Bringing Health Innovations to the Forefront

Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. The sector is growing at a brisk pace due to its strengthening coverage, services, and increasing expenditure by public as well private players. The past two years have resulted in innovations, the creation of telemedicine, online trials, E-ICUs, and a new emergency care scenario in which innovations and digital solutions have been brought to the forefront. Apart from this reskilling of healthcare staff has taken the centre stage.

According to IBEF, the Indian hospital industry accounting for 80% of the total healthcare market is expected to touch US$ 132 billion by 2023.

The government is establishing regulations such as the National Digital Health Ecosystem and the National Tele-mental Health Program, among others, to help this industry advance. The true potential of information technology (IT) in solving the deficiencies in the health system has been recognised in Budget 2022-23. GoI is concentrating on developing a resilient health care ecosystem that is sustainable, inclusive, and hassle-free, incorporating lessons learned from Covid-19.

This has helped the national healthcare industry. After decades of being resistive to change, the sector has realised the need to cope with a slew of innovations that are coming at a swift speed.

A growing middle-class, coupled with the rising burden of new diseases, is boosting the demand for health insurance coverage. With the increasing demand for affordable and quality healthcare, penetration of health insurance is poised to expand in the coming years.