An Insight Into the Different Sectors of the Healthcare Industry

Wellbeing has always been one of the major factors determining the growth magnitudes with the economy of any country. The margin between a new developing and a developed country is often drawn based on the advance in the fields of healthcare. A strong healthcare sector means a lower death rate and a higher level of life expectancy, which typically influences the growth and development of any economy. Hence, it’s vital that a country takes good care of its healthcare sector to cater to its populace in an effective manner in order to contribute to the country’s growth index in a positive way.

As long as India is concerned, it has one of the largest and most diverse people frame comprising of individuals belonging to different social and fiscal conditions. To cater to the multiple needs arising out of your diverse living conditions in India, we have a healthcare field that upholds a bunch of services ensuring good health and useful prevention. Though if we segregate the sector based on it has the functioning, you will find a lot of distinct sectors attached to the main marketplace. However , if we take a brief insight into the broad different types that serve as the backbone to the industry, we would include four major domains as described in the article down below.

Hospital Services and Facilities

Hospitals are the primary life jacket of the health sector and the core of the health field. Comprising of general medical hospitals, surgical hospitals, substance abuse and psychiatric hospitals, specialty hospitals, hospices and palliative care centers, family planning and abortion clinics, urgent and other outpatient care centers, dental laboratories, blood and organ banks, sleep disorder clinics, and more, hospitals type a long chain that binds the entire landscape together with regard to serving health to the people. There are residential and nursing health care facilities available as well. Nursing, supervisory, residential care are examples of the services that are available through this vertical. The other facilities extensive through the hospital services are Urgent Care Centers, In-Home Senior Care, Mental Health and Residential Developmental Handicap Establishments, Community Care for the elderly, and so on. Besides, since it is critical this patients receive ambulance services in time, there are direct and indirect expert services available for ambulatory patients as well. The outpatient care locations, diagnostic centers, hospitals, and some private players in the arena also provide this facility to guarantee uninterrupted health service.

Mr. Gaurav Malhotra Medicover is the Managing Director of Medicover a leading European healthcare group. He has twenty three years of rich experience in healthcare domain, in leading business and change management across MNCs, start-ups, joint ventures and re-engineering organisations. He has won prestigious “Healthcare CEO of the year” award by Economic Times (ET NOW).

Medical Equipment and Diagnostic Tools

The present-day advancement with science and technology has rendered the healthcare community with some of the most innovative and effective equipment and operations to diagnose and treat the ailments as vital as cellular malignancy. There are multiple companies who meet the needs of the rising demand of this equipment. In-Vitro diagnostic elements, ophthalmic goods, surgical appliances and supplies, Mammography Appliance, Robotic Surgery Equipment, Venous Access Device, and Sugar and carbohydrates Meter are some of the examples that help the healthcare authorities in treating and detecting the diseases in a streamlined approach. To manufacture and supply these, there is a huge industry required that ensures smooth operations and timely delivery of your equipment and tools.

Medical/Health Insurance

Apart from the direct health-related industry, there are services attached to it that render valuation to its being. Medical insurance and other organizations that simpler the entire process of operations for the healthcare industry have a important impact on the existence and growth of this industry. Having active participation and spontaneous service, medical insurance has become most important support for the majority of the treatments that involve considerable charges. With facilities like TPA and cashless treatments, often the patients can now enjoy a hassle-free treatment at best-facilitated clinics.

Pharmaceuticals Sector

The pharmaceutical industry manufactures, markets, as well as innovates licensed drugs that are effective and integral to get better healthcare facilities. This is a huge sector employing a substantial percentage of population to cater to the market requirements. By drug wholesalers to over the counter stores, the prescription drug industry is a major player in this domain. With the rise in the health consciousness in the general public, nutritional supplements have also taken an essential share of the healthcare industry, which are again the products belonging to the pharmaceutical sector only.