The Indian healthcare industry is on the threshold of making its presence felt on the international map. The onus to realize this vision is on various stakeholders - the industry and the policy makers. Plans are being formulated; it is successful execution which is a question mark.
The government plans to add over 6000 beds in the next two years. This would be in leading public hospitals as AIIMS, Ram Manohar Lohia Hospital, Safdarjung Hospital, Lady Hardinge Hospital, all in New Delhi, PGI-Chandigarh, and JIPMER-Puducherry. It also plans to set up new cancer care hospitals.
Currently, due to lack of a reliable and advanced medical devices testing facility in the country, medical devices are sent overseas for testing. The central government plans to set up two medical devices testing labs - one at Vadodara and the other at Noida.
Three medical devices and three bulk drugs parks at an investment of Rs.60,000 crore are planned. They will bring down the cost of production of devices and bulk drugs by at least â€¨30 percent and reduce dependence on imports. As much as â€¨65 percent of total demand of medical devices and 80 percent of our total requirement of bulk drugs is met through imports.
Currently, India is amongst the top 12 biotechnology destinations in the world, and the biotechnology industry is in a great position to transition to bio-economy. A recent white paper from Frost & Sullivan, India Ripe for Biotech Industry Growth, finds that a fertile ecosystem will enable India to enter the biologics market, which is expected to reach USD 314.8 billion at a compound annual growth rate (CAGR) of 8.4 percent. India is a global leader in the world generics market and biosimilars will be a perfect fit for Indian companies. The creation of competitive products and services as well as legislation will direct the paradigm shift from biotechnology to bio-economy. It is vital that new policy actions support the growth of a sustainable bio-economy.
If we miss the bus on this one, we are obviously not in the international league, and do not deserve any better!