Union Minister of Chemicals and Fertilizers, DV Sadananda Gowda, said on Tuesday that the health care industry in India has been one of the country's largest economic sectors and is expected to generate 40 million jobs in India by 2020.
"With regard to both employment and revenue, the health care industry in India has been one of the country's largest economic sectors. The Indian healthcare sector is expected to record a threefold rise, at a CAGR of 22 per cent during 2016-2022 to reach USD 372 billion in 2022 from USD 110 billion in 2016," Gowda said.
The Minister was addressing a gathering after he inaugurated the Annual Health Conference "Pharma Med HD 2019 Transforming the perception of Indian Health Care Industry".
India ranks 145th among 195 countries in terms of quality and accessibility of healthcare.
Gowda said there was immense scope for enhancing healthcare services penetration in India, thus presenting ample opportunity for the development of the healthcare industry.
"The Indian healthcare industry is one of the most knowledgeable and professional industry in the world. The sector is expected to generate 40 million jobs in India by 2020," he said.
The Minister said India is one of the largest exporters of pharmaceuticals and the Indian healthcare delivery, as in the hospitals, are one of the most efficient and cost-effective healthcare delivery systems due to our expert doctors and specialists and well-equipped diagnostics and nursing services.
"Though we are dependent on imports in medical devices but Indian Medical Device manufacturers have now taken a lead and are producing high-quality devices," he said.
The Minister said Indian pharmaceutical industry supplies over 50 per cent of global demand for various vaccines, 40 per cent of generic demand in the US and 25 per cent of all medicine in the UK.
( With inputs from ANI )