AMJ 2016 was the largest VC funding quarter for Healthcare IT companies since 2010, globally and for India. It climbed to USD 1.6 billion compared to USD 1.4 billion in JFM 2016. According to Mercom Capital Group, year-over-year funding was up 33 percent from the USD 1.2-billion figure in AMJ 2015. Twelve Indian firms received VC funding in the vicinity of USD 28 million in AMJ 2016.
IT will have a tremendous impact on healthcare services in the next decade. It will enable massive structured and unstructured data related to patient history to be converted using advanced and predictive analytics. It will help healthcare organizations in managing costs, and reveal opportunities for revenue generation. Hospitals, individuals, and government organizations that provide health services will be better able to address challenges, such as increasing operational costs, regulations, outcomes, and many more.
July 2016 saw the launch of Boston Scientific's first integrated facility in India. This 1 lakh sq. ft. facility comprises research and development, training, and a commercial center.
Decisions are awaited from the health ministry.
A draft national health policy prepared by the health ministry in 2014 is currently in limbo. Having a health policy is desirable as it brings predictability and clarifies the sense of direction and prioritization. However, post the Fourteenth Finance Commission recommendations, with the states having been given a greater role in financing of their health priorities, formulating a national health policy may be a challenge.
As part of the recommendations of the 12th Plan Working Group on health research, the decision on setting up a Medical Technology Assessment Board is awaited. This is to be a â€¨one-stop shop to review standards for medicines, vaccines, devices, and insurance.
Revised Drugs and Cosmetics Rules 1945 are in process. This strategic move is aimed at adopting progressive changes, while omitting unnecessary provisions from the rule book to bring in ease in regulations, enforcement, and ensure better safety of patients.
A new regulatory body to replace the scandal-tainted Medical Council of India is also on the cards.