Healthcare has become one of the largest sectors in India over the years; both in terms of employment and revenue. All the hospitals, clinics, clinical trials, medical devices, telemedicine, health insurance, medical equipment, outsourcing along with the medical tourism make up the healthcare sector.
Overview of the Healthcare Industry in India
One of the challenges faced by the healthcare sector is that the services provided by private healthcare professionals are generally inaccessible by the rural section of the population. Lack of awareness is another challenge. There is a disparity in terms of accessibility to services and medicines between the urban sector and the rural sector. There is also the matter of affordability by the rural population for the healthcare services provided. Overcoming these challenges is an uphill task. Measures are constantly being taken to alleviate some of these problems. The public healthcare system focuses on providing basic healthcare services through the use of primary healthcare centres (PHCs) that are set up in rural areas; whereas the private healthcare system focuses on the metros, tier I and tier II cities with the use of secondary, tertiary and quaternary care institutions (clinics and hospitals).
Institutions such as All India Institute of Medical Sciences (AIIMS), Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Thyrocare Technologies Limited and such others provide the services including telemedicine, clinical trials, diagnostic services, healthcare delivery, medicare, pharmaceuticals and so on.
Online shopping is becoming more and more popular day by day. It has changed the outlook of shopping all over. Mr K. Vaitheeswaran established the first eCommerce company in India in the year 1999: Fabmart. Presently, leading eCommerce stores such as Amazon India, Flipkart, Snapdeal, Paytm Mall, Infibeam Corporation Limited and such others are gaining customers gradually.
Ecommerce Industry in India- An Overview
The rising smartphone and internet penetration have contributed to the steady growth of the ecommerce sector in India. A young demographic and the increase in consumer wealth are also some of the contributing factors. Smartphone shipments have increased tremendously. This has in turn given rise to more internet subscriptions. Certain government initiatives like StartUp India, Digital Udaan and Digital India along with regulatory frameworks such as 100% FDI (foreign direct investment) in B2B (business-to-business) ecommerce are also giving rise to more ecommerce stores. However, this industry also faces challenges such as payment and tax related issues, returns and cancellations of products as well as computer virus problems. These issues are addressed and most likely resolved with the use of digital marketing. It is predicted that by the year 2034, India is going to surpass the United States to become the second largest ecommerce market in the world.
In the midst of the ongoing COVID-19 crisis, eCommerce is being used more than ever. The trend may continue long after the crisis has passed.