In conversation with David Fletcher – Innovation in the economy

David Fletcher Managing Director of International Development Markets (IDM) at Bupa

"huge opportunities for us in the healthcare space and for our business in India in private medical insurance" says, David Fletcher Managing Director of International Development Markets (IDM) at Bupa, in an interview with Dr. Rakhi Rashmi, Barrister England and Wales

David Fletcher Managing Director of International Development Markets (IDM) at Bupa

David is Managing Director of International Development Markets (IDM) at Bupa, a position he has held since September 2014. IDM is focused on delivering strong near-term performance in existing businesses and contributing to Bupa’s international expansion through investing in markets and businesses that offer significant future growth potential. David previously held the post of Bupa’s Chief Internal Auditor.

David joined Bupa from Permata Bank in Indonesia, an affiliate of Standard Chartered, where he was President Director for four and a half years. Prior to this he had an extensive career at Standard Chartered, where he served as Head of Group Internal Audit across the Standard Chartered Group, and was Chief Executive Officer of Standard Chartered Bank Bangladesh from 2002 to 2004. David has extensive international experience in banking, having held various senior positions in China, Hong Kong, Singapore, Nigeria and London with Standard Chartered and Citibank.

1. What do you see as the major innovation opportunities in each stage of the value chain, work architecture and future constructs of development in the UK-India collaborative universes?

There are huge opportunities for us in the healthcare space and for our business in India in private medical insurance. Not only does India have significant need for healthcare in terms of provision – you see a lot of hospitals built and clinics being built – but people need to know how they are going to pay for it. Penetration rates of private health insurance in India are relatively low compared to other countries but what we have seen in the six years since we arrived is that the market is growing well and we expect that to continue because people are increasingly wealthy and taking more interest in their health and health care including that of their families. We see an opportunity to bring our expertise to the market which we have built up over many years and in many different geographies and together, with our Indian partners, apply that in an Indian context.

2. Given both countries want to grow their economies through manufacturing, and related sectors such as infrastructure, services etc. should we identify areas of common interest and come up with a plan to grow our industrial economies together?

There are tremendous historical linkages between India and UK so that’s a great starting point. Where two countries can work together in a field where they feel comfortable, where each brings unique expertise or resources, we can look at how sector by sector, we can bring this expertise together for the benefit of people both in India and UK. I am a huge believer that more can be done. For example, in the health insurance sector in India, where there is an emerging middle class and there are concerns over the way health trends are heading, the UK has the ability to offer tried and tested propositions that will help make populations healthier and live longer. There are many things which can be done together.

3. What is the best way for developing this interaction/dialogue to its next stage happen?

There are number of players so there is need for government to government interaction but also for bodies like the Chamber of Commerce to actually bring companies together. You need companies to talk to each other and once you get companies talking, they find common ground and common interests.. That has to be done in a framework where Indian investors to UK and UK investors to India feel encouraged by the fact they are pushing at an open door and when they arrive, they are competing on a level-playing field with all the other companies. If you can foster this sort of environment, then the ability to harness investment should be strong.

4. What infrastructure mechanisms could we share or exchange to make a real difference? What emerging economic opportunities in each country can we address in partnership?

When people talk about infrastructure they mean physical infrastructure but we should not forget human capital as well as legal or regulatory infrastructure. A lot can come down to the ease of doing business. We talk about innovations as new products or new ideas but regulations have to keep pace with that. There is no point having 1960s regulation trying to regulate 21st century business. And therefore that’s a very important piece of infrastructure. Obviously, physical infrastructure is important too for sectors like manufacturing but I think we need to make sure we don’t forget the other sort of infrastructure. For businesses and innovation we look for educated people of which India has many. So I see infrastructure very broadly. I think it is an important area where both countries can work together. I think we have seen regulations changing that are good but the pace of that change needs to be both commensurate with what is happening in the corporate world and we need to see a mentality which encourages businesses. There has been significant improvement in this regard in both UK and India.