Pharmaceutical MBA – Scope and Future in Pharmaceutical Industry:   

MBA in Pharmaceutical is a good option in front of you after completing the  four year pharmacy course.  If you have an aptitude to pursue the pharmaceutical management and build your career in various domains of the industry, then surely the course in Pharmaceutical MBA  will help you and take you forward in the Pharmaceutical industry

Pharmaceutical MBA colleges in India:

There are various institutes who offer Pharmaceutical MBA courses in India. Some of the good colleges in India who are offering the courses are :

1. NMIMS University, Mumbai
2. SIES  Mumbai- offers PGDBM in Pharmaceutical MBA
3. NIPER ,Mohali (Punjab)
4. D.Y. Patil Insitute of Management,Mumbai
5. IIHMR   Jaipur
6. JamiaHamdard, New delhi

Scope and future of MBA Pharma:

Let me take you through some of the facts of Indian Pharma Industry:

1. The Indian pharmaceutical market (IPM) is valued at 72,069 crore($15 billlion)  in 2013 as against 65,654 ($ 13 billion)crore INR in 2012 
2. Pharma exports from India are forecasted to increase more than two folds over the next five years . During 2013-2015, opportunities on account of patent expiries will amount to around $ 125 billion creating a large opportunity for Indian Pharma industry
3. Accounts for over 10 per cent of global pharmaceutical production
4. Over 60,000 generic brands across 60 therapeutic categories
5. Manufactures more than 400 different APIs

These numbers in itself tells a lot about the opportunities which the Indian Pharmaceutical industry is providing .The industry not only needs highly qualified researchers, chemist, technical people but also requires skilled managers who can take the industry forward  by managing and taking the complex decisions which are imperative for the growth of the industry

The Pharmaceutical MBA course is oriented towards the development of  graduates(Pharmacy,life science, others)  into a well skilled managers groomed for Pharmaceutical industry in the field of:

1. Sales & Marketing-which grooms the people for taking a challenging role in Sales  andProduct management .The career in product management starts from having an hands on experience in sales. All the companies want their managers to have ground experience in sales .So the companies will have a basic sales tenure ranging from 6- 18 months. The sales experience not only provides the hands on experience but also provides a view point to understand the nuances of the marketing strategies.
2. Consultancy/ Project management: This grooms the students to enter the world of consulting to the life sciences industry. These projects could be related to regulatory compliance, clinical trial management, IT Management(development of Pharma specific tools and softwares) , sales & marketing projects into various domains including digital marketing, patient management etc. Ex: Infosys, Indegene,Wipro,HCL etc.
3. Business development: This  could depend from your role in Licensing/Acquisitions, Portfolio development, Sales, Client acquisition, lead generation .It requires  use of the analytical skills and negotiation skills.
4. Market research: With every company decision being based on market data (company performance, new product launches), research opens a wide field for the students. Example includes IMS, AIOCD Awacs, Pharmarc etc
5. Market analytics: Analytics involves the decision making in various departments of pharma industry  based on the data available to the managers. This decision making could be with respect to product performance, sales forecasting, product portfolio management or risk management. The field provides an immense potential if a student has an interest in analytics and has a knack of data crunching.

Fee structure : The fees structure  may range from 2 lac to 8 Lac depending upon the type of college you are planning to enroll into

What are the salary expectation after MBA-Pharma ??

You can expect the salary packages ranging from 3 – 12 lac .However it depends from recruiters to recruiters and also from college to college

It is not only the course which will take you forward in the industry but it’s always important to take a genuine interest in the subject to excel and grow in Pharmaceutical industry.

15 Tips To Convince Doctor To Prescribe Your Medicine:

15 Tips To Convince Doctor To Prescribe Your Medicine:

What to say about product so that doctor prescribes your products to patients. For that 5 tips to convince doctor to prescribe your medicine.

You may wonder how someone convince a doctor in just short period of time of 5 minutes. i have seen such medical representatives who have the ability to convince any doctor in just 5 minutes and doctors starts to prescribe their medicines. I talked to such medical representatives and have some points for you so that you can also convince any doctor to prescribe your medicine. It takes home work yes when i talked to them they told me how they did their homework before talking to any doctor and result was amazing. So below there are 5 tips for you to convince doctors:

Doctors give only 5 minutes.

Yes i know as medical representative doctors give you only 5 minutes and in such short period of time you have to convince your doctor so that he prescribes your medicine to the patients. So what to speak and how to speak in those 5 minutes we will know it below.

