Healthcare spending to grow at 16 per cent a year, touch Rs 19 trillion by 2020

By Saliha Nasline

Demand for healthcare in India is growing significantly. Increased awareness of healthcare drivers and better lifestyle choices – along with vastly improved pharmacological treatment of chronic diseases and higher standards of living – are dramatically extending the life expectancies of Indians in urban areas. Consequently, citizens expect more and better healthcare options as access to disposable income increases. According to a study by IBM Institute for Business Value, healthcare spending in the Indian economy is forecast to grow 16% a year, from Rs 5 trillion in 2011 to Rs 19 trillion by 2020. If India’s economy grows at a faster pace, healthcare spending may be even greater.

CHALLENGES INDIA IS FACING IN HEALTHCARE SECTOR

- Existing infrastructure and facilities are inadequate to meet growing demand.. Rural population often struggles to have basic healthcare needs.

- Over-regulation of health and medical supplies.

- Devices and medicines subjected to extensive approval processes

- Emigration of India’s medical professionals.

- Lack of preventative medicines.

- Burden of paying for healthcare falls back on individuals.


ROLE OF TECHNOLOGY IN HEALTHCARE SEGMENT

TECHNOLOGY
Digital, big data and cognitive can help address healthcare outcomes.

ECOSYSTEM
Collaborating across ecosystems can help address infrastructure and skill challenges.

INNOVATION
Encouraging innovation in business models, processes and products can help improve quality and bring cost efficiencies.

Internet of Things (IoT) facilitates realtime analytics and insights through nanotechnology, wearables and other devices

Cognitive provides an environment that can grant individual physicians easy, usable access to global medical journals and research conclusions

193% Healthcare executives more likely to use digitised business processes

50% Healthcare organisations more likely to fully utilise data and analytics