Industry Insight -
Healthcare
Agility, Resilience, Innovation, Digitalization, Automation, etc, etc., are the new adjectives for the Indian Healthcare Industry, especially after the pandemic. There has been a total transformation in the healthcare paradigm in the last few years, with it becoming more technologically advanced in all aspects as compared to the traditional system. The healthcare providers are focusing on the whole value chain, and not just providing the basic services and products. Beginning from the pre-emptive measures to providing post service experiences, along with digital transformation of the whole healthcare system.
One of the India’s largest sectors, both in terms of revenue and employment, Healthcare comprises of hospitals, pharmaceuticals, Biotics, Diagnostic services, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. As of 2021, the Indian healthcare sector is one of India’s largest employers, employing a total of 4.7 million people. India is the world’s largest supplier of generic medicines. The domestic market ranks 3rd in the world by volumes and 11th by value. By 2026, India’s global ranking in value terms is expected to improve to no. 9 in the world. (Source: Sun Pharma Reports)