These words seem to have been written by Robert Frost for the Indian MedTech industry:
The woods are lovely, dark and deep,
But I have promises to keep,
And miles to go before I sleep,
And miles to go before I sleep.
There is so much being done, and yet we have far, far to go before we can assure health to all Indians.
The central government is working on enhancing the capacity of medical institutes. An additional 1700 beds will be added to the existing capacity of AIIMS, and 1300 to Safdarjung Hospital. Online registration is also being introduced.
Apollo Enterprise too is looking to add 1370 beds at six locations, with a total estimated project cost of Rs.1555 crore by 2018-19. In the first phase, 895 beds at four locations will be added in the current fiscal - 180 in North Bangalore, 400 in Navi Mumbai, 65 in Indore, and 250 in Vizag. Another 475 beds will be added in 2018-19, 175 in South Chennai and 300 in South Mumbai. Currae Hospitals, promoted by Patni Healthcare, are also planning an infusion of Rs.600 crore.
India shall soon have industrial parks for the manufacture of medical devices. Focus will be on creating an eco system for high-end medical devices manufacturing and conducting R&D. Andhra Pradesh, Mihan SEZ in Nagpur (Maharashtra), and another one in Gujarat are planned immediately.
As healthcare turns costlier in developed countries, India's medical tourism market is expected to more than double in size from Rs.19,200 crore at present to Rs. 51,000 crore by 2020, says a CII-Grant Thornton study. Chennai, Mumbai, Andhra Pradesh, and NCR are the most favored destinations.
On the global front, a huge wave of consolidation crashed over the Rs. 25,21,350 crore MedTech industry in 2014-15. While mega mergers are still occurring, the immediate future will bring a steady stream of smaller tuck-in M&A deals too. In combination with an increase in FDA approvals for innovative devices, these trends should reward the companies developing the best and most useful technologies.
2016 ahead seems to be a promising year!