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With a GDP growth of 7.8%, India is one of the fastest growing economies in the world and the perfect health-hub of the world. The fastest growing industries are: -
Business Process Outsourcing
Software Services
Insurance
Healthcare
The healthcare sector has been growing at a frenetic pace in the past few years. The windfall began ever since the developed world discovered that it could get quality service for less than half the price.
Need of the Hour
Injecting new life into the Medical Sector
Embrace the role of IPRs in kick-starting innovation
Develop and strengthen the base of scientists through training them in world-class drug discovery skills
Increase interaction between industry and academia
Pay attention to quality and leverage the global recognition earned for IT skills
Take the path of collaborative growth through global partnerships and alliances
Changing patent and other policies like data exclusivity help in changing scenario
SWOT Analysis
Strengths
Expertise in reverse technology
Support at the state government level
Emergence of bio-tech parks
Incentives to develop business
Natural competitive advantages of language
Low costs and ever-expanding educated workforce
Weakness
The rising cost of healthcare delivery
Limited access to life saving drugs
Majority of private hospitals expensive for a normal middle class family
Government is responsible to improve primary healthcare infrastructure
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* Contributed by: -
Jyoti Singh & Sugandha Bhandari,
PGDBM 2006,
IMT, Ghaziabad.
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