India is expected to rank amongst the top three healthcare markets in terms of incremental growth by 2020
In 2017, the Indian healthcare sector was the fourth-largest employer, employing 319,780 people
New Delhi: The government believes that the domestic healthcare industry, going ahead, will be one of the largest generators of employment, especially in rural India which accounts for over 70% of country’s population.
“The healthcare sector is expected to generate employment for millions of people by 2020. Health industry an important pillar for growth of the healthcare sector and millions of jobs to be created," said D. V. Sadananda Gowda, minister of chemicals & fertilizers. “The government is taking several initiatives such as 100% FDI for pharma sector, greenfield investment opportunity, flagship schemes such as Ayushman Bharat and Pradhan Mantri Jan Aushadhi Yojana and setting up of R&D centres to give a boost to the sector," he said.
Gowda was speaking at a healthcare event organised by the PHD Chamber of Commerce and Industry.
According to a January 2019 report on healthcare by India Brand Equity Foundation (IBEF), a trust established by the department of commerce, ministry of commerce and industry, India is expected to rank amongst the top three healthcare markets in terms of incremental growth by 2020.
In 2017, the Indian healthcare sector was the fourth-largest employer, employing 319,780 people. The sector is expected to generate 40 million jobs in India by 2020. The report also highlighted that over 100,000 jobs are expected to be created from Ayushman Bharat, the National Health Protection Scheme.
“India ranks 145th among 195 countries in terms of quality and accessibility of healthcare. There is immense scope for enhancing healthcare services penetration in India, thus presenting ample opportunity for development of the healthcare industry," the report said.
The PHD Chamber of Commerce and Industry said the Indian pharmaceutical industry has been growing steadily, attracting the interests of domestic as well as foreign investors. Increasing domestic demand and enhanced spending in healthcare activities have expanded the growth trajectory of the pharmaceuticals industry.
“There is a significant scope for enhancing healthcare services considering the major impetus of government on healthcare for all," said D K Aggarwal, senior vice president, PHD Chamber of Commerce and Industry.