10-04-2017, 08:40 PM
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A STUDY ON THE EFFECTIVENESS OF GRIEVANCE MANAGEMENT SYSTEM IN TTK HEALTHCARE LTD
INDUSTRY PROFILE
Introduction
The health care industry is considered an industry or profession which includes peoples' exercise of skill or judgment or the providing of a service related to the preservation or improvement of the health of individuals or the treatment or care of individuals who are injured, sick, disabled, or infirm. The delivery of modern health care depends on an expanding group of trained professionals coming together as an interdisciplinary team.
Health care industry plays an important part in the economy of a country. The health care industry determines the GDP or the gross domestic product of any country. It also determines exports status, employment, capital investment etc. Health care segment provides employment openings to many individuals directly associated with the health care sector or other associated sectors, related to the health care industry in some way or the other. Efforts are usually made to keep the dollars rolling within the country economic set up. A business dealing in health care adds to the already existing economy by buying utility programs, by paying taxes for property etc.
The health care industry consists of the following:
Dentists and doctors
Protective care and nursing
Pharmacies
Allied medical, health services
Hospitals
The present era is likely to be dominated by expansion of demands in the market, increasing prices and increasing awareness among the customers. Such changes will trigger a change in the health care industry scenario for the better
Growth of Healthcare Industry
The fledgling healthcare industry in India is set to become a mammoth sized sector. A latest study by global management consultants McKinsey predicts that India's healthcare industry will reach a staggering USD 190 billion mark in less than two decades.
The study reveals that health care consumption in India will grow at 10.8% annually to reach USD 190 billion from its present size of just USD 25 billion.
The report says increasing health awareness among the youth, metropolitan lifestyle and increasing percentage of household expenditure on health are the key reasons for this growth.
The McKinsey report says that rural healthcare is also set to show strong growth and will account for almost half of the total consumption on healthcare in the country.
Industry experts say that could be the reason for companies like Wockhardt, Apollo and even Reliance Industries to make their early moves in the rural health care sector.
While a cardiac procedure costs anything between USD 40,000-60,000 in the US, in India it would cost you a mere USD 3000-6000. Also, the success rate of cardiac bypass in India is 98.7% against 97.5% in U.S. This is also making India a popular destination for tourists to avail of the health services.
Healthcare Industry Trends
Health care industry trends manifest an upward growth but several areas need to be attended to for enhancing health care services for the common man.
Different countries like Indonesia, Russia, Mexico, Brazil, India, Turkey and China comprise approximately 1/5th of the worldwide health care sales. Health care industry trends also suggest that the medical related conditions in the developing countries which are chronic in nature will be similar to the ones existing in the developed countries. In order to meet international standards, the existing health care industry is required to alter the mode of operation for generation of higher revenue and greater contribution to the Gross Domestic Product of the country.
