Life Sciences & Healthcare
The healthcare industry in India has come a long way from the days when those who could afford it had to travel abroad to get highly specialized services, while others had to do without it. Today, patients from neighbouring countries in Asia are coming to India to receive specialized medical treatment. Not only the country is meeting international standards, but also at prices that compare very favorably with developed countries.
The demand for healthcare services in India has grown from $ 4.8 billion in 1991 to $ 22.8 billion in 2001-02, indicating a compounded annual growth rate of 16 per cent. The healthcare industry accounted for 5.2 per cent of India's GDP in 2002, and this figure could reach $ 47 billion or 6.2-7.5 per cent of GDP by 2012. The supply of healthcare services has grown steadily as the private sector becomes more involved in owning and running hospitals.