November 6, 2019
The MoU will enable joint initiatives in improving the quality of healthcare in both nations as well as R&D in the sector
The healthcare sector in India is projected to witness an increase in market share by US$133.4 billion by 2022
Government expenditure with respect to public health has grown from 1.2 per cent in FY14 to 1.4 per cent in FY18
Driven by improving diplomatic ties, bilateral trade between India and Brazil had risen to US$1.2 billion in 2018-19
A preliminary agreement between India and Brazil on co-operation in the field of health and medicine has been approved by the Union Cabinet headed by Prime Minister, Shri Narendra Modi. The MoU which is to be signed later in the month will facilitate the exchange of knowledge and technical expertise in the field. It will also enable the exploration of joint initiatives aimed at improving the quality of healthcare in both nations as well as catalysing research and development in the sector. The MoU is set against the background of a 10-year strong strategic partnership rooted in mutual respect, commonality in vision, economic growth with a focus on inclusivity and shared values as democracies.
The healthcare sector in India, one of the largest in the world, is projected to witness an increase in market share by US$133.4 billion by 2022. Apart from a variety of capacity expansion, a 22-25 percent increase in medical tourism in India has been advantageous for the sector at large. The expenditure of the Government of India with respect to public health has also grown from 1.2 per cent in FY 14 to 1.4 per cent in FY 18. The Government of India has now set a target to increase spending to 2.5 per cent of the national GDP by the year 2025 with respect to public health spending. Herein, India’s collaboration with Brazil holds great promise for both the nations given the scope of growth in the sector.
Brazil is a valuable trading partner to India with steadily increasing volume of bilateral trade relations that have been forged in the past decade. Driven by improving diplomatic ties and high-profile exchanges, bilateral trade between India and Brazil had risen to US$1.2 billion in 2018-19. Several Brazilian enterprises have invested in multiple sectors in India namely biofuels, automobile sector, IT and energy among others. Indian companies, on the other hand, have invested in the Brazilian agri-business, energy, IT, engineering, automobiles, pharmaceutical and mining sectors among others.