India Healthcare Outlook Report
Healthcare is one of India’s major sector, both in terms of revenue and employment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
DelveInsight’s,“India Healthcare Outlook Report, 2020,” provides comprehensive insights about healthcare scenario, regulatory policies and reimbursement landscape in India. The report also identifies key trends in the healthcare market and provide insights into the demographic and healthcare infrastructure of the country. Along with this the report also provides a brief look into the trends and segmentation of the Indian pharmaceutical and medical devices market.
As per DelveInsight analysis, India's competitive advantage lies in its large pool of well-trained medical professionals. India is also cost competitive compared to its peers in Asia and Western countries. The cost of surgery in India is about one-tenth of that in the US or Western Europe. India ranks 145 among 195 countries in terms of quality and accessibility of healthcare.
India Healthcare Outlook
India, officially the Republic of India, is a country in South Asia, with 1,352.6 million people, distributed on a territory of 3.287 million square kilometers, it is the second-most populous country, the seventh-largest country by land area, and the most populous democracy in the world. Indian healthcare delivery system is categorized into two major components - public and private. The Government, or public healthcare system, comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of primary healthcare centres (PHCs) in rural areas.
The private sector provides majority of secondary, tertiary, and quaternary care institutions with major concentration in metros and tier I and tier II cities.As per India Brand Equity Foundation, Indian healthcare market is expected to reach $372 billion by 2022. Health insurance is also gaining momentum in India. Gross direct premium income underwritten by health insurance grew 17.16 % in 2020.
Indian medical tourism market is growing at a rate of 18% and is expected to reach US$ 9 billion by 2020. There is a significant scope for enhancing healthcare services considering that healthcare spending as a percentage of Gross Domestic Product (GDP) is rising. The Government’s expenditure on healthcare sector has grown to 1.6 % of the GDP.
India Industry Overview Chapter
Indian pharmaceutical market ranks third worldwide for production by volume and 14th by value. It is the largest provider of generic medicines globally, occupying a 20% share in global supply by volume, and also supplies 62% of global demand for vaccines. India is the only country with largest number of US-FDA compliant pharma plants (more than 262 including APIs) outside of USA. India has nearly 2000 WHO-GMP approved plants, 253 European Directorate of Quality Medicines (EDQM) approved plants with modern state of the art Technology.
India is the source of 60,000 generic brands across 60 therapeutic categories and manufactures more than 500 different Active Pharmaceutical Ingredients (APIs). The API industry is ranked third largest in the world contributing 57% of APIs to prequalified list of the WHO.
The country is home to more than 3,000 pharmaceutical companies with a strong network of over 10,500 manufacturing facilities. The domestic pharmaceuticals market turnover reached $20.03 billion in 2019, up 9.3% from 2018, growing as penetration of health insurance and pharmacies rise. From 2018-19, India’s pharmaceuticals exports were worth $19.3 billion. India holds 12% of all global manufacturing sites catering to US market as the cost of manufacturing in India is 33% lower than that of the US.
India is a land full of opportunities for players in the medical devices industry. The country has become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of population. Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep.
Some of the important investment in Indian medical device industry in recent past are:
- In August 2019, Microsoft India and Apollo Hospitals Group entered in agreement to set up a National Clinical Coordination Committee for AI-powered Cardiovascular Disease Risk
- In January 2019, National Company Law Tribunal (NCLT) approved Tri-County Premier Hearing Services Inc’s planned to acquire Bhilai Scan and Research Pvt Ltd (BSR) Diagnostics Ltd for Rs 67 crore (US$ 9.29 million)
Apart from this the report covers some latest information on COVID 19 update and future of healthcare technology in India.
India Healthcare Assessment Chapter
This chapter contains the statistical information containing, number of hospitals, number of beds, number of pharmacies, life expectancy of male and female, Immunization coverage for Hepatitis B and Measles, environmental health (PM 2.5 and CO2 Emissions), number of physicians, nurses, dentists and pharmacists, healthcare expenditure, healthcare expenditure as share of GDP, out of pocket expenditure, pharmaceutical import and export, Gross Domestic Product, Inflation, Unemployment, trade associations and trade fairs in India.
India: Market Access
Market access section of the India Healthcare Outlook report contains information on how to penetrate the pharmaceutical and medical device markets in terms of setting up manufacturing unit, import export licensing, regulations pertaining to patents, trademarks, clinical trials, advertising, pharmacy regulation, labelling and packaging. It also covers detail about healthcare insurance and reimbursement policy.
The Central Drugs Standard Control Organization (CDSCO) under Directorate General of Health Services, Ministry of Health & Family Welfare of India is the National Regulatory Authority (NRA) of India. The Drugs & Cosmetics Act, 1940 and rules 1945 have entrusted various responsibilities to central & state regulators for regulation of drugs & cosmetics. Under the act, the CDSCO is responsible for approval of drugs, conduct of clinical trials, laying down the standards for drugs, control over the quality of imported drugs in the country. Further CDSCO along with state regulators, is jointly responsible for grant of licenses of certain specialized categories of critical Drugs such as blood and blood products, I. V. Fluids, Vaccine and Sera.
India: PESTLE Analysis
The report covers a thorough analysis of the country through PESTLE analysis tool and give political, economic, social, technological, legal and environmental aspects of healthcare industry.
- Overview of the Indian pharmaceutical and medical device markets
- An insightful review of the reimbursement and regulatory landscape, covering the healthcare reimbursement process, regulatory agencies, and the approval processes for new drugs and medical devices
- Detailed analysis of the political and economic environment, including economic indicators, demographics, healthcare infrastructure and healthcare expenditure
- An overview of the opportunities for and challenges to growth in the Indian healthcare market
India Report Insights
- India – Healthcare Outlook
- India – Healthcare Assessment
- India – Market Access
- India – Healthcare Market Perspectives
- India – Analyst Views
- What are business strategies and trends shaping and driving the Indian healthcare market?
- What are reimbursement and regulatory policies, pharmaceutical and medical device market segments and companies likely to impact the Indian healthcare market in the future?
- How to organize sales and marketing efforts by identifying the market categories and segments that present the best opportunities for consolidation, investment and strategic partnership?
- How to identify, understand and capitalize on the opportunities and challenges in the Indian healthcare market?
- Johnson and Johnson
- Sun Pharma
- Dr. Reddy’s