The Department of Management and Industrial Engineering hosted a seminar by Mr. Gaurav Malhotra, Managing Director, Medicover Healthcare who provided a clear and in-depth insight into the profound opportunities that the health care industry has and how the industry is adapting and changing with time. Medicover healthcare is an institution that believes in empowerment, integrity, teamwork, passion for quality and Entrepreneurship.
Mr. Malhotra began the presentation by a quote by Albert Einstein which talks about how easy it is to make simple things complex and how difficult it is to make complex things simple. He then went on to successfully explain the complicated concepts in the healthcare in simple terms that can be easily understood irrespective of background. He explained that, leadership behavior to him meant that one must be able to take decisions based on customers’ needs, must know how to unleash potential and must lead by example.
Mr. Malhotra explained how the healthcare system has evolved over the age in India. While the 1980s were familiar with large government hospitals and private nursing homes, the trend gradually shifted to multispecialty and corporate hospitals and recently we see an emerging inclination towards “medi-cities”. Indian healthcare is positioned for a robust growth. The health care necessities can be categorised as Environmental health needs, basic health needs, medically necessary needs, health enhancement and optimal health. Depending on which income group an individual belongs to, he or she will aspire for the optimal healthcare. India is obsessed with growing economy. But unless we have a healthy nation, our economy would not improve. In the recent times there has been high growth rate in the health care industry in India due to the increase in disposable income, increase in diseases, population growth and insurance coverage. In fact, India is expected to be in the top 3 in the World in healthcare market in 2020.
There has been a paradigm shift in the perception of healthcare. He explained how from conventional medical centres it has changed to state of art corporate setting, from long stay in hospitals to short stay and outpatient services; from unorganized sector to organised sector, from curative to preventive, from no quality check to quality service and accreditation, from travel to urban areas for treatment to availability of facilities in tier 2 and tier 3 cities and many such shifts. The amount of money spent on healthcare is the maximum while we are sick and terminal. We tend to go to hospital or avail medical services when we feel acute pain. The screening, diagnosis and preventive care are still at a very nascent stage.
Mr Malhotra then talked about the 4 A’s: Affordability, Assurance, Awareness and Accessibility. Even though everything in government is free, 68% of the Indians do not use public healthcare. He asked students opinions on what might be the reason for the lack of trust on the government health services. The discussion brought forth different views on the issue. He explained that India has a huge shortage when it comes to beds, nurses and doctors when compared to the WHO guidelines.
Why is India such an attractive opportunity for healthcare business? Mr Malhotra explained that India has a huge demand right now. Whenever a family has a disposable income there are two places they will invest; child education and medical facilities. With the increasing per capita income of India, the country is an attractive market for medical business. India is the cardiac, cancer and diabetic capital of the world. The sedentary lifestyle is a major contributor to many diseases. To make India aware of the healthy lifestyle requires a big paradigm shift. The purported risk of lifestyle disease in India is expected to boost Industry sales figure. In the near future it is the private sector who would be the major player. Mr. Malhotra then walked us through VUCA (Volatility, Uncertainty, Complexity and Ambiguity) and how it is applied in the healthcare sector.
Finally Mr. Malhotra shared his views and thoughts about life. Hard work and smart work are both required for success. One cannot be successful without endurance. He emphasized on the importance of the continuous learning and how the thirst for knowledge will define success. This was a tremendous addition to the seminar. For students just about to step into the corporate world in near future, it is an invaluable advice from a person who has been a part of it for years. The seminar concluded by Mr. Malhotra taking questions on the growth of healthcare and the coexistence of online and physical healthcare.