Concept of Caveat Venditor and its Application in Healthcare and Education Sector

Abstract

This conceptual paper seeks to present the concept for the application of the principle of ‘Caveat Venditor’ or ‘Seller Beware’ in Higher Education and Healthcare sectors in India. Simply, this principle imposes a greater responsibility on the sellers themselves for the goods and services that they sell. This note presents the need for implementing the ‘Caveat Venditor’ principle to the two important service sectors in India, i.e., higher education and healthcare. In terms of cost, there has been a steady and steep rise in cost of both higher education and healthcare in India over the last decade. It is important to note that despite the steep rise in the cost of both higher education and healthcare, there has been no corresponding improvement in the quality of these services. While the ROI (Return on Investment) for students in India continues to be extremely low, quality of healthcare in India is still not up to the mark and lack of accountability from these service providers ensures that this trend continues. In view of the importance and spectacular growth potential of these two service sectors in India, coupled with the non-commensurate improvement in quality/outcomes/accountability of these services, the time is right to examine if the application of the principle of ‘Caveat Venditor’ is the only solution.