Seven Pillars of Inclusive Ecosystem -Transforming Healthcare Special reference to MSME & SME sectors

Abstract

Purpose: The present paper analyzes the inclusive approach of the MSMEs (Micro, Small and Medium Enterprises) and the Seven pillars that play a significant role in promoting Indian health care to achieve Sustainable Development goals. The MSMEs & SME focuses on designing and manufacturing a wide range of medical products or devices, innovative drugs, COVID-19 related products act as a catalyst to bring a social-economic transformation of rural and urban by delivering a new wave ecosystem and also by the new generation entrepreneurship. MSME contributes one-third to India’s GDP and is the crater of opportunities, employment and contributes to women empowerment. Digital India promotes  ICT-Artificial Intelligence, Internet of Things, Blockchain technology, Make in India in manufacturing indigenization health care innovation to withstand global competition in healthcare products to meet requirements of the society and global demand through the  Government Schemes and policies with Partnership and Collaboration Model with support of Unicorn startup to bring the private sector and NGO in providing affordable healthcare infrastructure facilities under  National Health Policy, Ayushman Bharat PM-JAY, Budget and Niti Aayog has proved more funds and promoting the health care. The medical device industry contributes very significantly to the top 20 markets for medical devices. MSME contributes 6.11% of the manufacturing GDP, 24.63% of the GDP service activity, and 45% of overall export. The medical technology through Digital India is projected to reach US $50 billion by 2025 band ranked 10^th in the Medical Tourism Index (MIT) for 2020-21. Out of 46 destinations, the healthcare market in India is expected to reach US $ 372billion by 2022 and India is among the top 12 destinations for biotechnology and 100% FDI allowed under the automatic route and the largest provider of generic drugs. 

Design/methodology/approaches: The study is based on secondary data gathered from diverse sources such as articles published in Journals, government and other web site, newspapers, etc.

Findings and results: Indian economy will contribute to the GDP of the country. Public health is the major factor that we need to take care of then only there will be a possibility of progress in the country.

Originality/value: This study analyzes the seven pillars of healthcare that can be transferred to the healthcare industry and society. The seven pillars are “Economic Growth, Innovation, Digital Technology, Government Scheme and Budget, SME & Unicorn Entrepreneur, healthcare infrastructure and Partnerships and collaboration” are they provide strength to healthcare. The public health care infrastructure in both rural and urban areas is not up to the mark expect private health care. We suggest that more focus on providing primary healthcare with more staff for the large population and more tax rebates on health expenditure and health care schemes to be provided to all sections of the society.

Type of Paper: Research Analysis.