India: there is a doctor in the house!

Patients aren’t mere patients any more. Today, those seeking health care are looking for a lot more.

Health-care professionals globally have witnessed a transition from patient to consumer. Rising disposable income coupled with international exposure and a modern mindset driven by quality and excellence mean people are more involved in the care they receive. The millennials are leading the charge and the industry has had to keep up.

A tech leap

Gen Y is more aware of their health needs, demand quick responses and want quick access to facilities. Unlike their predecessors, the doctor’s diagnosis isn’t the gospel truth any more — there are second and even third opinions to be taken, and not all have to be from physical sources.

"I expect customer service, promptness, convenience, even an aesthetically appealing ambience, rather than a drab clinic and an impersonal insurance agent," Neetu Ohri, a senior HR professional, sums up millennials’ needs.

According to various studies including by leading Indian finance company IDFC and McKinsey, India’s health-care industry will grow to $125 billion (Dh459 billion) in the next five years, supported by growth in medical tourism and digital medicine.

The Associated Chambers of Commerce of India estimates that the country’s medical tourism sector is likely to have gone up from $980 million to
 $1.8 billion between 2011 and 2015. Meanwhile, digital health-care connecting doctors and patients from all over the world is emerging as part of advanced diagnostic facilities.

In 2012, the telemedicine market in India was valued at $7.5 million, and is expected to grow at a CAGR of 20 per cent to $18.7 million by 2017. The shift towards digital health care leads to more personalised and precise services, while reducing errors and cost.

Another millennial favourite is mobile apps — from counting calories to the number of steps taken in a day, monitoring pulse and other measures as well as seeking diagnoses, the general public is taking greater control of their health. Consumer spend on non-clinical health, wellness and self-disease-management technologies and services are expected to grow by  60-70 per cent in the foreseeable future.

Responding to changing consumer expectations, medical facilities are working towards more streamlined operations and management through franchising models. Tier-2 and tier-3 cities are also benefiting from increased access as more players step in.

These advances are supported by private equity funds, given the opportunities and decent returns. The sector attracted foreign direct investment worth $2.79 billion between April 2000 and January 2015, according to Department of Industrial Policy and Promotion data.

Wireless healing

The convergence of health care with upcoming technologies such as cloud computing and wireless technologies will play a key role in improving accessibility to both services (for patients) and data (for health-care professionals).

An example of the latter is San Francisco-based Zephyr Health’s entry into India with an office in Pune. "I am excited by the growth of our team here in India, which will be focused in areas such as data science and research as well as software test management," says William King, Founder and CEO.

In its latest health-care report, India Ratings (Ind-Ra), says, "Ind-Ra believes that the large and rapidly growing addressable market underpinned by increasing penetration of health insurance and corporate hospitals, increasing affordability and rising income levels together could lead to sustained growth over the next decade."