The growing healthcare market in India requires a strong collaboration between the public and private sectors to ensure the availability, affordability, and quality of healthcare, according to Madhukar Kumar Bhagat, Joint Secretary at the Union Ministry of Health and Family Welfare, Government of India.
Speaking at the 21st Indo-US Economic Summit organised by the Indo-American Chamber of Commerce (IACC), Bhagat emphasised the need for the private sector to move beyond commercial interests in healthcare.
Addressing the summit, Bhagat pointed out that while the private sector typically focuses on the commercial aspects, the government must step in to provide healthcare services in areas where the private sector is less likely to invest. "We have to talk about a partnership between the government and the private sector to bring about four fundamental things: availability of healthcare, affordability of healthcare, access to healthcare, and quality of healthcare," he stated. He also highlighted that the vision of 'Vikshit Bharat' (Developed India) must be people-centric, ensuring that healthcare reaches all segments of society.
Bhagat further discussed the government's efforts to enhance healthcare services, noting a focus on technological advancements through Artificial Intelligence (AI) and extending healthcare to the interior regions of the country. "If I talk of the economic perspective, then the areas of market failure have to be taken into account by the government. If I talk about the rural area, I cannot expect corporate hospitals to operate there in the near future, and therefore, the government must ensure its presence in these regions," he said. He also emphasised the role of the government in regulating the healthcare sector by setting standards, and roadmaps, and overseeing ethical practices.
The summit, themed 'Building Bridges, Shaping Futures: Pioneering Pathways for 21st Century Growth,' also featured other key speakers. Genessa Giorgi, Health Attaché at the US Embassy in New Delhi, underscored the importance of global collaboration in healthcare, stating, “By prioritising healthcare, investing in innovation, and fostering partnerships, we can create a prosperous, equitable, and healthy society not just for India and the US, but for the entire world.”
The session included notable contributions from Dr. Upasana Arora, Chairperson of the Healthcare Services Committee, Executive Council Member of IACC, and Managing Director of Yashoda Super Specialty Hospitals; Dr. Shefali Misra, Group Vice President of Public Policy & Government Affairs, Biocon Group; Rajeev Juneja, Vice Chairman & Managing Director of Mankind Pharma Ltd; and Dr. Sangeeta Sharma, Professor & Head of the Department of Neuropsychopharmacology at the Institute of Human Behaviour & Allied Sciences (IHBAS).
