Speaking at an interactive session with former Minister and TRS working president KT Rama Rao, Subramanian said there was a necessity to invest in basic research on native drug and incentivise it.
Hyderabad: Alternative systems of medicines such as Ayurveda and homoeopathy may play an important role in the Indian healthcare system, and preventive methods would help control the expenditure, chief economic advisor K V Subramanian said Tuesday.
Speaking at an interactive session with former Minister and TRS working president KT Rama Rao, Subramanian said there was a necessity to invest in basic research on native medicine and incentivise it.
“If you look at the out-of-pocket expenditure, this is something which is really important, and as policymakers, we need to think about it. The out-of-pocket expenditure for individuals in India is way higher than that of the other countries,” he said
The chief economic advisor cited an incident that happened 20 years ago which made him believe what Ayurveda and homoeopathy and other Indian systems of medicine can do in the Indian healthcare system.
He said his younger brother was cured of asthmatic problems after taking ‘fish medicine’ in Hyderabad.
Subramanian said city-based Bathini family distributed fish prasadam or medicine every year on Mrigasira Karthi Day in June, claiming that the prasadam can cure asthma.
Thousands of patients from across the country thronged the city to take the fish medicine.
The chief economic advisor said India was in a better position than Sri Lanka, Indonesia and Thailand in terms of spending on healthcare.
He said unregulated markets might lead to a suboptimal outcome and therefore there was a role for the government to think about the design of the healthcare system in the economy.