Health
India’s already tough medical costs boost a pandemic
Mumbai: Medical costs during a pandemic must rise. The recent surge in medical inflation in India is not surprising.
But India’s healthcare inflation is rising faster, even before the pandemic was triggered last year. As a result, health inflation has been a few percent higher than the headline numbers for years. In fact, healthcare inflation rose sharply in 2007, and current pandemic inflation is lower than that year. Healthcare inflation in December 2018 was 8.87%, driven by some drug price spikes.
Healthcare inflation rose to 7.76% in April, well above the headline numbers. Still, major healthcare inflation, which hit a high of nearly 20 months at the retail level in April, does not capture the full range of rising average individual costs. One explanation may be that government social spending is preventing a sharp rise in health care costs during the crisis. Medical subsidies can help keep prices down.
State health care facilities, on the other hand, are exactly the factors that can hide the country’s actual medical inflation. Data for calculating inflation are collected from both private and public sector samples. During the pandemic, private facilities could have significantly increased their costs. As we struggle to achieve economies of scale, the cost increase is greater with smaller outfits. Healthcare inflation in Ergo, Headline does not reflect the full range of pinches into consumer pockets.
Then there is the black market. Some evidence of this was seen earlier this month, when fraudulent practices tended to flourish during the crisis and the capital city of New Delhi deteriorated. Most items, from hospital beds to medicines and oxygen cylinders, were in short supply, and individuals sometimes had to pay exorbitant prices to procure them. Sure, these instances can rise exponentially during a health crisis, but they are not standard.
That said, India’s healthcare inflation is unlikely to cool in the coming months. Economists at the State Bank of India (SBI) believe that medical spending will account for 11% of consumer spending from the current 5%. “First, medical spending (private final consumption spending), which currently accounts for 5% of total PFCE, could increase by at least 11% from current levels, which also means spending on other items of discretionary spending. It is likely to bring a recipe for pressure and reduction of consumer spending. “
India is one of the worst blows of the covid-19 pandemic. And now that the pandemic is damaging household income, we are facing a surge in medical costs.
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