India’s healthcare to create 40 million new jobs by 2020
According to the union minister of chemicals and fertilizers, Sadananda Gowda, the Indian healthcare sector is expected to generate 40 million jobs by next year. During 2016-22, the sector is likely to give a compound annual growth rate of 22%. The healthcare industry will see three-fold growth by 2022.
In addition to medicines, the market for medical apparatus is expected to expand to $50 billion in the next 6 year. India is currently the fourth largest medical devices market in Asia followed by Japan, China, and South Korea. Talking about the whole world, the country ranks among the top 20 global markets for medical devices.
Healthcare has been one of the biggest assets for India’s economic growth over the years. The country’s pharmaceutical industry has continued to generate both employment as well as revenue. Although India is among the largest exporters of pharmaceuticals in the world, the country ranks poorly in quality and accessibility.
In order to give a further boost to the healthcare sector of India, the government has kept 100% FDI approval in Greenfield projects for national and international players. According to the department for promotion of industry and internal trade, FDI in healthcare hauled down from $1010 million in 2017-18 to $266 million in 2018-19, which is a worrying sign for the sector. This fall is expected to hit the overall Indian economy, since foreign patients coming to the country also generate good revenue. To boost the country’s medical tourism industry, the government has relaxed the visa norms.
India provides one of the most efficient and cost-effective medical treatments in the world, feels the Ministry of Chemicals and Fertilizers. With the presence of expert doctors and hospitals, patients from across the world choose India for their treatment.