Despite being such a voluminous industry, the healthcare sector shows different shades of its development as well as underdevelopment. Read on to know how franchising can clear the roadblocks.
Indian healthcare industry is rapidly evolving and is anticipated to become three-fold to Rs 8.6 trillion by 2022. Many such mind-blowing facts can be derived from the reports that are published on monthly, quarterly or yearly basis. To sum up, it is easier to depict a rosy picture through such groundbreaking facts, but the lack of healthcare can be witnessed when we dig deeper into the actual healthcare scenario of India.
Despite being such a voluminous industry, the healthcare sector shows different shades of its development as well as underdevelopment. On one hand, the spectrum shows bright multi-colors of development such as the booming medical tourism while on the other hand the lack of accessibility of healthcare facilities emerges as the darkest color of the spectrum.
One can’t deny that there are yet some major challenges that face the industry and could be a roadblock in the journey of success. However, with the concept of franchising, many of the challenges could be overcome in so many ways. This is why it is the right to franchise your healthcare business in India.
Franchising to Increase the Accessibility of Healthcare
In a recent report, it has been revealed that India spends just 4.7% of GDP on healthcare. There is one government bed for every 2,046 individuals, and one state-run hospital for every 90,343 citizens respectively.
Being the second most populous country in the world, the expenditure on healthcare seems insufficient, thereby lacking the availability of medical infrastructure. With franchising coming into the picture, the lack of infrastructure could be resolved easily. As franchises could be established in local areas in minimal investment, healthcare could become more accessible to people.
Franchising to Provide Enormous Employment Opportunities
The efficient human workforce is what leads any industry to further growth. As per reports, there is only one government doctor for every 10,189 people. Indian healthcare industry lacks professional in the field because there are not adequate job opportunities for educated professionals. Many of them start off their independent business ventures like clinics, pharmacy, etc but fail.
By taking the route of franchising, many healthcare professionals can start their entrepreneurial ventures. As more and more franchises will be there, more and more people will be recruited as franchisees. It gives an easy and affordable business opportunity for business aspirants.
Franchising to Attract Investors in the Healthcare Biz
India’s healthcare has always attracted a lot of investors because of the rapidly growing economy of India. Various international companies in the medical field are bidding their money on the Indian healthcare industry as they see great potential in the industry. But this has always been the case for a tier-I or II cities. The penetration is almost negligible in the rural areas because no investment happens at the ground level.
Franchising, on the other hand, gives power to the franchisor to spread their network in almost every level through different franchise options such as master franchise, sub-franchise, area development and unit franchise. Healthcare franchises could penetrate in the rural areas ensuring the high-quality and affordable medical care.