Healthcare likely to touch $280 bn by 2020: Anupriya Patel

New Delhi, March 30, 2017: (UNI) Minister of Staten for Health and Family Welfare Anupriya Patel today said the size of healthcare industry would be scaling up at 280 billion dollars by 2020 from the current level of about 100 billion dollars with new National Health Policy being in place which incentivises the industry in general both in public and private domain.

The government would also spend 2.5 per cent of GDP on health up from 1 per cent which will grow the Indian Healthcare Industry, Ms Patel said while inaugurating the fifth Annual Conference: PharmaMed HD 2017-Drug, Devices & Delivery-A360 Degree Approach under aegis of PHD Chamber of Commerce and Industry here.

The Minister also exuded confidence that with new administrative dispensations in place, health for all would be imperative as the government is attaching top priority on it as a result the healthcare industry is likely to grow at 23 per cent CAGR which would propel its size to estimated 280 billion dollar in next few years.

According to her, “The medical device industry would also witness phenomenal growth with its flagship programme of Make in India. It is estimated that the medical device industry would double its growth prospects and reach an estimated level of 6 billion dollar from current level of little over 3 billion dollar.”

The Minister promised several policy initiatives that would gradually be added on to policy documentation relating to health sector as the government is committed to provide health for all and in this direction it has already altered the deadline for elimination of tuber-clauses which was earlier set at 2030 to 2025 which shows the pace with which the NDA government would fulfill its health targets.

Later, speaking at the conference Joint Secretary, Department of Pharmaceuticals, Sudhansh Pant also assured industry that inadvertent duty structure for healthcare is being corrected with each passing day and such anomalies would continue be addressed by the government until eliminated.

United News of India