Gather Information about your company:

First gather all the detailed information about your company.

Extract 5 achievement of your company like:-

(1)  Any award given to your company.

(2)  Approved with ISI Certificate.

(3)  No. of offices in country.

(4)  Total No. of workers.

(4)  Total No. of depos.

(5)  Total no. of products in market.

NOTE:-Now list them into piece of paper.

Gather Detailed information about your product.

For example if you are talking to a doctor about glucose then collect all information related to glucose first because doctor may ask you about glucose.

In my case all the doctors asked something about my products.

Now Collect all the good things about your product For example if glucose is my product than i will collect this information:-

·                     Ingredients of glucose.

·                     Effect of glucose on patients.

·                     Side effects of glucose.

·                     How many doctors have prescribed this products.

·                     Weight of product(Many medical representatives do not know what is the weight of their product).

NOTE:-Write it down on the piece of paper.

Competitive Analysis:

Now if you are a medical representative then you have surely faced this situation when doctors talk about similar medicines when you promote your medicine.so before meeting any doctor do your homework for your competitor.

(1)   Know who is your competitor.

(2)   What are the rates of that product.

(3)   What is the weight of that product regarding to manufacture price.

(4)   Compare your product with weight and price.

(5)   Check out the ingredients of your competitor product and figure out which is harmful for patients.

(6)   Compare your product does that also contain that ingredients.

(7)   Collect information about competitor's company.

(8)   Total no. of depos,workers,product availability,company background and number of products.

(9)   Do they have any certificate.

(10) Any frauds about that company.

Note:- Write down all the points on paper.

Final Worksheet and action plan:

Now write down all the information on one paper like this:-

(1)Achievement of company

      Above 5 points

(2)Your Product Details

     Above 5 points

(3)Your competitive analysis

     Above 10 points

Now just memorize it many times and when you go for a meeting with a doctor now recall those 15 points and just speak them . you will be amazed to see that doctors will start to prescribe your medicine. These are the best tips to convince doctors and believe me to see the results. Because you have all the information related to your company, your products and your competitor. And these are enough to impress and convince your doctor to prescribe your medicines.

WORK FROM HOME JOBS IN PHARMA FIELD

*Medical transcriptionist:
 Medical transcriptionist typically do the following: Listen to the recorded dictation of a doctor or other healthcare professional. Transcribe and interpret the dictation into diagnostic test results, operative reports, referral letters, and other documents.

*What is the work of medical transriptionist?

Medical transcription, also known as MT, is an allied health profession, which deals in the process of transcription, or converting voice-recorded reports as dictated by physicians or other healthcare professionals, into text format.

*What kind of education is required to be a medical transcriptionist?

Medical Transcriptionist Education Degree Requirements. Medical transcriptionists are not required to have postsecondary education, but most employers prefer to hire those who do. Vocational schools, community colleges, and online schools offer medical transcription training.

*How much can you make as a medical transcriptionist?

Medical Transcriptionist Salary. The average wage for a Medical Transcriptionist is $15.28 per hour. The skills that increase pay for this job the most are Pathology and neurology. Pay for this job does not change much by experience, with the most experienced earning only a bit more than the least.
*How do you become a medical transriptionist from home?

Avoid ads promising "Work from Home" – Becoming a medical transcriptionisttakes work and dedication. You need to get your training from an accreditedmedical transcription school and then make contact with doctors in your area. Your medical transcription course can take up to 18 months.

Starting from Rs 5000 to a billion dollar company-Desh Bandhu Gupta's Incredible Success Story of Lupin

Desh Bandhu Gupta (born 1938)  is the founder and Chairman of Lupin Limited, a multinational pharmaceuticals company.

Gupta started his career as an Associate Professor at the Birla institute of science and technology  Rajasthan.

He founded Lupin in the 1968 with a start-up capital of just Rs.5000.  His inimitable commitment & pioneering spirit has steered Lupin into becoming a USD 1.83 billion global pharmaceutical powerhouse; an innovation led transnational pharmaceutical company with leadership in Cardiovascular, CNS, Diabetology, Asthma, Paediatrics, Anti-Infectives across key markets globally, with global leadership positions in Anti tuberculosis  and cephalosporin  segments.

Lupin is today the 7th largest generic pharmaceutical company globally by market capitalization and the 10th largest generic pharmaceutical company globally by revenues.  The Company also has the unique distinction of being the fastest growing top 10 Generics players in the two largest pharmaceutical markets of the world - The U.S (ranked 5th by prescriptions)  and Japan (ranked 8th).  The company is also the fastest growing, top 5 pharmaceutical players in India and the fastest growing player in South Africa (ranked 4th, growing at over 30%).

