India: Why do Business There?
At Synapse we are incredibly proud of our Indian presence, whether it be our wholly owned Chennai office, our Australia India business council links or the management committee that our CEO, Margaret Faux, sits on that promotes bilateral trade and fosters relations between these two great countries.
This relationship has moved from the cricket field to the business arena and we feel there has never been a better time to invest in India. Healthcare in India has increasingly become one of the largest sectors in the country. With middle-income wages rising and the medical industry expanding at a rapid rate.
All healthcare systems are facing the same issues and it’s worth thinking internationally when you are ready to expand your horizons in this sector. We feel our hybrid of Australian quality and Indian innovation is the perfect blend for a company that specialise in service delivery and cutting edge technology. Thus meaning that Synapse can stay ahead of the field.
Considering doing business in India? Consider these benefits:
The Medical Sector Is Expansive and on the Rise
As mentioned above, the Indian health sector is growing each year, not to mention that the Indian population swells by around 26 million per annum – the size of Australia! India’s medical market includes medical devices, equipment, health insurance, clinical trials and medical services divided into both the public and private streams. The cost of surgery is far less in India than in other areas of the world, making it financially convenient for locals and foreigners alike. This price incentive, coupled with extreme innovation in technology means that Hospitals are receiving investments through established corporate chains and more people are seeking out health opportunities in India. The size of the population means that innovation and ambition is always forefront of the healthcare development – what an exciting market!
The market size of Indian healthcare is already worth approximately $100 billion USD and this is set to increase significantly within the next 5 years. Medical tourist arrivals are also rising, currently sitting at around 200,000.
There are still many emerging areas where the market is increasing, particularly in rural India where the population is high and the demand for healthcare is vast. The rural areas of India need technological support in order to provide safe healthcare delivery to large masses of people, that wouldn’t otherwise have facilities readily available. The medical market in India is exported worldwide; specifically, the majority of the world’s pharmaceuticals are manufactured in India.
Alternative medicine is also readily available and avenues for naturopathy, homoeopathy, yoga and other alternative treatments are becoming an option for many medical practices.
Doing Business in India is a wonderful challenge!
Synapse have been building our India network for years now and luckily are a rare Australian success story in the south of the country. This long-lasting approach is highly recommended as the regulatory framework, point of entry and local business customs are entirely different to that in Australia or the UK. Having the right trusted advisors, be it legal, business or cultural is paramount to getting your international business up and running in this wonderful country.
We at Synapse are proud of this rich journey and would love to see other Australian companies follow suit.
With the demand for medical services at a high, there’s room for more medical technology to be manufactured locally, decreasing the overall costs of healthcare delivery. There is room for Australian enterprise to enter this highly diverse and populated market. Just think of the opportunities! We are incredibly excited about the next part of our Indian journey, linking healthcare consultancy, education and administration to assist the Indian system.
Workers Are Ready and Eager to Learn
With millions of young people looking for work, the population in India has changed. Those under 25 are becoming far more likely to aspire towards a career that goes further than working for day-to-day expenses, making them a great attribute to your future business. We have already welcomed various members of our Chennai team to Sydney and our Australian Operations Manager originates from there! We see the hunger from our Indian workforce that can only supplement our other international offices.
At Synapse Medical, we have offices in both Australia and India and our specialty is taking care of your paperwork so you can focus on your patients. We offer services in medical billing, clinical coding and app-based solutions.
We cannot wait to get you updated on our international journey as we continue to grow into 2018.
If you’d like to learn how Synapse Medical could help you be more efficient with your medical practice or if you’d like to know more about expanding your business into India, call us on 1300 510 114 or contact us online.