There is lack of acknowledgement of Importance of Oral Healthcare even when ~85% of the population suffers from Oral problems, says a report by Ken Research.
1. Why is it a right time to launch Standalone Dental Insurance Products in India?
- Growing number of First-time visitors at Chain Clinics.
- Every 2 out of 3 people suffer from oral diseases.
- <15% suffering people visit dentists for treatment due to lack of accessibility, affordability & awareness.
- 1 dental surgeon per 5,000 people at country level.
- High mismatch in prices of treatments across clinics in same region.
- 10+Chains operating >600 Clinics catering 1Mn+ monthly
- In past 3-5 years, dentists have started using software for booking appointments, recording patient data, partnering with NBFCs & partnering with insurance providers.
2. Inadequate State of Infrastructure- Opportunity in the Dental Insurance Industry posed by current challenges.Poor availability of well-trained healthcare professionals. 5 PHC workers per 10,000 population.
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- Only 1 allopathic doctor/10,926 people and there is a deficit of 600,000 doctors, where as the nurse: patient ratio is 1:483.
- India has one of the lowest Insurance penetration of 69% (2019) across the globe.
- India lacks in most of the healthcare standards described by WHO and will take at least 2025 to reach those even if the Public & Private sector invests heavily in Health sector.
- Private healthcare costs ~4x than public healthcare yet most of the cases are treated by private sector owing to popular perception of private healthcare being better.
- Indian government’s target of investing 3% of it’s GDP to Healthcare by 2025 is much lower than the current global average of 6%.
3. Improvement in Dental Infrastructure led by Private Players.
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- PE investments over $3.4Bn in Indian hospitals between 2007-2017.
- PPPs (Public Private Partnerships) in health sector are gaining prominence.
- 100% FDI in Hospital sector has attracted strong capital inflows >₹34,000 Cr into hospital & diagnostic business through FDI since 2000.
- ~70%4 of the expenditures in healthcare sector takes place in private hospitals.
- Private Hospitals accounted for 82% of outpatients’ visits and 58% of inpatient.