India’s Healthcare Diplomacy in Indonesia

RACHANA NARAYAN

doi:10.36948/ijfmr.2024.v06i04.23529

India’s Healthcare Diplomacy in Indonesia

Author(s)	RACHANA NARAYAN
Country	India
Abstract	The health industry is that sector that can determine the maximum number of lives and affect a major chunk of the population. India is well known for its high-quality medicines and affordable prices. It also offers high-quality medical services at the lowest cost in the world. India’s pharmaceutical industry is among the biggest in the world with pharmaceutical exports worth US$17.27 in the year 2018 and is expected to increase by 30% to be worth $20 billion in the coming years (data by India Brand Equity Foundation). Keeping this in mind and India’s inclination toward its eastern neighbors the attempt made by the Indian government for the advancement of the medical sector of Indonesia. A forum was set up in 2022 in Jakarta to advance mutual relations between India and Indonesia. It was the first India-Indonesia pharmaceutical and Health Industry Forum that attempted to build a relationship between the Indian and Indonesian pharmaceutical industries. Indonesia seeks to build a wider network and more business opportunities through this forum. This paper will attempt to look into the investment and business policy of the Indian government towards Indonesia. And also, how through this forum India would implement its Act East Policy. Through this not only the investment in the pharmaceutical industry would increase in Indonesia but also benefit the Indian industry as it would provide a new market to the companies. The paper will also look into the sector of medical tourism which has become a prominent revenue sector in India. According to the healthcareworld data the compound annual growth rate (CAGR) in the sector is expected to be approx. 34.92% from 2023 to 2027 with the revenue to reach Rs 2,670.37 bn by 2027.
Keywords	Act East Policy, Pharmaceutical forum, Investment, Medical Tourism, Health Sector
Published In	Volume 6, Issue 4, July-August 2024
Published On	2024-08-10
Cite This	India’s Healthcare Diplomacy in Indonesia - RACHANA NARAYAN - IJFMR Volume 6, Issue 4, July-August 2024. DOI 10.36948/ijfmr.2024.v06i04.23529
DOI	https://doi.org/10.36948/ijfmr.2024.v06i04.23529
Short DOI	https://doi.org/gt65km

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India’s Healthcare Diplomacy in Indonesia

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