Defining the future path

In the year gone by, the world witnessed one of the most unfortunate and unforeseen events in history. Until 2020 no one could have imagined how a medical disaster or emergency, in the literal sense, could put a stop on all activities. A viral disease, COVID-19, with its origin in China spread across the world in a short duration of time and with no defined treatment line, an immediate sense of panic and uncertainty was felt by everyone. The fatal nature of the disease led to an immediate reliance on preventive strategies aimed at restricting the rapid spread of the risk.

For countries, an implication was an economic meltdown with all sectors impacted specifically tourism and hospitality. For individuals, it has been a massive social change. While people are still learning to live in this transformed world and adapting to the new normal, health organizations across the globe, have been involved in extensive research to find solutions to the problem at hand. The development of the vaccines at warp speed is a testimony to the same. India has been no different. Scientists, leading health industry organizations, and bodies in the country have also been actively participating in similar research studies.
In the future, technologically innovative and scalable solutions are being expected to present themselves as key opportunities in the healthcare sector. The headwinds that the devices and equipment industry faced in the previous years have been viewed as potential avenues for development.

During the pandemic, the industry observed changes across multiple fronts. the hospitals while catering to the pandemic suffered dips in revenues and margins. From a MedTech industry viewpoint, while on the supply side, production and utilization of equipment and consumables were disrupted, and on the demand side postponement of elective procedures and interventions, medical value tourism, and non-emergency admissions impacted requirements of medical supplies and utilization of services.

The biotechnology sector has been regarded to be one of the sunrise sectors in India. The government has considered the sector as one of the industries to focus upon in the Make in India program and is investing substantially for creating capabilities and requisite infrastructure with a special focus on R&D to help the sector reach revenue of 100 Bn USD by 2025. The MedTech sector is also fast evolving and values approximately USD 8 billion growing at a CAGR of 4.5 percent. Both the sectors together are likely to show robust growth based on Government initiatives which include Ayushman Bharat, NDHM, Make in India, Universal Immunization Program, Medical Device Parks, Production Linked Incentives for Medical Devices, National List of Essential Diagnostics, and funding support from Government of India. It is envisaged that a robust health sector supported by technology can enable the country’s vision of universal health coverage.

Prospectively, while the demand for medical products would be significantly impacted by the rise in many treatment procedures, investigations, etc; the supply would be ensured by schemes and policy changes such as Make in India, seed funding, support to the MSMEs, and advancements in research and innovation, etc.

The surge in uptake of diagnostics and investigations is likely to fuel the growth of the IVD and consumables segment. It is also foreseen that in the times to come, remote monitoring devices, wearable devices, and telemedicine shall gain significant traction. The advent of applications that can help monitor and track diseases, compliance with treatment, and outcomes are also expected to form one of the key modes of healthcare delivery. The data generated as an outcome will bring in huge possibilities for the industry at large.

Data security and management at such scale shall open ways for new avenues. Collaborative efforts with organizations in both the public and private healthcare space are likely to reap benefits for the industry and the country. The envisaged growth opportunities would mean regulatory controls and policy reforms to ensure quality and optimum delivery of services.

Given the current scenario of the pandemic, it can be safely assumed that majority of the future trends, policies, and directives would define the future path of the industry in India and the world.