Health Care Industry

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Category: Business and Industry

Date Submitted: 02/21/2011 06:01 PM

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Healthcare industry in Sri Lanka

The health care industry is one of the world's largest and fastest-growing industries, consuming over 10 percent of gross domestic product of most developed nations, thus

healthcare can form an enormous part of a country's economy. Combining medical technology and the human touch, the healthcare industry diagnoses, treats, and administers care around the clock, responding to the needs of millions of people—from newborns to the terminally ill. The rapid changes taking place in the demographic context in Sri Lanka has created a great potential for the healthcare industry.

Sri Lanka is now a part of the emerging trend of private – public sector partnership seen as a paradigm in healthcare around the world. The private sector has introduced cutting edge technology into the healthcare sector, infused massive investment and enabled patients to have world-class technology in healthcare within the country at reasonable cost.

The private healthcare sector in our country has also been witnessing quantum leaps for a long time. Though the public health service is at an excellent standard, catering to all the need of the population has become a challenge to the government and thus private healthcare institutions emerged throughout the country. The success of the healthcare industry greatly depends on the commitment and efficiency of human capital.

It is widely recognized that better health is a prerequisite for the overall economic and social development of a nation. With the country’s economy heavily dependent on the growth of the services sector, which contributes around 62% of the GDP, the healthcare industry continues to play a crucial role in the macro growth and development of Sri Lanka. For decades, the Sri Lankan government has had considerable focus on good healthcare with the industry being buoyed by positive fiscal decisions and pragmatic strategic planning.

The local healthcare business is estimated to be over 30+...