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Improving Wellness and Social Sustainability through Healthcare Spending in India

In: The Competitiveness of Nations 2 Government Policies and Business Strategies for Environmental, Social, and Governance (ESG)

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  • Kanika Dhingra

Abstract

The healthcare industry in India provides an essential service to everyone in society yet the costs involved have deterred access to the public. This is driven by the incompetent use of healthcare technology, an incomplete system of payments, additional medical services, and limited involvement by patients in the decision-making process of the healthcare system. The spread of COVID-19 vividly demonstrated these weaknesses associated with India’s healthcare system. Given this situation, this chapter identifies the causes of unsustainable healthcare expenditure in India and discusses how to curtail healthcare costs while contributing toward improving the environmental and social impacts of this sector. We conducted research by exploring how the healthcare companies can curtail costs by implementing new practices such as improving the efficiency of utilizing technology. In doing so, this study reveals that only limited efforts in research and development are taking place. The findings of this chapter signify that India’s healthcare is in a weak shape and requires massive transformation. Other developing countries should take India as an example of how to progress and improve their own healthcare sector.

Suggested Citation

  • Kanika Dhingra, 2023. "Improving Wellness and Social Sustainability through Healthcare Spending in India," World Scientific Book Chapters, in: The Competitiveness of Nations 2 Government Policies and Business Strategies for Environmental, Social, and Governance (ESG), chapter 13, pages 297-312, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811268090_0013
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    Keywords

    National Competitiveness; Government Policy; Business Environment; Firm Strategy; Locational Advantage; Competitive Advantage; International Business; Russia-Ukraine War; Environmental; Social; and Governance (ESG); Corporate Social Responsibility (CSR); Corporate Social Opportunity (CSO); Creating Shared Value (CSV);
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F1 - International Economics - - Trade

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