Indo-German partnership in healthcare sector
India is one of the densely populated countries, and many foreign countries are very much interested in investing in some sector in the country. India is also having a healthy relationship with other European and American countries. This relationship will be very beneficial for India and also the other country that predominately plays the huge role in the Indian economy. One of the best and decorated allies of India is Germany. Germany is one of the countries that has a grave and mutual relationship with India.
Both these countries have robust and cooperation in many fields which is very helpful for both countries regarding their mutual understanding and practical nature. Even they had many cooperative works in different areas, but health technologies are one of the best among them. Indo-German partnership in the healthcare sector is scaling new heights with the new collaborative projects.
The Indo-German partnership is very much vital to both the countries. Their ties are not new. Both these countries have millions of people, and it will be essential for the countries to take care of their people regarding health-related problems. Both of these countries have a huge market in health-related technology. For example, India has the population of nearly 1.2 Billion, and almost 70% of people are diagnosed with various types of health issues and some of the medicines for these diseases are not available in India.
Germany also has nearly 80 Million inhabitants, and they also need lots of medical and health technologies to keep the welfare of their peoples.
So, the market for the medical and health technology is vast in both these countries, and it will be beneficial for the people of both the countries and also beneficial for the investors too.
These two nations are committed to providing good health for their people, and it opens the gate for the investors to provide safe and beneficial health technologies. The population of more than 100 Crore people can help in improving the financial stability of the investing companies. The people’s health in western parts of India is very critical, and the market has huge potential in those areas.
|Recommended for you|
|Indo-German collaboration: Key people and contacts|
|India-German collaboration: Main agreements|
|Digital health tradeshows and conferences in India|
Steps taken by the government
Most of the companies based in Germany are leaders in the world market in terms of providing health technology to various countries. India is one of the largest countries concerning population, and the need for health technology is an absolute must for them. The cooperation between these countries will be constructive for the growth of both the countries. The government of Germany and India already have various types of agreements between them regarding health technology sharing and using. So, the providers from both the countries are warmly welcomed to those countries to provide better health technology to the people of those countries.
A German company along with world bank has already created a scheme of health insurance in 2012 and it already provides insurance protection to nearly 300 million people in the country.
The steps were taken by the Indian government to ensure the health of its citizens and are also beneficial for the healthcare providing companies in Germany and it will be essential to improve the bilateral reciprocals between these countries. Some of the initiatives steps taken by the government include the 2003 and 2006 STC commission which has resulted in the Indo- German partnership healthcare sector getting stronger.
India launched its 11th five-year plan in the year 2007 that makes the turning point of Indo-German partnership to the next level. Many cooperation and development things are carried out by both countries to ensure the development in their respective countries and India opens the gate for various German companies to start their business in India. Some of them like Karl Storz GmbH are very helpful to the Indian people as they use endoscopic methods to improve the health of women in India.
Trade shows are very much important and influential to improve the growth and development of the country. Some of the trade shows organized by Indian Government welcome all the leaders in the world to showcase their capacity to the playmakers in India. The cooperation between India and Germany helps some of the top medical and health technology providers from German to showcase their technological things to the world and India.
The last one was conducted in March 2016, there are nearly ten companies from Germany participated in that expo, and it provides further improvement and the new partnership with these enterprises. The providing company such as RG technology, Somatex Technologies, and eight other companies take part in that expo and get new deals and projects from that expo. With the help of ‘The German Federal Ministry for Economic Affairs and Energy’ along with the Indian government provides the perfect platform for the company and it seems successful. This expo conducted by the Indian government is uniquely beneficial to the company and also to the government of India.
Government and private sectors
Government always plays a huge role in improving the mutual understanding between two countries. They also arrange some of the trade shows and expo to attract various companies of the world. There is some private organization also plays a predominant role in developing the cooperation and also very helpful to promote this trade show and expo. The shows and exhibitions are conducted by both Governments of India and German.
The Ministry of Finance and The Ministry of External Affairs deals with the cooperation and other technology sharing things. As per 2010 joint commission of India and German, the agreement between these countries will be beneficial in improving their bonding regarding Healthcare and scientific technology sharing and also plays a pivotal role in attracting new investors from both countries to each other.
The initiative, called Public-Private-Partnership(PPP) playing a good role in providing development and health findings to various projects. Projects financed with the PPP facility are implemented jointly by the enterprise concerned and by one of the following implementing agencies: GTZ, DEG, SEQUA, KfW.
Government departments that are included in Indo-German cooperation projects are:-
- Ministry of Finance
- Ministry of External Affairs
- Ministry of Commerce
- Ministry of Health and Family Welfare
There are new innovative techniques are taken in health technology side and with the help of cooperation between these two countries will play a huge role in further development.
In the end, the size and market for Health Technology are very fast in India, and the main reason is their population. Most of the people didn’t get proper medical and health assistance due to lack of certain medical technologies. The need for new, innovative and helpful health technology is always there, and the companies with the right interest will make certain beneficial things with the help of both the Indian and German governments. The cooperation between India and Germany is very much stronger, and the security is also provided to individual companies based on their purpose by both countries governments.
Image credit: www.istockphoto.com