Elderly care: CII calls for improving productivity of retired workforce, health insurance for all – Free Press Journal

The senior population in the world is the fastest growing segment with 60+ population touching 11.5 percent of world population. As per estimates, by 2050, the 60+ population will increase at 22 percent and outnumber the population below 15 years of age. The rapidly changing global demographics has resulted in a sharp rise in the demand for senior care services.

The fast growing elderly population, for a developing country like India, may pose mounting pressures on various socio-economic fronts including pension outlays, health care expenditures, fiscal discipline, saving levels. This segment of the population faces multiple medical and psychological problems and therefore has become a major concern for policy makers over the last two decades.

Against this backdrop, CII organized the 4th Annual Senior Care Conclave, where these concerns of the changing demographic, financing and improving liquidity, raising the voices and concerns of the elderly and convergence within the industry were discussed.

R Subrahmanyam, Secretary, Ministry of Social Justice and Empowerment said, “Elder care has emerged as a problem area of economic growth, but no fruits of economic growth are ploughed into elder care. This paradox can be resolved through the creation of a fund where a certain percentage can be given to a fund for elder care from these fruits of economic growth.”

When looking at this entire segment, the private sector needs to take the lead and the government needs to work as a catalyst. This is a very good business opportunity, there is a lot of scope of industry taking the lead. PPP modes will have to emerge and the government is more willing to work with the industry than ever. From the governments side we have done a few things:

Government has shifted its focus from creating institutions towards looking at the community

Sacred Portal

Senior Care Ageing Growth Engine (SAGE): identify innovations that make the lives of elders easier, happier and more fulfilling.

Separate entity which will help in getting CSR funding into the sector

Identifying trained geriatric care givers.

Many states in India are going through a demographic transition and taking care of the wellbeing of the elder population is the responsibility of the government, younger people and society at large stated Dr. Deepa Prasad, Chief- Programmes and Technical Support, United Nations Population Fund.

It is imperative to be cognizant of the many vulnerabilities that the older population face such as income and health related aspects, and therefore industry needs to make smart investments today in the elderly segment. She further added that “there is huge potential for investments in the following areas: Harness the productivity of the elder workforce, Garner greater attention to health insurance, Focus on building the Care Economy and Building the human capital for geriatric care.”

Skilling, Health and Education are all intertwined with improvement of Elderly Care expressed Ms Rema Mohan, CEO, NSE Foundation. These 3 areas are fundamental key drivers related to senior citizens. We need to address ageing and tackle the three areas of skilling, health and education while increasing awareness. This would require targeted and unique interventions as no one for all size strategy will work.

Mathew Cherian, Global Ambassador on Ageing, HelpAge International stated, “the first trend witnessed is the increase in longevity by 20 plus years for most Indians, along with women who constitute senior citizens living another 3 plus years longer.” Loneliness is going to be a phenomenon and these “empty nesters” is an area we have to contend with due to increased longevity.

Rise of NCDs and the COVID crisis has highlighted the issue of co-morbidities. He further added that “we find that hypertension, cardiac problems, dementia, kidney problems are on the rise. Therefore, it is necessary that to focus on providing healthcare in all the 747 districts in the country.”

Another focus area is on the increase in digitization and use of technology in elderly care. As elders don’t have access to digital technology or are digitally illiterate, we need to focus on digital literacy.

In the next 2-3 decades, India will be faced with two critical problems; large population base and larger senior population base stated Mr Rajit Mehta, Chairman, CII Senior Care Committee CEO & MD, Antara Senior Living Ltd. He further added that “India’s senior population is currently 8% and is expected to become 18 percent in 2050. It is imperative that we pay attention to strengthen the care ecosystem of seniors.” From an investor perspective, it is a 10-12 billion dollar market, he added.

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Published on: Saturday, February 12, 2022, 01:10 PM IST