Gupta set up the Lupin Human Welfare & Research Foundation  (LHWRF) on October 2, 1988. LHWRF was set up with the objective of creating a replicable and ever evolving model for sustainable rural development with a simple goal of uplifting families living below the poverty line in rural India.

LHWRF is focussed on building a sustainable model which would aim to improves Human Development Indices (HDI) in its chosen geographic area of operations. LHWRF now reaches out to 2,200 villages across 5 States in India, touching the lives of over two million people. LHWRF has evolved into one of the largest non-government organization funded by corporation in Southeast Asia.

A practitioner of the science of vipassana  meditation, Gupta is a trustee of the Global vipassana foundation as well as the Chairman of the managing committee of ISKON, Juhu Temple.

Gupta received a Lifetime Achievement Award for his contribution to the Indian Pharma industry during the Pharma Leadership Summit 2009.  He was also the recipient of the Ernst and Young Entrepreneur of the Year 2011 – Visionary Leader award.  

In 2014, Forbes estimated Gupta's net worth at $4.9 billion, making him the 308th richest person in the world.

From Borrowing Rs 10,000 from his father to becoming India’s second richest man

From Borrowing Rs 10,000 from his father to becoming India’s second richest man

Dilip Shanghvi was born in Mumbai. His family later moved to Kolkata. He started off by helping his father’s wholesale pharma business in Kolkata. After Graduation, he started his own business in Kolkata with one employee, where he marketed and sold psychiatry medicine. He then came to Mumbai, and set up his first factory in Vapi, Gujarat. The realisation to start his own drugs company had dawned on Dilip when was helping his father. He soon decided to set up his own business and market his own brands instead of continuing in trading business. He got his initial investment of Rs 10,000 from his father and started Sun Pharmaceutical in 1982. His base was Vapi in Gujarat, where he got some goods and equipment from a friend. Seeking help from a few more people, he started off with five products for psychiatry. The company did IPO in 1994, and expanded its sales network across 24 countries in 1996. In 2011, Ranbaxy crossed global revenues of $2 Billion, becoming the first pharma company of Indian origin to do so. Sun Pharma ventured into Ophthalmology in 1987 by taking over Milmet Labs. Milmet Labs was at a global rank 108 in 1987. Currently, it is ranked 6th, signifying Dilip’s mettle. Dilip also ensured that he expanded Sun into the European and US markets. Acquisition of Ranbaxy gave the company the necessary depth required in emerging markets. In 2012, when Sun Pharma acquired URL Pharma Inc. and DUSA Pharmaceuticals Inc., it was a major step in his career. Dilip, with a net worth of over $21.7 billion, also owns 60.8% stake in Sun Pharma, making the company number one in India and fifth largest in the world. Dedication, hard work and the ability to make the right decisions at the appropriate moments made Dilip Shanghvi the second richest man in India.

India grants patent to Pfizer's pneumococcal vaccine

How to become a successful pharma Line Manager

I have seen many successful Medical representatives, after becoming  a Line Manager struggle to repeat the same success as a Manager.  However, it is possible to become a successful  Line Manager if one consciously understands, and appreciate the difference in the job responsibilities,  meticulously follow certain basics and acquire necessary managerial skills quickly, some of which are discussed below:

