Two thirds of medical bills in India are paid out of pocket, highlighting the need for comprehensive health insurance. Indian companies spend a mere 0.3% of net sales on R&D in FY23, indicating a lack of innovation. This can be further analyzed by looking at the ratio of gross expenditure on R&D to GDP, which stands at just 0.64% in India. In comparison, China spends nearly 2.5% and the US spends nearly 3.4% on R&D, showing a significant disparity in R&D spending between these countries.