We are in the midst of exciting times. Healthcare is a ubiquitous need and a business directed at serving humanity. However much remains to be done.
In spite of a recalibrated growth in India’s GDP of 5%, the demand supply gap for healthcare delivery services in the country remains considerable. The Indian healthcare market is expected to reach US$ 119.6 Bn by 2015, reflecting a CAGR of 15.0%. Currently, India accounts for nearly 6% of the world hospital beds and shares 20% of the world’s disease burden. This will grow, as India surpasses China by 2030 to become the most populous country in the world. The ageing profile of its citizens, higher purchasing power, growing affluence and a higher incidence of chronic life style and non-communicable diseases, will continue to fuel demand for healthcare services. (Source: Frost & Sullivan report, “Independent Report on the Healthcare Industry in the Asia Pacific regions, 17 September 2012”).
In order to address this enormous need for healthcare, Fortis has sharpened its focus on its India business, mainly hospitals. There are many reasons that favour this decision.
In India, we have the advantage of scale and size, and we enjoy a leadership position. We believe that an India focus works to our advantage as we can ramp up our businesses faster at far lesser incremental expense by leveraging our existing infrastructure in the country. To strengthen our model, we have also taken several strategic measures. This financial year our plan was to add 1,000 new hospital beds through greenfield hospitals. In May 2013, we launched the Fortis Memorial Research Institute, Gurgaon, and in January 2014 we launched Fortis Ludhiana. With the addition of the new, Fortis Arcot Road hospital in Chennai, due soon, we will be meeting our objective.
Fortis, with its large network of 62 healthcare facilities spread across India is a highly respected brand, well recognised for comprehensive services and quality. It enjoys a leadership position and is well known for its operational capability, deep experience and knowledge. The greatest strength of the company lies in its people –our pool of doctors, paramedics, nurses and managerial talent – and processes. This talent pool and knowledge of processes can be easily scaled up and replicated, giving us the unique ability to ensure quality patient care.
Continuous improvement in the way we work to deliver value to our patients is central to how we think and act. The organisation has invested considerable time in the improvement and standardisation of processes, ensuring a consistently high level of service across our hospitals. Other high impact organisation building programmes included the creation of shared services for the Group to drive both efficiencies and economies of scale in the supply-chain and important back office operations.
We thank our Doctors, Paramedics, Nursing, Administrative Staff and all other Fortisians who have put in dedicated efforts to make a difference to every patient. This sense of dedication and personal involvement has helped the organisation to continually improve upon its own benchmarks of patient satisfaction, service quality, clinical outcomes and efficiency. Our objective is to create a culture that delivers high quality healthcare with warmth and empathy, generating sustainable value for patients and all our stakeholders.
We started Fortis with the intent to serve the people of India and have been successful in our efforts to bring world-class capability, technology and local medical talent in alleviating the burden of disease. We are also happy to see that the Industry is maturing and that India is well poised to leverage its vast Indian medical talent, technology, infrastructure, systems and processes, to provide world-class medical treatment, with care and compassion, at price points that are affordable.
More and more international patients are beginning to seek medical attention here in India as it makes its mark on the world map as a value market for medical travel, on account of its high quality of medical care, superior service and affordability. We are confident that India will actualise its true potential as the preferred global healthcare destination in the foreseeable future.
As we move forward in our journey we would like to thank you for your unstinting support and look forward to your continued commitment to Fortis and to the future of healthcare.
With warm regards,
Malvinder Mohan Singh
Shivinder Mohan Singh
Executive Vice Chairman