Top 3 Watch outs for in Healthcare Industry industryin 2014:
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Telemedicine Services - Chief Minister Nitish Kumar had launched telemedicine services in Bihar in November 2013. Telemedicine services are becoming increasingly popular year on year due to their instant availability and cost effectiveness. Various new startups are coming up in Telemedicine services sector. More on the startups in a later section.
Medical Tourism - Mr Vayalar Ravi, Union Minister for Overseas Affairs, Government of India, highlighted that the health tourism industry in India could become a US$ 5 billion business by 2015 . With the finest and experienced specialists and technological edge along with latest equipment and state-of-the-art infrastructure, Indian health tourism industry is gaining momentum. Kerala has the potential to become the hub and most preferred destination for health tourism with highly qualified doctors and some of the best hospitals and resorts in the country, highlighted Mr Oommen Chandy, Chief Minister, Kerala. Furthermore, Mr A P Anil Kumar, the State Tourism Minister, pointed that Kerala is the fastest growing tourism destination in India. Last year, 1 million foreign and 10 million domestic tourists visited the state. Various new startups are also coming in the field.
Government Initiatives - 100% FDI is permitted for health and medical services. India has signed a bilateral agreement with The Republic of Hungary to promote traditional systems of medicine. This will help promote Medical Tourism as well. The Government of India has allocated Rs 3,000 crore (US$ 482.32 million) in the 12th Five-Year Plan (2012–17) for development of the medical device sector. The Department of Health Research has decided to set up a Medical Technology Assessment Board to evaluate all kinds of Medical Technologies.