Recent findings by The Lancet have suggested that India ranks 154 out of 195 countries in accessible healthcare systems as of 2017. That is a significant drop in rankings when compared to the WHO report in 2000, where India stood at 112 out of 190 countries on the healthcare index. On the other hand, the healthcare sector in India is one of the largest in the world in terms of revenue generation and employment. In fact, with a 16.5% annual growth rate, the healthcare industry is estimated to touch $280 billion by 2020 – yet 70% of the Indian population has little or no access to proper medical facilities like hospital or clinics.
The primary method of meeting all medical expenditure in our country is from personal savings or out-of-pocket savings. It is interesting to note that despite having to spend from their savings, a growing number of individuals opt for private healthcare. The main reason is the dismal quality of treatment, outdated equipment, and non specialized treatments. But what is the immediate result of it? Most of the people who cannot afford private hospitals (based on their annual income) resort to taking loans, which leaves them with large debts that need to be repaid. In the quest of finding other sources to pay for their medical expenditure, alternative methods of fundraising, like crowdfunding, have seen rapid growth in India.
Platforms like Impact Guru offer fundraising assistance to cover any kind of medical treatment. While most patients and their families waste precious time chasing banks and insurance companies to get their treatment, the crowdfunding India has opted for online donations, that allows them to raise money from their friends, family, and various networks online in a quick, debt-free and easy manner.
That said, we still have a long way to go, and as we envision a multiplying crowdfunding India population, it is essential that institutions that are associated with medicine, also encourage and promote concepts like crowdfunding. For instance, hospitals must let their patients know that foregoing expensive treatment is a fatal idea, and instead they may direct their efforts at online fundraising campaigns. There is no one solution to the severe challenges in India’s healthcare system, a combination of government intervention, improved facilities, and larger budgets, is the first step forward.
In the meantime, alternative fundraising methods like crowdfunding are providing relief to low income populations with high medical expenditure. The success of a crowdfunding India is the one viable solution to deal with the high costs of medical treatments and helping patients get adequate care.