The Growth Mindset Of Successful Companies

Growth is a priority for most healthcare businesses, but one that's elusive and difficult to achieve. Some healthcare players do it really well, delivering sustainable growth year after year. What makes those companies so special? And what can we learn from them?

- Raelene Kambli

India's healthcare sector is at crossroads. It must address the significant health needs of its domestic population, while positioning itself to take advantage of the more profitable global markets.

According to India Brand Equity Foundation report, healthcare has become one of India's largest sectors both in terms of revenue and employment. During 2008-22, the market is expected to record a CAGR of 16.28 per cent. The total industry size is expected to touch $372 billion by 2022. Indian companies are entering into merger and acquisitions with domestic and foreign companies to drive growth and gain new markets. The hospital industry in India stood at ` 4 trillion ($61.79 billion) in 2017 and is expected to increase at a Compound Annual Growth Rate (CAGR) of 16-17 per cent to reach ` 8.6 trillion ($132.84 billion) by 2023.

Concurrently, India’s dream for Universal Health Coverage (UHC) still seems far from being achieved. The nation is still battling to solve many complex healthcare issues. India spends about 1.3 peer cent of their GDP on healthcare. Moreover, government’s population report indicates that India over 25 years has added 450 million people by 2016. During this period, the proportion of people living in poverty fell by half. This period of rising prosperity has been marked by a dual disease burden, a continuing rise in communicable diseases and a spurt in non-communicable diseases, which accounted for half of all deaths in 2015, up from 42 per cent in 2001-03. Although, the government is working towards adding more funds to healthcare budgets, collaborate with the private sector, bring in policies to foster innovation, facilitate quality and price control and more, the path to progress seems arduous.