Adieu 2024!

2024 witnessed remarkable progress in India’s healthcare sector, marked by technological advancement and digitization.

The Indian healthcare industry is growing rapidly, with a CAGR of 22 percent. The hospital sector alone is forecasted to surpass ₹10.5 lakh crore by 2024.

One of the significant initiatives that has brought positive change this year is the Ayushman Bharat Digital Mission and National Health Mission. Additionally, the government has allocated ₹90,000 crore for healthcare in the Union Budget of 2024-25, a remarkable increase compared to previous years.

The Insurance Regulatory and Development Authority of India (IRDA) revamped norms to make insurance more consumer-friendly, ensuring quick claim decisions and efficient discharge processes. Artificial intelligence (AI) and machine learning are revolutionizing healthcare delivery, from robotic surgeries to accurate diagnoses.

The focus is shifting from curative to preventive healthcare, with home healthcare, preventive health checks, and early interventions gaining importance. Corporates are expanding to Tier-II cities, increasing access to quality healthcare. Private players now prioritize patient experiences, adding a hospitality dimension to healthcare.

While hospitals focus on patient experience, healthcare consumers are willing to spend more on quality healthcare and experience.

Let us not forget the core of healthcare: quality, accuracy, and transparency in inpatient treatment. Today’s healthcare delivery requires better infrastructure, skilled manpower, and upgraded technology, but these should not overshadow the fundamental principles of healthcare.

AI and machine learning have significantly transformed healthcare delivery. While AI offers phenomenal potential, the Indian healthcare market needs to mature and gain momentum to integrate AI into service delivery. A structured framework is also necessary to address legal and ethical issues arising from AI usage. Robust governance must be in place to monitor and optimize AI usage in healthcare.

The Ayushman Bharat scheme has covered over 55 crore Indians, but there is still a long way to go to achieve universal coverage by 2030. Although Ayushman Bharat has taken a remarkable step by providing coverage to the underprivileged population for ₹500,000, the charges must be realistic to attract private hospitals to enroll in the scheme.

Although the government has encouraged ABHA to ensure interoperability and seamless data sharing with healthcare providers, awareness among consumers and providers is still low.

Healthcare costs continue to rise, posing another challenge for the healthcare industry. To make healthcare affordable, all stakeholders need to review current systems. Policymakers and private players need to establish a dialogue to address this issue. Government regulation to regulate healthcare practices and standardize care are always welcome. However, we must understand that private players form nearly 63 percent of the healthcare provider market in India. These regulations and price ceilings cannot make private hospitals unviable.