Healthcare has become one of India’s largest sectors -both in terms of revenue and employment. The industry comprises hospitals, medical devices, clinical trials,outsourcing,telemedicine, medical tourism, health insurance and medical equipment.The Indian healthcare industry is growing at a tremendous pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
India’s primary competitive advantage lie in its large pool of well-trained medical professionals.Also, India’s cost advantage compared to peers in Asia and Western countries is significant – cost of surgery in India is one-tenth of that in the US or Western Europe.The Indian medical tourism industry is pegged at US$ 2 billion per annum, growing at around 18 per cent.
According to estimates, the overall Indian health care market today is US$ 65 billion, of which the hospital supplies and health care equipment segment is believed to be only around US$ 4.5-5 million. Health care delivery,which includes hospitals,nursing homes and diagnostics centres, and pharmaceuticals, constitutes 65 per cent of the overall market.
The market continues to grow with the country estimated to require around 600,000 to 700,000 additional beds over the next five to six years, which potentially throws an opportunity of more than US$ 25-30 billion.
The Indian pharmaceuticals market is 3rd largest globally in terms of volume and 13th largest in terms of value. The market is dominated majorly by branded generics which constitute nearly 70 to 80 % of the market. Considered to be a highly fragmented industry,consolidation has increasingly become an important feature of the Indian pharmaceutical market.
India has achieved an eminent global position in pharmaceutical sector. The country also has a huge pool of scientists and researchers who have the potential to take the industry to a very high level.
The Indian pharmaceutical industry is estimated to grow at 20 % CAGR over the next 5 years,. Indian pharmaceutical manufacturing facilities registered with US Food and Drug Administration(FDA) is the highest for any country outside the US.
It is expected that the domestic pharmaceutical market will continue to grow at 10-12 %.
Growing at an average rate of about 20 per cent, India’s biotechnology industry comprising bio-pharmaceuticals, bio-services,bio-agriculture, bio-industry and bioinformatics and it is expected to be around US$ 7 billion as of now. Bio-pharma (comprising of vaccines, therapeutics and diagnostics) is the largest sector contributing about 62 per cent of the total revenue.
The Indian pharma market is expected to grow to US$ 85 billion by 2020. The growth in Indian domestic market will be on back of increasing consumer spending, rapid urbanisation, raising healthcare insurance and so on.
Going forward, better growth in domestic sales will depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers are on the rise.
Amrit Consultancy Consulting is a well known Healthcare Recruiting . We offers a broad spectrum of healthcare recruiting services often found in multiple medical staffing agencies – all rolled into one single strategic business partner.
Our Healthcare and Pharmaceutical Recruitment practice help its clients achieve substantial, positive, and sustainable impact in their performance by helping them in Recruitment of the best available talent.
Our allied healthcare recruiting services offer professionals in imaging, therapy, pharmacy, laboratory, and many other healthcare specialties
The practice serves clients across the industry vertical, including :