The elderly have special needs, and a new industry is born
NEW DELHI: Rohit Arora works in Delhi, but his ailing mother was alone in Kolkata, and he used to feel helpless about it. When he managed to get a health worker, Rajesh (name changed), to look after her, it was a great relief. “He visited every week, looked after her health, talked to her, took her to the doctors. Later on they developed a sort of psychological bonding. She was so happy,” he says. Arora’s mother passed away recently.
MP Pai and his wife in Bangalore looked forward to the daily visit of their nurse, Nitya. For them, it was not just about medical care, but about social bonding and a daily dose of advice. Both their sons are settled in the US, and “having her come home and check on us has made a huge difference in our lives,” Pai said.
Rajesh and Nitya are symbols of healthcare care focussed on the elderly, still an emerging industry in India valued at about $7 billion (`43,000 crore), of which home-based care is estimated at between $2 and $3 billion (`12,800 and `24,600 crore).
Compared to about $290 billion that is spent on eldercare in the US, this is miniscule. However, with income levels rising and young professionals no longer able to take care of their parents and willing to dip into their wallets, companies such as Portea, TriBeCa Care, Medwell, and HealthCareAtHome are sniffing a business opportunity.
As per Census 2011, India has 103.2 million ‘60-plus’ people — next only to China — constituting around 8.6% of the population. It is expected to reach 300 million by 2050.
“At present, the private healthcare sector, especially corporate hospitals, perceives older persons as a non-profitable segment. They are not tapping into the potential that elder care services offer,” feels AB Dey, head of department, geriatric medicine at AIIMS.
“The market is small. The reasons are, one, that there are not enough companies in this segment right now and, two, now the segment is dominated by informal sector and governmentbased services,” says Tamojit Dutta, Co-CEO of TriBeCa Care.
The elderly have different healthcare requirements. They generally suffer from multi- ple and chronic diseases and need long-term and constant care, according to the National Programme for Health Care for the Elderly. But medication is not their only need — the elderly need emotional support, counselling and often, legal support.
“Along with medical needs, we also address their non-medical needs,” says Meena Ganesh, CEO of Portea Health care.
The companies also offer legal support, help in day-to-day activities such as shopping and paying bills, and going outdoors. Some also offer products such as wheelchairs, beds and walking assistants that can be purchased online.
“Our clients include children living within and outside India, and at times in the same city as their parents. Sometimes the parents themselves ask for our services,” says Gaurav Thukral, vice-president, HealthCare at Home India, a joint venture of the Burman family of the Dabur brand, and UK-based HealthCare at Home.
THE ELDERLY CARE MARKET IN INDIA IS STILL SMALL. THERE ARE NOT ENOUGH COMPANIES IN THIS SEGMENT AND IT IS DOMINATED BY INFORMAL SECTOR AND GOVERNMENT-BASED SERVICES TAMOJIT DUTTA, Co-CEO of TriBeCa Care