Please comment on healthcare market in India visa- vis the global market.
Healthcare has evolved tremendously in the last two decades. India had been lagging behind in providing medical care to its population and it had to look upto western countries for providing advanced and tertiary healthcare. But in the last few years, several operators in the tertiary segment have come up to provide excellent quality oriented healthcare to both, Indian as well as international patients. Now-a-days in India, we have a huge inflow of international patients for medical value tourism.
India’s primary competitive advantage over its peers lies in its large pool of well-trained medical professionals. Also, India’s cost advantage compared to peers in Asia and Western countries is significantly low as the cost of surgery in India is one tenth of that in the US or Western Europe.
Please tell us about your current operations in India and your expansion plans.
Currently, we have our tertiary care centre in Sector 8, Faridabad and another secondary care centre at Sector 19, Faridabad. We also have two peripheral satellite clinics and an institute to train nurses and paramedics. We plan to expand at peripheral level by putting up peripheral centres at Palwal, Mathura and Hodal.
What are your views on the price sensitivity of the Indian market, and how does your hospital counter this problem?
I believe that the Indian market is acutely price sensitive i.e. majority of treatments are carried out in the value segment and this applies more to elective procedures. But in cases of life threatening situations, or highly advanced procedures where scarcity of skilled deliveries is there, price doesn’t matter.
What are your views on government regulation or any other challenges faced while operating the Indian market?
Government is playing a leading role in transforming the Indian healthcare industry. With most of the comprehensive reforms in the twelfth five year plan, government is set to play the role of stewardship for the Industry. If an organisation, like ours follows all rules and regulations, there are no challenges as such.
However, finding proper and demographically suitable manpower seems to be a challenge at times, leading us to start our own nursing and paramedics institute to develop skilled resources focused on precision and advance healthcare treatment.
Please comment on emerging trends and new technologies.
We live in an era of rapid technological advancement and great inter-connectivity in terms of communication that enables professionals in the Indian healthcare industry to provide patients with the most advanced tertiary care treatment possible. It enables us to achieve greater efficiency improved outcomes and provide world-class care to our patients.