Healthcare & Life Sciences

Healthcare

Healthcare has become one of the largest sectors of the Indian economy, in terms of both revenue and employment. Healthcare sector is growing at a CAGR of 22% since 2016, and it is expected to reach USD 372 billion by 2022.

Several factors are driving the growth including ageing population, the rising proportion of lifestyle disease, a growing middle class, increasing health insurance penetration, an increased emphasis on public-private partnerships as well as accelerated adoption of digital healthcare technologies.

Healthcare in India is on the cusp of significant transformation, with the COVID-19 pandemic having triggered an expedited pace of change. The Government of India is focusing on following broad themes in healthcare sector – launch digital healthcare services to improve access to all, improve quality of education, increase healthcare infrastructure for good-health and well-being, leverage technology for public health and disaster resilience.

The private healthcare sector in India, which accounts for around 75% of outpatient care, is a major stakeholder and is focusing on adopting digital technologies, developing infrastructure in Tier II and III cities, increasing diagnostic capacity, upskilling of healthcare workforce and adopting technologies for medical diagnostics and medical procedures.

Life Sciences

The Indian life science industry has found a global standing in the pharmaceutical industry. The country’s key strengths - manufacturing prowess, low costs, a skilled workforce, and global market knowledge - have enabled India to become the world’s third-largest manufacturer of pharmaceutical products.

Conventional medicine, prescriptions, and over-the-counter medicines have held major share in the overall market. However, growing investments and product approvals in biosimilar, and COVID-19 pandemic-led vaccines acceptance has opened opportunities in biopharmaceutical market in India. India also has very high dependency on imports for medical devices, and 80% medical device sold in India are imported.

With the rise of innovation and technology in Danish healthcare system, Danish expertise and technology is very relevant for the Indian healthcare system.