With an annual budget of over 20,000 crores, 1.5 lakh crores have been invested in the state’s health during the last ten years. At the 5th edition of The HealthMeet, which was organized by ASSOCHAM, Y Ratnakara Rao, Secretary, of the State Health & Family Welfare Department, stated that the number of medical colleges has tripled over the past 12 years, from 11 to 35, and that the number of MBBS seats has gone from 1300 to 5000+.

“The government’s flagship program, Swasthya Sathi, has covered 25 million households with over 2000 hospitals and clinics impaneled. 110 fair-priced pharmacies are offering generic medications at 60–70% off, while 160 free diagnostic centers have been established around the state. Tier 2 and Tier 3 cities will receive secondary and tertiary level services from the state government through a public-private partnership. To streamline the licensing process, the government is also reexamining the Clinical Establishment Act. One aspect of conducting business is its convenience, and another is its quickness. We want to be more focused and develop stronger policy on both counts” said Mr. Rao.

India’s overall healthcare market, which was about $180 billion in FY 2023, is projected to grow at approximately 12% CAGR to reach roughly $320 billion by FY 2028. The pharma industry is expected to reach US$ 65 billion by 2024 and US$ 130 billion by 2030. Indian Medtech players accounted for about $2.5 billion in FY 2023, up from approximately $1.8 billion in FY 2020.

“Russia and India share a long history of cooperation in healthcare, pharmaceuticals, and biotechnology. Indian businesses are well-represented in Russia, providing chemicals and generic medications. Our collaboration has enormous promise in fields including biotechnology, telemedicine, and healthcare infrastructure. We can improve chronic disease management, prevent disease, and advance medical research by pooling our skills” said Mr. Maxim V. Kozlov, Consul General of the Russian Federation.

For more details, visit www.assocham.org

Priyanka Dutta