Healthcare Sector in India

Indian economy is moving from an emerging market to a developed market. There is changing demographic profile and socio-economic environment. With emergence of nucleus smaller fam­ ily units 'joint-family-as-a-social-security-net"set-up has been weakened. Simultaneously, the increased longevity, now 65 years, has raised the need for adequate provision of secmity for the aged. The current trend towards urbanization and migration of the rural population to metros and large cities in search of a better standard of living has also brought in changes the socio-economic environment. Because of the demographic changes and changing life styles there is growing need of the people for houses, health care and insurance. As per the CII-Mickinsey report on health care in India, the health care market is estimated to grow from Rs 69,000 crore to Rs 1,56,000 crore by 2012. For insurance companies there are plenty of opportunities.They can evolve strategies by translating these opportunities into actual purchase of health insurance products by building suitable underwriting systems.