'Budgets have been increasing': HCL Healthcare CEO shares plans to invest in corporate wellness

Only a quarter of India's population is covered with any kind of health insurance, but the scenario is not very different if one were to look at the corporate sector independently. According to a Redseer report, barely 15% of the total Indian working population, amounting to about 477 million workers, are covered with corporate health and wellness programs. Shikhar Malhotra, Vice Chairman & CEO, HCL Healthcare spoke about the corporate wellness segment in India, HCL’s plans for investment in the area and the evolving market. Below are the excerpts from the interview:

How big is the Indian market for healthcare solutions for employees? Do you think it's underpenetrated? 

The numbers for this market vary often depending on whether it is seen just as health benefits or if it has been clubbed with insurance. The corporate wellness space is a young and fast-growing category with a relatively smaller number of providers. India as a country is significantly underpenetrated regarding health insurance coverage. Also, the incidence of chronic diseases is happening at a faster rate with an even younger age group, especially within Corporations which is largely triggered by lifestyle choices. The opportunity is clearly very large to make a positive difference.

What are your plans for this market? How much investment are you planning to make in India? 

HCL Healthcare is one of the pioneers in creating a category in the wellness space in corporate India. We specifically work with corporations and their employees as we find this is the most significant way to make a large-scale impact. As of today, we interact with almost 500,000 patients per annum and will touch 1 million patients within a couple of years. We are unique as we focus on being a Phyigital provider of solutions as we feel this approach has better traction with employees. We will invest in accordance with our growth plans and to become a category leader in the health and wellness space for corporates in India.

What is the trend among corporations providing healthcare solutions to their employees? 

Corporate India is still at a nascent stage of developing their vision and approach to managing the health of their employees. In a sense, that is an advantage as we have the opportunity to learn and shape what effectively works well in the Indian context. The seeds were laid a few years before Covid and depending on the companies’ lifecycle, some had smaller programs but many also had large benefits that they used to keep employees healthy, satisfied and retain good talent. The pandemic significantly amplified the growth of this foundation and companies are now focusing on consults, health checks, onsite care, and usage of data and analytics to drive their decisions. The focus is also moving more towards personalised care. 

Do you think that corporations are increasing their budget for employee healthcare? If yes, why? 

The budgets have been increasing for some time, but the pandemic changed this from being seen as a cost to an investment in their workforce. Most employers recognise the value in having healthy and motivated employees. Positive health-seeking behaviour and easier access to good care by people have also driven this change. There is a significant increase in budgets largely due to the growth of organisations themselves but also because many employers see this as an investment in their people.

Where is the gap in employee healthcare in India? Where are the missing links? What role are you playing in closing these gaps? 

The demand is changing from a largely static and standardised wellness approach to a need for a more personalised solution. We have seen a noticeable shift in employees’ outlook towards their own health. HCL Healthcare is bridging the gap by delivering fitted wellness solutions, emphasis on awareness, and providing access to data and analytics to employers and employees to help make better decisions.

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