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Indian Economy - Understanding the basics of Indian economic system
Context: Recently, the Indian Council of Medical Research (ICMR) launched the “First in the World Challenge” to encourage Indian scientists to propose innovative solutions to complex health issues.
The scheme seeks bold, novel ideas for global-impact innovations in biomedical fields, including new vaccines, drugs, diagnostics, and other health technologies.
Criteria: Only proposals for unique, groundbreaking research and technologies will be funded.
Proposals aimed at incremental improvements or minor process innovations are ineligible.
High-Risk, High-Reward: The initiative embraces a high-risk, high-reward approach, aiming for pioneering breakthroughs even if some projects may not succeed.
Eligibility: Proposals can be submitted by individuals or teams from single or multiple institutions.
Selection Committee: A selection panel comprising renowned experts, innovators, policymakers, and biomedical scientists will review proposals.
The NMR, maintained by the National Medical Commission (NMC) and set up by the Union Health Ministry, is a centralized, dynamic database of all licensed allopathic doctors in India.
Current Problem: Doctors face issues registering due to Aadhaar and state medical board detail mismatches, such as name spelling discrepancies.
Authentication and Delay: The NMR uses Aadhaar for verification, requiring doctors to file affidavits to verify identity, leading to delays.i
India’s healthcare industry includes hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment.
Growth Drivers: The sector is growing rapidly due to expanded coverage, improved services, and increased investment by both public and private entities.
Rising lifestyle diseases, need for affordable healthcare, technological advances, telemedicine, health insurance penetration, government initiatives, tax benefits, and incentives are boosting the market.
Immunization Program: The Universal Immunization Programme (UIP) targets 26.7 million newborns and 29 million pregnant women annually, providing vaccines for 12 preventable diseases at no cost.
Hospital Sector Growth: Expected to reach INR 18,348.78 billion by FY 2027, with a CAGR of 18.24%.
Telemedicine Market: Expected to grow at a 31% CAGR, reaching $5.4 billion by 2025.
National Digital Health Blueprint: Could generate over $200 billion in economic value over the next 10 years.
Ayushman Bharat Scheme: India has the world’s largest government-supported health insurance scheme.
Medical Education Investment: INR 17,691.08 crore invested in 157 new medical colleges since 2014.
FDI Policy: 100% FDI allowed under the automatic route for greenfield projects.
Medical Value Travel (MVT): India is a top destination for MVT, attracting global patients under the “Heal in India” initiative
By: Shubham Tiwari ProfileResourcesReport error
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