Wellness cost Rs.150,000 crore

India’s Wellness industry projected to touch Rs.150,000 crore by Fiscal year 2020, according to a report by the #Federation of Indian Chambers of Commerce and Industry (FICCI) and #EY (formerly Ernst & Young).

Health and Wellness are crucial to any country especially a young demography like India, where 47 per cent comprises of people below the age of 25, said FICCI.

It is estimated that the increasing Non-communicable diseases (NCD) burden will cost India close to USD 5 trillion due to loss of productivity.

FICCI in association with EY consulting released a report titled “Value Added Service – Wellness and Preventive Healthcare”, during the #9th Annual Health Insurance Conference at New Delhi on Dec 9, 2016.

As per the report, major risks causing NCDs in India are tobacco, dietary risks, obesity, high blood pressure and air pollution which potentially could be mitigated through focusing on individual well-being and adopting appropriate preventive care.

The report also highlights local case studies about wellness and healthcare start-ups such as Practo Technologies, Gympik and Medibuddy Infiniti for insurers to galvanize the potential of preventive care market.

#G Srinivasan, Co-Chair, #FICCI Health Insurance Committee said, “Providers suggest that the major challenges for implementing wellness initiatives in India is the lack of control over the fragmented ecosystem and the unorganized regulatory guidelines that encompass the wellness and preventive care segment”.

According to the report, the three major measures that can empower the wellness and preventive healthcare market in India are wellness incentives embedded innovative insurance and healthcare products, wellness marketplace to support or drive the wellness benefits and an organized and co-existing ecosystem. fii-news.com