At the current level of social security, Indians spend almost 75% of medical expenses out of pocket. And of these, over 70% goes to medicine. This shows a big contrast, as well as a differentiating insight for Pharma Companies, who are used to operating in regulated markets, in knowing that their business model must be innovated, if they want to operate in India.
This also means that when individuals are paying for medicines from out of pocket expenses, it will not be too late, before they will exert their choice on the way medicines are prescribed, the medicines that are prescribed and their choice of taking medicines. Personalized medicines then must enter into India, quickly. And quite a few businesses are getting into making their complete delivery system personalized.
31 March 2014