India’s Medical Value sector projected to reach $ 13 billion by 2026: Dr Mansukh Mandaviya

New Delhi: Dr Mansukh Mandaviya, Minister of Health and Family Welfare, Govt of India has said that India is working towards creating a people-centric value-based system of healthcare.

Highlighting the potential of India’s medical value travel sector he said, “The sector is projected to reach $ 13 billion by 2026, and this will be supported by the years of creating a borderless world along with highly qualified and skilful workforce to contribute to organized system of workforce mobility.”

Addressing the ‘One Earth, One Health – Advantage Healthcare India 2023 (AHCI)’, organized by Ministry of Health and Family Welfare, Govt of India and FICCI, Dr Mandaviya added, “India is known as the Pharmacy of the world. It is the largest provider of generic medicines globally and has 20 per cent of the global supply and has contributed 60 per cent of the global vaccine. This shows our commitment to the global community. AHCI 2023 will focus on promoting value-based healthcare through medical value travel. Patients can travel to any part of the world to access specialized treatment from renowned medical experts and cutting-edge facilities.”

Dr Mandaviya also launched ‘Advantage Healthcare India Portal’ for promoting value-based health care based on principles of patient mobility and health workforce mobility. “The launch of India’s one-stop digital portal is not just a milestone for India, but a significant step towards fulfilling our global responsibilities,” he asserted.

Sarbananda Sonowal, Minister of AYUSH, Government of India said, “The only way to combat the alarming problem of health is to implement a harmonized and coordinated studies of traditional medicine through effective governance. India being a soft power in the traditional system of medicine can play a vital role here in mitigation of this alarming sense in healthcare.”

Sonowal further stated that there has been increasing demand for AYUSH not only in India but across the world and the AYUSH market is projected to reach $ 23.3 billion soon. “This is indicative of the growing AYUSH ecosystem and its widespread adoption in public health,” he added.

Dr Tedros Adhanom Ghebreyesus, Director General, World Health Organization (WHO) said that investing in digital technology is very important because the services that can be provided from India could also be available to all through telemedicine. It will help patients who cannot afford to travel long distances. The services can be available to the world through digital technology. “This is a great opportunity for India especially in the Medical Value sector, as it can give you a huge advantage and the sector can be further strengthened by building capacities,” he added.

Dr Bharati Pravin Pawar, Minister of State (BPP), Ministry of Health and Family Welfare, Govt of India said, “To achieve affordable and accessible healthcare for all, the government is actively pursuing the establishment of integrative medicine wings in all hospitals. The combination of traditional and modern medicine is crucial, and this integration is important in remote areas.”

Prof SP Singh Baghel, Minister of State (SPSB), Ministry of Health and Family Welfare, Govt of India, expressed, “Medical Value Travel is a link between patients and health service providers and we aim to create synergies with the global health eco-system.”

Sudhansh Pant, Secretary of the Ministry of Health and Family Welfare, Govt of India said “AHCI 2023 hopes to promote collaborative healthcare efforts across the border, knowledge sharing and capacity building among the countries and various healthcare providers.” 

Pankaj Patel, Past President, FICCI and Chairman, Zydus Lifesciences said, “Treating a patient involves two crucial aspects: providing medical intervention such as medication or surgery, and equally important, attending to their psychological well-being.”

Dr Sangita Reddy, Past President, FICCI and Joint Managing Director, Apollo Hospitals Group said, “We believe that establishing partnerships is essential for effectively treating patients today and for developing the necessary infrastructure and resources in their countries for future treatments and advancements. Therefore, we need to strive to build bridges of collaboration and mutual support that will benefit all involved parties.”

G Kamala Vadhana Rao, Secretary to the Government of India & CEO, FSSAI and Ms Aradhana Patnaik, Joint Secretary, Ministry of Health and Family Welfare, Government of India also expressed their insights during the event.

The purpose of the three-day occasion is to highlight India’s role as the emerging centre for Medical Value Travel, underscoring its transformation into a prominent provider of top-notch healthcare and wellness offerings. The summit aims to foster healthcare partnerships among the nations involved, encouraging collaboration.