• Having chosen to become a Line Manager, first of all please understand the reality that you are no more a Senior Medical Representative and your job responsibilities are different now.
• Ensure work discipline strictly with all in the team.
• Don’t compromise on punctuality for work with all members in the team.  If the MR has to meet the Manager at the Stockist point for joint work at 9.00 am he should be there by 8.55 am itself.
• Ensure proper detailing for all products by all in the team.  Communication (i.e.detailing) is the most important tool to convert a Doctor, therefore it is the responsibility of a good Line Manager to ensure that every one in the team is 101% right on communication part.
• Ensure promotion of right products to right doctors at all times by all in the team,  which is professionally prepared based on proper Market Survey which is recorded.
• Ensure proper implementation of all Sales & Marketing strategies in the field.
• Fill up vacancies if any with the right candidates quickly to ensure that you don’t lose sales on a/c of vacancies.
• Ensure proper and complete induction of newly joining people in the team. The induction should be so complete to give a feeling to the newly joined MR that in the absence of the Line Manager also he can do a good job confidently
• Ensure every one in the team maintain the right frequency of calls.  For example if a Doctor is to be  met on 10th and again on 20th every month ensure that it is done exactly on those dates.
• Ensure everyone does his best, if you are supervising a pool,  ensure that everyone is on his toes,  doesn’t take things lightly, and doesn’t suck on others’ hard work.
• Ensure sale comes from all range of products and do not rely on only a few products.  If sales are not good for some products, please find out if he has chosen the right customers,  and also if his detailing is correct and create necessary impact, for such products.
• Ensure call norms of Doctors and Chemists are religiously met by everyone in the team day in and day out.
• Ensure everyone in the team ensures availability of all products at all counters by doing adequate Personal Order Booking (POB) which is monitored regularly.
• Ensure every one in the team sends daily work reports, stock and sales statement of stockists, and other reports on time without any need to remind
• Conduct Sales Review Meets in a professional manner to identify reasons for shortfall in sales, action plan with deadlines to over come the same, ensure that it is implemented as planned so that every one in the team achieves sales objectives, month after month, thus taste success, feel confident, earn incentives, and aspire for better quality of life.
• Always encourage them to do sales in an ethical manner.  Don’t encourage unethical practices, and nip them in the bud itself.
• Ensure that the approved working plan is strictly adhered to by every one in the team. Deviations if any (which should be rare) should be discussed with the Line Manager in advance, and only after his concurrence should be carried out.
• Ensure every one in the team charges only the approved fares, and allowances in his tour expense statements.
• Spend a little more time with newly joined or weak MRs till they improve and come upto the expected  efficiency level.
• Recommend talented and consistently performing MRs in the team for career growth to your superiors. and also recommend  good salary hike at the right time for the good and performing MRs in the team.
• Reward their hard work and try to appreciate it as much as possible.
• Encourage good MRs who are senior in the team to take up more important responsibilities, like induction of newly joining MRs, working in the vacant territory for some days every month, etc   under your overall supervision.
• Successful line manager should have at his finger tips, in which town each of his team member has worked for the day, whether it is as per plan or not, number of calls made, value of POB booked, etc. i.e. close monitoring.
• SMS success achieved by any one to all in the team,  spread positive energy all around,  and encourage healthy completion amongst all team members.
• Show them the way, demonstrate to them also, but don’t do their work.
• Inspite of repeated attempts to correct,  if some one is not willing to change and drag down the team’s  performance, don’t waste time to get rid of such bad elements quickly.

By implementing all the above, the Line Managers help their team members to succeed and thereby they also succeed in their job.  The  MRs under such a Line Manager always owe their success to him,  and don’t  leave ‘their guru/mentor’  that easily,   hence very less attrition level  in the team led by such an effective Line Manager.

New life for life sciences?

The proposed industrial strategy for the life sciences sector sets out some ambitious objectives – probably too ambitious, says Ana Nicholls

When the government launched its industrial strategy green paper in January 2017, life sciences was among the five world-leading industries it aimed to cultivate. This August came the first follow-up, when Professor Sir John Bell published his recommendations for a long-term “deal” for the sector. His call for a host of ambitious new life sciences initiatives, including heavy investment in high-risk “moonshot” research, has gone down well with pharmaceutical companies. Yet his chances of getting more than a sprinkling of them approved are very uncertain.

Professor Bell’s far-reaching recommendations are intended to turn the UK into a global hub for medical research and clinical trials, building on its current strengths. They centre around five themes – science, growth, the NHS, data and skills – although Professor Bell shied away from some contentious issues, notably pharmaceutical pricing. A Canadian-British academic who specialises in genetics at the University of Oxford, he is particularly interested in the first of these, devoting over a quarter of his text to it. And he has some pretty major recommendations to make.

A proposed Health Advanced Research Programme (HARP) would see the UK use moonshot research to create two-three whole new industries over the next ten years, probably in genomics, artificial intelligence, healthy ageing or health digitisation. A Discovery Science initiative would see the country attract 2,000 new discovery scientists from around the globe over the next five years, raising R&D spending from 1.6 percent of GDP to 2.6 percent. And a Translational Science initiative would support a 50 percent increase in the number of clinical trials held in the UK over the next five years. Although the word ‘Brexit’ is barely mentioned in the report, Professor Bell has previously argued that freedom from the constraints of EU trial regulation could help with this.

