Despite the growing recession blues in the industries across the board, the Indian healthcare industry is expected to grow on fast track, say the industry players.
The experts points out that the country is uniquely positioned to emerge stronger out of the recession and moreover, can utilise its strengths to change the adverse situation into opportunity. Inaugurating a seminar on Changing Face of Indian Healthcare Industry organised by the Indian Education Society (IES) Management College and Research Centre, Habil Khorakiwala, chairman, Wockhardt Ltd, said that the Indian healthcare industry and pharmaceutical industry are poised to use the situation as an opportunity for growth.
"Indian Healthcare industry is poised for quantum growth. Fifteen years ago the pharma sector was a closed sector. But today Indian pharma industry has opened up and is expanding rapidly. It is making substantial investments in R&D and technology, which augurs well for the future. It is a time of great opportunity for India," said Khorakiwala.
He also suggested that the Government, NGOs and Pharma companies should come together in private-public participation initiatives to spread health awareness in grass root level of the population. "Chronic diseases like diabetes are rising very fast in India. These can be countered by regular walking. Walking is not only a cheap solution, but also an effective one and is known to reduce incidences of even Cancer," he pointed out.
Jagdish Saxena, chairman and managing director of Elder Pharmaceuticals Ltd shared the same optimism with the Wockhardt chief. He said that the country's biggest strength, the human capital with language and technical skills, could turn the world's focus to India for its operations in the time of global meltdown. The IES has bestowed its Lifetime Achievement Award to Saxena in the event.
Recent studies have indicated that healthcare is one of India's largest sectors, in terms of revenue and employment, and the sector is expanding rapidly. During the 1990s, Indian healthcare grew at a compound annual rate of 16 per cent. Today the total value of the sector is more than US$ 34 billion. This translates to $34 per capita, or roughly 6 per cent of Gross Domestic Product (GDP). By 2012, India's healthcare sector is projected to grow to nearly US$ 40 billion.
The limited access to healthcare due to poor healthcare financing, physical infrastructure and service delivery along with challenges in ensuring consistency in healthcare quality and affordability of treatment and medicines are the major threats for the growth of Indian healthcare industry, said Sujay Shetty, associate director, PricewaterhouseCoopers India. The government should address the issues promptly if the country has to maintain the expected seven to nine per cent growth in the sector, he added.
S W Deshpande, director general, All India Drug Control Officers Confederation (AIDCOC), detailed on the efforts of the government to increase access of medicine and treatment to the rural India. The regulations and policies should, however, follow the pace of the fast growing demand and the performance of the industry, he added.
Mahesh Prasad, chief executive officer, Genesis Management Consultancy Services Pvt, Dr R B Smarta, managing director, Interlink Consultancy Services and Dr Contractor, consultant, Asian Heart Hospital also presented their view on the healthcare industry in the event.
Insight, launched in 2002-03, has been bringing together senior professionals from the pharma industry and discussing in-depth various trends and observations related to the sector, said Dinesh D Harsolekar, director, IES. IES is one of India's oldest and most respected public charitable trusts committed to education and is currently running 62 institutions, which impart quality education.