Service Marketing in Health Sector of India

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Title-Service Marketing in Health Sector of India Name-Kripal Singh Niranjan

Introduction: - Services marketing typically refers to both business to consumer (B2C) and business to business (B2B) services, and includes marketing of services like telecommunications services, financial services, all types of hospitality services, car rental services, air travel, health care services and professional services. The range of approaches and expressions of a marketing idea developed with the hope that it be effective in conveying the ideas to the diverse population of people who receive it. The Indian health care market is $40 billion (Rs 1,94,246 crore). This market is growing at a compounded annual growth rate of 15 per cent. It will grow to $80 billion (Rs 3,88,492 crore) by 2013.This growth will create 3.5 million additional jobs, including 700,000 paramedical ones. The health care industry accounts for 5.2 per cent of the country’s GDP. Need for the Study: - Increasing population, higher expenditure on lifestyles, rising market of health insurance, government initiatives for better medical infrastructure, and focus on Public Private Partnership (PPP) models are some of the driving factors for the growth of healthcare sector in India. Major players in the Indian healthcare sector include Apollo Hospitals Enterprise Ltd, Fortis Healthcare Ltd, Max Hospitals and Aravind Eye Hospitals. Healthcare – Trends and Investments:-US medical devices-maker Welch Allyn plans big India expansion and boosts its presence in India. The US-based company has a range of products such as stethoscope, ophthalmoscope, BP monitors, cardio-pulmonary and thermometry devices. “Welch Allyn has drawn up an aggressive five-year strategy to focus on the Indian market, as we target revenues of US$ 5 million by 2015,” according to Con Hickey, Senior V-P, Japan, Asia Pacific and Africa. Welch Allyn has selected Garuda Med Equipments as its marketing and distribution partner in India. The plan...