Students of TAPMI had this opportunity of attending an Expert Talk session which saw the presence of an eminent personality from the Healthcare domain, Mr. Mukul Bagga. Mr. Bagga is the Managing Director at Quest Diagnostics; a Fortune 500 company with 30% share in the US Healthcare market. Prior to working with Quest Diagnostics, Mr. Bagga was associated with some of the prominent names in the Healthcare and Life Sciences Industry like, Novartis, Johnson and Johnson and Ranbaxy.
Mr. Bagga started the talk with a statement of facts about the situation of the Healthcare sector in India. He put forward various facts that formed the framework on which the rest of the discussion was based. There was a lot of student interaction involved in the process with the students of TAPMI pitching in with their valuable inputs, that they have acquired during their learning.
The present day Healthcare industry stands at a staggering $132bn, contributing 8.1% to the overall GDP of the country. Having said that, India is still considered to be of the least advanced countries in the world as far as healthcare is concerned. Mr. Bagga drew some facts from the extensive industry related data and tried to correlate these facts with the present day scenario in the sector.
Having moved into diagnostics recently, Mr. Bagga has profound expertise in the pharmaceuticals sector and helped the students to identify some of the reasons why pharmaceuticals is not a growing sector in India. The major reason as agreed upon are:
- Price Control policies laid down by the government
- Patenting policies practiced by the pharmaceutical companies
- Distributor lobby, where the distribution muscle can impede the growth of the sector
Mr. Bagga identified the various drivers for the largely healthcare dominated market in India, where in 60% of the market belongs to hospitals and other healthcare facilities. The various drivers are:
- Consumer Awareness
- Changing Age Profile
- Rising Income Level
- Rising Population/Urbanization
All these drivers have led to various results like changing lifestyle, increasing investment levels, need for preventive healthcare, better quality expectations etc. Mr. Bagga pointed out some of the challenges that are affecting the healthcare market in India, and with the inputs from the students, summarized these to be Affordability, Accessibility, Awareness and Quality.
With the identification of the problems, Mr. Bagga led the students into a brainstorming session, to give a feel about how real life problems are solved in the industry. At each and every step, he took the inputs from the students, to help them understand the various dynamics involved in any decision making process.
All in all the students of TAPMI got a very wide understanding of the healthcare industry and how the challenges in the industry can be worked upon. The experience of Mr. Bagga added to the learning experience of the students, who were able to appreciate the importance of classroom learning in practical world problems.
 As per the 12th Planning commission report