The Indian healthcare industry has progressed at an impressive pace over the past few years. The private sector has emerged as a vibrant force in the industry, accounting for almost 74 per cent of the country’s total healthcare expenditure.
The Indian healthcare revenues stood at US$ 68.4 billion in 2011 and is expected to reach US$ 158.2 billion by 2017. Of the 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.
India offers both a huge patient pool, favourable regulatory environment and cost advantage for conducting clinical trials. The low cost of medical services has resulted in a rise in the country’s medical tourism, attracting patients from across the world.
The Government of India has created the National Health Mission (NHM) for providing effective healthcare to both urban and rural population.