India’s medical tourism sector possesses potential to emerge as global leader

Suman Chowdhury, Chief Economist and Head of Research, Acuité Ratings & Research

“As India prepares for the 2024 budget, the focus on the Pharma and Healthcare sectors is clear where the Ayushman Bharat scheme will receive increased support, aiming to extend health coverage to vulnerable populations. Efforts will also be directed towards expanding RNA vaccine usage and enhancing vaccination against diseases like cervical cancer. The budget will sustain support for pharmaceutical innovation while introducing initiatives to improve health insurance access for the poor and lower-income groups, ensuring broader healthcare inclusivity and resilience.”

Dr Rakesh Gupta, Chairman, Sarvodaya Healthcare, Faridabad

“We anticipate a significant increase in healthcare expenditure in the upcoming budget. Prioritising primary healthcare, investing in robust healthcare infrastructure, and introducing policies that promote medical research and innovation are crucial steps towards building a healthier India. We hope to see substantial allocation for strengthening public health facilities, especially in rural areas, and incentives for the private sector to augment healthcare services. Additionally, tax benefits for medical equipment and pharmaceuticals can boost domestic manufacturing and affordability.”

Ishaan Dodhiwala, Co-founder, MediJourn

“India’s medical tourism sector, a burgeoning industry valued at $9 billion, possesses immense potential to emerge as a global leader. While our world-class healthcare infrastructure and reputation for affordable, high-quality treatments provide a strong foundation, strategic interventions are crucial to fully harness this opportunity.

To propel India to the forefront of medical tourism, we advocate for a comprehensive approach. The upcoming budget should prioritise targeted financial incentives to stimulate growth. Additionally, streamlining visa processes and enhancing flight connectivity by attracting international airlines and incentivising them with reduced fees will significantly boost patient influx. A global campaign on the lines of ‘Incredible India’ focused on ‘Heal in India’ is imperative to cultivate a strong international brand image.

Furthermore, organising Indian Expos in key global markets will create platforms to showcase our medical capabilities. By fostering public-private partnerships and integrating alternative healthcare systems, we can elevate patient experiences and solidify India’s position as a holistic wellness destination.” 

K Anindith Reddy, Managing Director, Enliva

“India’s examination and disposable gloves market, poised to reach $760 million by 2025 vis-a-vis the global market size of $15 billion, presents a substantial opportunity to bolster the nation’s manufacturing prowess. Realising the potential of the ‘Make-in-India’ initiative demands a paradigm shift in policy. By streamlining regulations, providing targeted incentives, and implementing a robust quality control framework, India can not only meet domestic demand but also emerge as a global leader in disposable glove production. There is a need for a Quality Control Order, introduction of minimum import price to counter dumping, reduction on utility costs to optimise production costs and introduction of performance linked incentives for the sector’s growth and competitiveness”