On the contrary, the global health expenditure average is 8% of the GDP (Financing Health Care). The health outcomes have been exceptionally good considering the low amounts pumped in for healthcare. Singapore’s system is the least imperfect in the world according to Mr Jeremy Lin, head of Oliver Wyman & Co’s Asia Pacific health and life sciences practice. The healthcare cost has risen lesser compared to that of other countries such as Hong Kong. The government has healthcare expenditure to accommodate the ageing population (Singapore tops in global healthcare efficiency ranking: Survey).
There are chambers engaged in higher healthcare medical technology that drive the adoption of medical technology in healthcare (Shi, 2012). The special interest vested in these hospitals and revenue from the research and development of higher technology has driven most healthcare organization and investors to promote the adoption of higher technology solution instead of seeking preventive measures. Mainly the people who have attained their leadership position by proving their ability to the narrow clinical areas and specialties mainly organized around higher technology solutions. Finally, medical education environment according to specialties and control. These specialists emphasize technology intensive procedures as opposed to primary care.
But, due to the changes in technology and politics, even the Government hospitals are eager to cater the needs of specialized category of health services and hence led to the improved medical services. India is able to obtain the competitive advantage over other countries because of the well-trained medical professionals and their dedicated services. The cost of offering health care services is very less when compared to the other Asian countries. The cost incurred for surgery in India is one-tenth when compared to United States or other Western
The nature of these reforms also made it clear that Indian health service sector was moving towards an era of privatisation and de-regulation, the very hallmarks of the US health service system. Thus a look at the evolution of the healthcare system in the India since the 1980s and 1990s shows a definite US imprint. Baru (1998: 37-38) states that the extent of US influence on Indian health services may be understood at the following levels – the role of the multinational companies in pharmaceuticals and medical equipment industries, the influence of the NRI doctors some of whom began returning to
By the use of latest technical equipment efficient health insurance, major corporate venture and the service of highly practiced medical personnel, the Gujarat healthcare sector has set itself on a prospering. Gujarat offers holistic medical services and costs effective treatment through various public and private hospitals situated in district and sub district. The share of trust hospital care is higher than private hospital care. But private hospital care is continuously increasing as rising in the income level of the people and increasing adoption of health insurance. Trust and private hospitals are leading their strategies and redesign their health care quality of survival keeping patient centered
NOVARTIS INDIA LIMITED INTRODUCTION TO THE SECTOR & COMPANY The health care industry and medical industry is an aggregation of sectors with in the economic system that provides goods and services to treat patients with curative and preventive care. The industry is divided into many sectors to meet the health needs of population. It consumes over 10% of GDP of most developed nations and forms an enormous part of a country’s economy, it constitutes 5.2% of India’s GDP and employs 4 million people. Also the Government plans to increase it even further nearly by 2.5% of the GDP in the 12th five year plan. The Indian health industry is expected to grow at 15% per annum to US $78.6, reaching 6.1% of GDP.
price, quality, convenience, advanced products or services) on the other hand, competition can also be base on new equipment and novelty. A key role of competition in health care is the prospective to provide a system for reducing health care costs. Competition usually eliminates inefficiencies that would or else yield high manufacture costs, which are eventually transferred to patients via high health service and release costs. noted that throughout the 1980s, the US government required to change health care in America via the use of marketplace principles to allocate scarce possessions. However, report that competition could not augment efficiency in the health care business because public and private insurance company were paying for three-quarter of the health care bill.
The situation as in developing countries like India is quite more serious than in developed countries the patient has to bear the total cost of medicine by themself for almost all medicines. At least 80% of the population has to indulge “out of pocket” expenditure in the absence of national wide health insurance coverage. According to World Health Organization (W.H.O.) one-third of the world's population, mainly in low-and middle-income countries like India continues to lack regular access to essential drugs. In the poorest parts of Africa and Asia, this price rises to over 50percent.
Market Size The Indian health care market has a current size of US$ 65 billion. Hospital supplies and health care equipment segment ranges between US$ 4.5-5 million. Hospitals, pharmaceuticals, nursing homes and diagnostics centres, that form a part of healthcare delivery, constitute 65 per cent of the total market. Of total healthcare revenues in the country, hospitals account for 71 per cent, pharmaceuticals for 13 per cent and medical equipment and supplies for 9 per cent. As per PWC, The size of average investment by private equity funds has increased from US$ 5-15 million to US$ 20-30 million in healthcare chains.
According to WHO, the rapidly growing industry boom in India has further increased the health risk of poverty stricken Indians. Unfortunately, due to high corruption within India’s political system and the lack of regulation, devastation to approximately 65% of the country’s land is the price that Indian people pay annually in