When it comes to growth, the report makes it clear that the life sciences sector in the UK is already large, generating annual turnover of around £64 billion a year and employs around 233,000 people. It is also very productive, generating more per hour than pretty much any other industry. But again his ambitions are high. He wants the UK to create four companies with market capitalisation of over £20 billion over the next ten years. He also wants the country to develop more life science clusters, and use incentives, particularly R&D tax credits, to attract investors that might otherwise head for countries such as Germany or Singapore. One core aim would be to attract up to £3 billion in manufacturing investment into life sciences, preferably into newer technologies.

Next comes the NHS, whose structure gives it, as Professor Bell points out, “opportunities….that could not be realised in many insurance-based healthcare systems”. Some of these got a mention in the science section, which outlined some possible partnerships between the NHS and researchers. However Professor Bell’s main goal for the NHS is adoption of the Accelerated Access Review, allowing innovative treatments to get to patients more quickly, with better evaluation of outcomes. Related to this are his recommendations for his fourth theme: data. The NHS’s structure has long given the UK a chance to build up a national healthcare database that would inform both health provision and research. That is the long-term goal, but Professor Bell argues it should start with between two and five innovative regional data hubs.

Finally, Professor Bell tackled the subject of skills, where he is keen for the UK to plan its workforce needs better, using funds to create apprenticeships, management training and education programmes. This is also one of the areas where his recommendations are most closely linked to minimising the effects of Brexit. He is keen to see a migration system that will still allow the UK to access the best talent from around the world. Equally, in the small regulation section at the end of the report, he recommends keeping UK pharma regulations, including the drug approval system through the MHRA, in line with those in the EU.

The report has prompted an enthusiastic reception from the pharma industry. The Association of the British Pharmaceutical Industry called it an “impressive document…that will provide confidence for global companies to invest in the UK during and beyond Brexit”.

Yet it is far from a done deal: the government will not make any decisions until later this autumn and will face plenty of other calls on its cash and its attention as Brexit looms. And while the government’s Science and Innovation Partnership Paper, released as part of its Brexit strategy less than two weeks later, mentioned the industrial strategy, there were some striking differences. The paper talks about a goal of raising R&D spending to 2.4 percent of GDP by 2027, for example, compared with Professor Bell’s “essential” target of 2.6 percent within the next five years.

There is, as Theresa May so infamously said, no magic money-tree. The goals and initiatives laid out in this industrial strategy are unlikely to get the full attention and money they deserve as the government grapples with the more immediate challenges posed by Brexit. Even so, by setting out clearly what could be possible for the life sciences sector if the funding, attention and sheer energy were available, the proposed industrial strategy puts down a challenge for the future, after Brexit.

Impact of GST on Healthcare and Pharma Sector

Impact of GST on Healthcare and Pharma Sector

Read  research and analysis on the impact of Goods and Services tax on the Indian healthcare.

India is the largest producer for generics and the country’s Pharmaceutical Industry is currently the 3rd largest in the world in terms of volume and ranks 14th in terms of value. As the population continues to grow, the need for better Healthcare Services is also growing. Currently, 5 percent of the country’s GDP is expended on the Healthcare sector. The healthcare sector is expected to touch $150 bn by end of 2017, from $80 bn in the year 2012. The country’s healthcare industry has been growing exponentially in last few years, and the Health Ministry targets for the development of new technologies to end the year for treating diseases, such as tuberculosis and cancer. For attracting more FDI (Foreign Direct Investment), the Government has also raised the cap. 

Effects of GST on the Healthcare Industry

The passing of the GST(Goods and Services Tax) Bill has grabbed the attention across all the industries in the country. It would benefit most of the sectors and make the taxation process easier as it will replace a number of different taxes and duties. 

The Indian Healthcare Industry is now among of the major sectors with respect to revenue and to employment. As the expenditure on the Healthcare increases, so do revenues from taxes. Recently, the Government of India decided for the implementation of GST, which would subsume various taxes of the complex tax system in the country into one uniform tax system.

It is expected that GST would have a constructive effect on the Healthcare Industry particularly the Pharma sector. It would help the industries by streamlining the taxation structure since 8 different types of taxes are imposed on the Pharmaceutical Industry today. An amalgamation of all the taxes into one uniform tax will ease the way of doing business in the country, as well as minimising the cascading effects of manifold taxes that is applied to one product. Moreover, GST would also improve the operational efficiency by rationalising the supply chain that could alone add 2 percent to the country’s Pharmaceutical industry. GST would help the Pharmaceutical companies in rationalising their supply chain; the companies would need to review their strategy and distribution networks. Furthermore, GST implementation would also enable a flow of seamless tax credit, improvement the overall compliance create an equal level playing field for the Pharmaceutical companies in the country. The biggest advantage for the companies would be the reduction in the overall transaction costs with the withdrawal of CST (Central Sales Tax). GST is also expected to lower the manufacturing cost.

