Towards Viksit Healthcare

Why higher public spending and strong policy interventions are the key to making health an essential good

- NEETU CHANDRA SHARMA

India’s healthcare sector is a study in contrasts. On the one hand, the country is a global hub for pharmaceu- ticals, vaccines and medical innovation. On the other hand, millions struggle with limited access to quality care and high costs. As the debate over af-fordability and accessibility deepens, stakeholders say healthcare must be treated as a fundamental right, akin to education, or an essential good like food and water. Bridging this gap, they say, will require not only policy shifts but also a rethink of how India delivers care and higher public investment and private sector participation.

HEALTHCARE A RIGHT

According to the India Brand Equity Foundation under the Ministry of Commerce and Industry, healthcare has become one of India’s largest sectors in terms of revenue and employment. The Indian hospital market was valued at 8.2 lakh crore ($98.98 billion) in FY23 and is projected to grow at an 8% CAGR to 16.1 lakh crore ($193.59 billion) by FY32.

But there is a paradox. According to PRS Legislative Research, an independent institute supporting Indian lawmakers on policy and budgets, India’s healthcare system faces major challenges in infrastructure, manpower and financial accessibility, despite ongoing government efforts.