Crowd Financing In The Indian Healthcare System: A Criss-Cross Analysis

Human tragedy may display both the greatest and worst aspects of the species. Although crowd financing has been saving lives for many years, it took an epidemic to get the attention it so well deserves. For thousands of people, it has proven to be a lifeline. As the unemployment rate in India increased to 7.5% in the first three months, it has helped them pay for medical bills. Indian Prime Minister, Shri Narendra Modi reiterated his commitment to establishing an accessible healthcare environment at the beginning of April 2022 to mark the significance of World Health Day. According to research by the Public Health Foundation of India, in one year, patient care expenditures drove around 55 million Indians into poverty. It should be no surprise that taking out medical loans and borrowing a sizable sum of money from friends and family are two of the main reasons individuals continue to accumulate debt and fall into poverty. Every person has a basic need for healthcare; thus, the Indian government has introduced a variety of health insurance programmes to meet that need. For instance, the Ayushman Bharat or Pradhan Mantri Jan Arogya Yojana covers medical costs up to Rs 5 lakh ($6,500) per family annually. If a family meets the requirements, such as a family living in a one-room tenement or a home led by a woman or someone from a marginalised community, then it is available to over 100 million Indian families. Government-run hospitals may offer families cutting-edge care for organ transplants, cancer procedures, and birth deformities, but not always promptly. However, medical crowd financing may provide patients with an opportunity to receive treatments that they cannot otherwise pay for and that the government's healthcare programme cannot fully support. By utilizing the internet as the main channel, medical crowd financing is assisting in the democratization of money. Today's crowd financing platforms assist millions of individuals in setting realistic objectives and quickly achieving them. The present article explores the viability and reliability of crowd financing from the perspectives of both crowd funders and beneficiaries.