Watch this video and you’ll know that 63 million Indians are sinking into poverty because they can’t afford the expenses they incur due to healthcare.
But did you also know that India is known as the ‘pharmacy of the world’ because of its high quality and low-cost advanced care? or that it’s one of the world’s top medicine exporters?
So why does the 70:70 paradox still exist in the Indian healthcare sector?
One of the reasons for this ‘catastrophic expenditure’ is due to the challenges posed by non-communicable diseases like cardiovascular diseases, cancer, respiratory diseases, diabetes, etc., all amounting to causing almost 60% deaths in India. It is estimated that India may lose 4.28 trillion dollars before 2030 only due to non-communicable diseases and mental illness. Treatment for these is extremely expensive, and since most of them are life-threatening, treatment is often also unavoidable.
And it looks like this healthcare expense problem is only going to get worse. It is estimated that the overall population in India will grow by 40% between 2006-2050, which means the population of those 60 years and above will grow by 270%. So between 2010-2020, the expenses on elderly healthcare are expected to increase up to $44 Billion.
For a country to flourish, the population has to remain healthy. What can solve this problem? Affordable innovations are a good starting point. Start-ups such as UE Life Sciences, OncoStem Diagnostics and Mapmygenome are providing models for early detection of non-communicable diseases like cancer, accessible. Creative innovations like these and making private healthcare affordable will solve a whole set of problems. Additionally, the government should invest more in the public healthcare system or at support private research and development to deal with the problem.