Crowdfunding is the practice of obtaining modest sums of money from a large number of people to support a new business initiative. crowdfunding for Medical Crowdfunding in India connects financiers via social media and financial institutions, with the ability to boost innovation by diversifying the pool of investors beyond the usual circle of ownership, family, and investment firms.
The prices established under various medical operations are, for the most part, cheaper than the real cost of the services. The Indian Medical Association has voiced worries that the amount of money being supplied to hospitals to treat patients is insufficient and that this would lead to a reduction in the quality of treatments provided, making it unprofitable for hospitals to continue providing them. For smaller hospitals, such an approach is untenable.
What Medical Procedures Can You Fundraise for?
We discovered that cancer, mental problems, musculoskeletal disorders, and neurological disorders are commonly mentioned in crowdfunding platform in India efforts and coincide with the most severe ailments. Despite this, there is no clear link between the illness load and the condition that drove people to seek donations. Even though dental health, lipoedema, genetic abnormalities, and uncommon diseases are not among the world’s top causes of disability, these ailments commonly inspired people to seek help through crowdfunding.
Unmet needs are higher for non-health-insurance-funded therapy; extra, complementary, and animal-assisted therapies are high on the wish list. Several persons requested funding to pay the costs of therapies that were scientifically unsubstantiated or poorly supported. As a result of the social drift theory, which links disability and ill health to low socioeconomic positions, those who were afflicted typically relied on contributions to cover their living expenses.
Why Is Medical Crowdfunding So Popular?
According to 2018 research by the Public Health Foundation of India, healthcare costs have pushed 55 million Indians into poverty, accounting for 4.5 percent of the country’s population (the study was based on 2012 figures). Although medical crowdfunding amounts for a tiny portion of healthcare spending today, it provides a tantalizing prospect: that technology and the Internet may unleash modern medical treatment for needy families without forcing them into poverty. After all, it appears that free government healthcare is neither sufficient nor enough. According to the National Family Health Survey-4, private healthcare is sought by 56 percent of India’s urban population and 49 percent of India’s rural population.
The scenario is similar in India, where the majority of the population is uninsured due to a lack of public healthcare and the high cost of private treatment. At 3.6 percent of GDP, India’s overall healthcare spending is significantly lower than that of other major nations throughout the world. Other similar countries, such as Germany (11.2 percent), France (11.2 percent), Japan (10.9 percent), Brazil (9.2 percent), South Africa (8.1 percent), Russia (5.3 percent), and China (5 percent), spend significantly more on healthcare than India. Government spending accounts for just 1.15 percent of GDP, which means that over two-thirds of India’s health expenditure is paid for by the people. India is now ranked 184th out of 191 nations in terms of health spending as a percentage of GDP.
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