The Indian healthcare sector has the potential to grow from Rs.10.72 lakh crore in 2016 to Rs.18.76 lakh crore by 2020, and correspondingly, the MedTech industry from Rs.9380 crore 2016 to Rs.93800 crore in 2022. This can be realized only if the MedTech industry rises to the challenge and delivers. The industry will need to leapfrog over the current infrastructural, skill-based, geographical, and affordability constraints. Stakeholders will need to deviate from adopting the conventional route for creating adequate physical infrastructure, building a medical and paramedical resource base, and achieving high-quality standards for that would require huge investments and timelines which a developing country like India can ill afford. This is very well brought out in a recently released CII–Deloitte study.
The industry needs to bridge the distance between the care provider and the patient, helping patients in remote areas access specialist and specialized equipment present in large cities far away. Technological advancements in the fields of health monitoring and diagnostics can help in detecting health issues early on thereby reducing overall cost of care and enhancing wellness levels of the society. Similarly, technological interventions are rapidly increasing the precision and efficacy of treatment modalities, improving clinical outcomes. The industry will need to customize its business models in line with the requirement of the market and have a segment-wise strategy toward manufacturing.
The Indian manufacturers will need to strengthen their current focus on using frugal innovation techniques to create affordable devices; design products resulting in cost reduction while retaining the core functionality; make devices that are easy to operate even by unskilled technicians; and create compact and energy efficient devices, which can be deployed even in small centers in remote areas.
The role of the government in creating an enabling regulatory landscape and an ecosystem that draws investment from both domestic and international players, cannot be undermined. The PPP (public–private partnership) model to extend healthcare services will also indirectly provide the requisite impetus.
A challenging, yet exciting path ahead! And on this note, we wish our readers a Happy Diwali!