One more benefit likely to accrue due to GST is the reduction in the overall cost of technology. Currently, the technical machinery and equipment which are imported into the country by the healthcare sector are very costly. Also, the duty which is levied is not allowed as a tax credit under the present tax regulations. However, with GST this scenario might change. Under GST, duty charged on the import of such equipment and machinery would be allowed as a credit.

What do the Leaders Think?

“As far as the healthcare and particularly the pharma industry, we expect that the GST legislation will benefit the customers by making health care affordable,” said Ramesh Swaminathan, chief financial officer and the executive director of Lupin Ltd.

Swaminathan also said that his company is waiting for the details like tax rates and the legislative framework for the implementation which is required to be decided by the GST Council.

“This is a breakthrough tax reform and one of the biggest major milestones for the country and its industries. We are confident that the GST bill would boost the local manufacturing sector, enable more accessible to products which will be affordable for the local consumers and will give a momentous boost “Make in India” specifically in the healthcare sector.” said Rekha Ranganathan, GM, Mobile Surgery, IGT Systems & Head Philips Healthcare Innovation Center (HIC)

What are the Major Concerns?

There is an uncertainty if the life-saving drugs, Healthcare services, and medical devices would continue to be tax-free once GST comes into force. Till now, life-saving drugs are exempted from the Excise and Customs Duties. Some of the States charge 5 percent taxes on the medicines; it might change once GST comes to play.  The Government must continue the duty and tax incentives which are in place already. As the Goods and Services Tax is applicable on all the stages of the supply chain, it is still unclear how this would influence the bonus schemes, free drug samples and the inter-state movement of the expired products or the stock transfers.

One of the prime concerns for the healthcare sector is the inverted duty structure that adversely impacts the domestic manufacturers. The cost of inputs is much higher than output, i.e., the raw materials are more costly in terms of duty than the finished product itself hence depressing investments from the manufacturers. For addressing this issue, the GST structure proposes either to dispose of the inverted duty structure or bring in a refund of the accrued credit. If this is implemented, it would prove to be the biggest advantage for the healthcare sector and would act as a booster for the growth of healthcare industry.

What could be the Impact on Medical Tourism?

Speaking about Medical Tourism, India has a definite competitive advantage over the First world countries. Several studies have proved that the cost of health care package including accommodation and travel to India is about 30-40 percent of the similar medical treatment and procedures in First World countries. India brags of having one of the largest healthcare workforces with 50,000 or more doctors and nurses produced every year. As of today, there is a boom in the country’s medical tourism that generates extra returns for Healthcare Industry. The revenue from medical tourism in the country has grown from $334 million in 2004 to $2 billion this year. 

With the implementation of GST, Medical Tourism is also projected to grow manifold. Also, the formation of National Medical Tourism Board has initiated their policies for solving the issues which are faced by the medical travellers. The Board under the Ministry of Tourism would go a long way to solve the challenges in coordination across different ministries. With the roll out of GST, the cost of insurance, pharmaceuticals, and international travel together with quality health care is expected to reduce which would culminate into better prospects of medical tourism in the country.

Valsa Nair Singh, IAS, Principal Secretary, Tourism & Culture with the government of Maharashtra, speaking about challenges such as demonetization and GST, claimed that medical tourism is growing in spite of demonetization, and e-visa on arrival has also helped in achieving the same. The medical tourism industry has been assisted by the improved connectivity. “We are trying continuously for replicating wellness, yoga and organic living,” she shares.

India is home to several alternative medicine practices such as Yoga, Ayurveda, Unani, Sidha, Homeopathy and Acupuncture which are popular among the foreigners. Such alternative medicine practices give India an important edge over most of its competitors such as Thailand, Malaysia, Singapore, UAE and South Korea. It is expected that GST would have a positive effect on these alternative medicine sector and will significantly contribute towards the growth of medical tourism in the country.

The Bottom Line

In general, the impact of GST on the Healthcare segment is still indeterminate. However, the Industry specialists have confidence that post implementation of GST customers and industry players will be in a win-win situation. The Healthcare Industry would profit from the GST implementation as it would diminish the complexities and various obstacles to the growth of business. Healthcare sector including the medical tourism is on the way of expanded profitability and promising development.