Business Daily from THE HINDU group of publications
Thursday, Nov 29, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Nov 29, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Health ‘US healthcare sector in deep crisis’ Our Bureau Hyderabad, Nov. 28 The US produced 65 per cent of all Nobel laureates in Medicine during 1950-2006. It spends 16 per cent of its GDP (Gross Domestic Product) on healthcare, about 200 times more than what India spends. Yet, the healthcare sector in the US is bleeding. “It is not a mess. It, in fact, is in a deep crisis. Medical debts are a leading cause of bankruptcy there,” Dr Kushagra Katariya, Chief Executive Officer (CEO) of Artemis Health Sciences said. About 47 million people in that country, a little less than one-sixth of its population, don’t have any health insurance. And millions more are under insured, he claimed. “The average cost of insurance premium too has gone up 7.7 per cent. It reports severe shortage of healthcare professionals,” he said. Dr Kataria was addressing a healthcare summit at Indian School of Business (ISB) on Wednesday. Artemis recently opened a healthcare institute in Gurgaon, investing about Rs 200 crore. Clean slateSpeaking on ‘Lessons for India from the US healthcare mess’, he said the lessons were many. “Advantage for India is that we can start on a clean slate,” he pointed out. But for this to happen, the country should build a platform where the Government and industry could sit and chalk out a course of action, he said. Dr Kataria said that there was a huge shortage of healthcare professionals in India, adding that the country spent just 4.8 per cent of its GDP on healthcare. He, however, felt that there was no shortage of funds. There had been a lot of interest from investors, he said. Brig. Joe Curian, Chief Operating Officer of Global Hospitals, warned the healthcare entrepreneurs of risks that they might encounter while setting up hospitals, including financial, operational, regulatory and liability risks. More Stories on : Health
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