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The Only Strategy That Will Work For Healthcare Businesses In India – JUGAAD a.k.a INNOVATION

BANNER

According to the independent and professional investment information and credit rating agency, ICRA Limited (ICRA), the long-term outlook for the Indian hospital sector is stable with annual revenues likely to grow at 12-14 per cent over the next five years on account of rising demand and medical tourism. The hospital industry in India stood at Rs 4 trillion (US$ 61.79 billion) in 2017 and is expected to reach Rs 8.6 trillion (US$ 132.84 billion) by 2023. India’s unorganized primary healthcare system is presently worth $30 billion and is growing at least 25 percent a year.

Apart from the size of the market, another striking fact is the hunger for innovation by entrepreneurs and patients alike. This is why multi-specialty chains and diagnostic laboratories are turning out to be game changers in this domain.

Also, unlike many restrictive Indian industries, from insurance to real estate and telecoms, there are no limits on foreign ownership in healthcare.

Healthcare Is The Most Lucrative Destination For Moneybags In India

The healthcare sector in India is all set to be the next boom area in the economy. With a growing population interested in personal health and hygiene, government efforts that prioritize health policy and spending and a significant, if underutilized, population of medical professionals, the health economy in the country is proving to be a magnet for private equity and venture capital investments. Goldman Sachs, Warburg Pincus, Sequoia Capital and the Government of Singapore Investment Corp are among investors that pumped $520 million into India’s basic healthcare industry this year, compared with $137 million in 2011, according to Thomson Reuters data.

In my previous blog posts, I’d explained how the Indian Government has emerged as a key market force, with funds focused specifically on healthcare. The national budget for the year 2018-19 has allocated funds specially for healthcare entrepreneurship and innovation. Add to this, limited grant funding, philanthropic & other public-sector funding agencies, investors of all types (high-net-worth individuals and angel investors, venture capital funds, commercial private equity funds, impact investors), initiatives like tax rebates for new businesses, incentives for investors who support early-stage organizations and a growing spate of public-private partnerships and academic institutions, it is easy to see why the medical sector in India is poised for significant bolstering.

Why Is It So Hard For Organised Healthcare Providers And Start-Ups Alike To Succeed In India, Inspite Of Obvious Market Potential Here?

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PM Modi’s Second Marketing Mantra – Segment

E.S.C.R.O.W.

This is the magic marketing  mantra used by Prime Minister Narendra Modi to rack up his impressive wins at home and abroad. You can read about it here – http://wp.me/p6tQjj-3o.

MODI hands up

Source: Google Images

In this post, I will introduce the second syllable in this mantra. S= SEGMENT.

Segment to succeed

For companies looking to win in the Indian market, given the geographic spread, cultural differences and price sensitivities at play here, segmentation is a sound basis for developing targeted and effective marketing plans. Furthermore, analysis of market segments enables decisions about intensity of marketing activities in particular segments. A segment-orientated marketing approach generally offers a range of advantages for both, businesses and customers.

To get you started, here are nine questions you can answer. If your answers are not convincing enough or if you aren’t sure the answers are correct, do not hesitate to undertake Market Research. It can make all the difference between your market credibility and market disappearance!

For any Market Research activity in India, and consequent strategic marketing advice, please do not hesitate to contact me. Visit my website http://cobblestonesconsulting.com for more details.

9 Modi-fied questions

Remember, in the relationship-based Indian market, success is relative. More success, more relatives! Stay safe and have a good weekend, peeps. See you on the other side.

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