India's Leading Healthcare & Pharma Companies 2023

4 | India’s Leading Healthcare & Pharma Companies 2023 OVERVIEW OF INDIA HEALTHCARE SECTOR T he Indianhealthcare industry en c ompa s s e s v a r i ou s segments like hospitals, pharmaceuticals, medical devices, diagnostics, telemedicine, health insurance and other allied eco- system. The Indian healthcare industry size is estimated at USD 110 bn (excl. pharma exports). Hospital sector contributes approx. 60% to 70%, pharmaceuticals 18% to 20% while 20% to 22% is contributed by diagnostics, medical devices, and insurance. The sector is driven by factors such as shift in demographic mix, increase in non-communicable diseases, improved awareness about health and wellness and government spends on healthcare industry. INDIAN HEALTHCARE EXPENDITURE According to the economic survey of FY23, thebudgetedexpenditure on healthcare for the central and state governments reached 2.1% of GDP in FY23, compared to 1.6% in FY21. According to the survey, the growth in the share of health expenditure inoverall social service expenditure increased from21% in FY19 to 26% in FY23 (budgeted estimates), highlights the growing significance of public healthcare and social security in achieving universal health coverage. ROLE OF TECHNOLOGY IN INDIAN HEALTHCARE Technology has potent ial to significantly improve India’s health infrastructure by increasing access to patient care, improving the qual ity and efficiency of care delivery, and decreasing medical errors. There is also an improved focus on preventive care and not just treatment. Also, there are growing Dun & Bradstreet