The Surging Demand Of Primary Healthcare Franchises
Of all the services offered by the Franchise industry, one of the least noticed one is, Healthcare. An individual, in their entire lifetime, must have visited a healthcare franchise without even realizing it. There is a huge demand for high-quality, affordable primary healthcare in the world. Rising income levels, ageing population, growing health awareness and changing attitude towards preventive healthcare is expected to boost primary healthcare services demand in future.
Poonam Khetrapal Singh, Regional Director, WHO South-East Asia, said, “A well-functioning primary care system that meets most of a person’s health needs, throughout the life course, is central to universal health coverage.”
Healthcare has become one of the most surging franchises. The industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure. Below are the reasons which are causing a boom in the primary healthcare industry.
Brand Name & Value
Healthcare is one thing, where people only trust the best and they are not willing to take risks or experimenting. A primary healthcare franchise proves that the business is successful and is trustworthy. It establishes a brand name, and people trust the brand name.
Ritesh Ahuja, Deputy Manager, Sales & Marketing, Max lab, said, “Brand name plays a very important role in the success and growth of a healthcare franchise. A recognised brand name can be solid competitive advantages for your franchise, as it forms an emotional connect with the customers. People trust the name, especially in healthcare.”
Financing For Primary Healthcare
The scope of Insurance is growing day by day. The insurance premiums are predicted to rise by about 50 per cent from the previous year. Big exclusive companies of Health insurance have already started selling their policies. With the emergence of health insurance and mediclaims, people are not hesitant to visit a reputed healthcare franchise because of the fear of long medical bills.
Realizing the potential of the healthcare sector for economic development, the government of India has rolled out various policies and schemes. For instance, the government has reduced the import duty on medical equipment’s and technology, which comprises an opportunity for corporate.
Various social and economic changes like rising in the rate of literacy rise in the levels of incomes and an increase in the consciousness because of wider media coverage, helpful in increasing awareness towards health. The rise in the nuclear family system makes routine health check-ups is necessary for the bread earner of the family.
Increase in Medical Tourism
Medical Tourism has also opened the new door of opportunity in the primary healthcare sector. “Medical Value travel” is one of the fastest growing sectors. India is steadily becoming the hub for medical value travel. With 50 million Americans without health insurance and the waiting lists for state-run facilities are increasingly flocking to India because it offers quality treatment at a fifth of the cost abroad. This is giving a boost to the primary healthcare franchises by increasing the FDI flow.