The Indian healthcare industry is rapidly evolving and is anticipated to multiply three-fold to Rs 8.6 trillion by 2022. Despite being such a voluminous industry, the healthcare sector shows different shades of its development as well as underdevelopment. On the one hand, the spectrum shows bright multi-colors of development such as the booming medical tourism while on the other the lack of accessibility of healthcare facilities emerges as the darkest colour of the spectrum.
Even with such a rosy picture depicted through groundbreaking facts, we can’t deny that there are yet some major challenges that face the industry and could be a roadblock in the journey of success. However, with the concept of franchising, many of the challenges could be overcome in so many ways.
Increasing the Accessibility of Healthcare via Franchising
In a recent report, it has been revealed that India spends just 4.7% of GDP on healthcare. There is one government bed for every 2,046 individuals, and one state-run hospital for every 90,343 citizens respectively.
Being the second most populous country in the world, the expenditure on healthcare seems insufficient, thereby lacking the availability of medical infrastructure. With franchising coming into the picture, the lack of infrastructure could be resolved easilyas franchises could be established in local areas with minimal investment, and healthcare could become more accessible to people.
Lack of Workforce can be Resolved with Franchising
The efficient human workforce is what leads any industry to further growth. As per reports, there is only one government doctor for every 10,189 people. The Indian healthcare industry lacks professional in the field because there aren’t adequate job opportunities for educated professionals. Many of them start off their independent business ventures like clinics, pharmacy, etc but fail.
By taking the route of franchising, many healthcare professionals can start their entrepreneurial ventures. As more and more franchises will be added, more and more people will be recruited as franchisees. It gives an easy and affordable business opportunity for business aspirants.
Attracting Investments in the Healthcare Via Franchising
India’s healthcare has always attracted a lot of investors because of the rapidly growing economy of India. Various international companies in the medical field are bidding their money on the Indian healthcare industry as they see great potential in the industry. But this has always been the case for a tier-I or II cities. The penetration is almost negligible in the rural areas because no investment happens at the ground level.
Franchising, on the other hand, gives power to the franchisor to spread their network in almost every level through different franchise options such as master franchise, sub-franchise, area development and unit franchise. Healthcare franchises could penetrate in the rural areas to ensure high-quality and affordable medical care.
