competition among them. This competition results in low wages and fewer opportunities.
The Healthcare industry is full of positive prospects. If you can practically think about your business, you can earn a lot. You must understand about taking a calculated risk before stepping into something, and know about the pros and cons of the types of business you are doing. However, any business can give you enormous profit if done correctly.