Re-engineering Indian healthcare is critical for the country" says FICCI

Disruptive and innovative technologies are transforming the world today and hence, we are experiencing change in almost every aspect of our lives including healthcare. In the past decade or so, the way healthcare is perceived and delivered has changed dramatically. Technology and clinical advancements have simplified diagnosis and treatment of illness while telemedicine has improved access of care in remote areas. Further, healthcare apps have created awareness regarding wellness and prevention amongst people and personalized care has become common due to innovation of wearable gadgets. India, however, stands at a cross road despite these advancements in the healthcare industry. India needs to think about healthcare beyond hospital beds and innovate healthcare services.

Dr Nandakumar Jairam, Chair, FICCI Health Services Committee; Chairman, NABH and Chairman & Group Medical Director, Columbia Asia Hospitals India, states, We house 16% of world's population and 21% of world's disease burden equaling loss of ~6% of India's GDP due to premature deaths and preventable illnesses. It is estimated that the increasing NCD burden will cost India USD 4.58 trillion due to loss of productivity. At the same time, our total health spend is only ~4.7% of GDP and out of pocket expenditure (OOP) is 62% of the total health spend. This is very high when compared to other countries such as Brazil 25%, China 32%, South Africa 6%, USA 11%, UK 9%. Therefore providing access to quality healthcare for 1.2 billion plus population is a huge challenge that the country has to deal with.

Mr Vishal Bali, Co-Chair, FICCI Health Services Committee & Chairman, Medwell Ventures elaborates, unprecedented demand due to demographic changes and shifting disease patterns, coupled with rising costs and the proliferation of technology, has led to demand for efficiency, transparency in care delivery. This has paved the way for innovation of processes and products and new business models in the healthcare sector to cater to the rising demand of the consumers. In view of the new era, it is time that we look at the Indian healthcare with a different lens keeping patient needs at the core and re-engineer the entire value chain of healthcare delivery. India needs to transform its healthcare sector".

Mr Ashok Kakkar, Co-Chair, FICCI Health Services Committee and Senior MD, Varian Medical Systems International India, added, Solving India's healthcare affordability and accessibility problems is possible only if we bring in a complete paradigm shift and strategize a journey of transformation.

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