According to the latest IBEF's sectoral report, the Indian healthcare industry size is expected to touch $160 billion by 2017 and $280 billion by 2020.
Eyeing the growing healthcare industry in India, Australian healthcare firms are looking to enter into partnerships with various Indian companies in the sector and offer expertise, especially in the area of care for the aged, says a PTI report.
According to the latest IBEF (Indian Brand Equity Foundation) sectoral report, the Indian healthcare industry size is expected to touch $160 billion by 2017 and $280 billion by 2020 from the present $50 billion on the back of increased population growth in India's low income communities.
A 25-member Australian Health and Assisted Living delegation is in India to share experiences and develop partnerships with their Indian counterparts. Currently in Delhi, the delegation will soon visit Mumbai and Pune as part of Australia Business Week in India (ABWI) from January 12-16, 2015.
"The delegation is meeting with India's leading hospital and healthcare providers, developers of retirement communities and senior Government of India officials with responsibility for health with the objective of learning about India's broader health, aged care and assisted living priorities and to see where they might be able to contribute through partnerships," said Patrick Kearins, Trade Commissioner and leader of the delegation.
As one of India's largest sectors, both in terms of revenue and employment, the healthcare industry is expected to witness a high growth rate due to the ever growing population, increasing government expenditure on health and growing per capita income. Moreover, changing demographics will also contribute to greater healthcare spending, which is likely to continue with the size of the elderly population set to rise from the current 96 million to about 168 million by 2026.
Expressing her views on the positioning of Australian companies to share their expertise and products with countries like India, Nicola Watkinson, Australian Trade Commission's Senior Trade and Investment Commissioner for South Asia, said, "Australia's healthcare and assisted living (also known as aged care) industries are known for world-leading technology, innovation, professional skills, and advanced research and development and Australian companies are well-positioned to help countries looking to support their ageing population."
India is Australia's 11th largest trading partner with two-way trade of AUD 15.2 billion and fifth largest export market, with total exports of AUD 11.4 billion. Total Indian investment in Australia is near AUD 11 billion (up from AUD 600 million in 2006), while total Australian investment in India is over AUD 6.5 billion, the statement said.