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Future prospects of the Indian diagnostics sector

More than a year into the pandemic, some countries have resumed daily life, while some have seen resurging cases and renewed lockdowns. A complete return to normal life remains uncertain for many, but what is certain is that pandemic has impacted several industries where the healthcare industry, including diagnostics, played a vital role in fighting against the virus. However, we can all agree that the healthcare industry and its workers suffered the worst hit. Needless to say, technological changes accelerated by the onset of COVID-19, led to existing trends – for example, telehealth, rapid advances in the genomic industry powered by automated technologies, persona­lized medicine and patient-centric approaches, and more.

Challenges observed
The industry has been facing roadblocks in forms of supply chain failures, inaccessibility, limited staff, patients unable to go for their regular check-ups, hospitals getting overwhelmed with COVID patients, lack of skilled talent, tech infrastructure issues, and scaling to advanced technologies. While a lot still needs to be done, it is commendable to see the level of surveillance that India has achieved at this time and the alertness by the government to overcome many of these challenges.

Paradigm shift in the diagnostics industry
As per Edelweiss’s research report, the Indian diagnostics sector is estimated at USD 9 billion and would grow at a compounded growth rate of 10 percent over the next 5 years. The pathology sector contributes 58 percent of total market revenue. It was eye-opening to have witnessed the collapse of several robust healthcare systems around the world. Owing to this, it is not far from truth to agree that we can see an ongoing shift in our healthcare system, especially in the diagnostics industry, for example, widespread at-home testing, more consolidation amidst government’s new policies, personalized medicine, growing importance of molecular diagnostics, use of digital technologies and advances technologies like artificial intelligence and machine learning, insurance penetration, and more. There is more consolidation observed in the sector owing to the increasing adoption of advanced tech, newly introduced policies, increased government supervision, and a structured system in place. Hence, the industry will further witness mergers and acquisitions, resulting in the industry being dominated by the major chains with very few stand-alone centers. The diagnostic sector has evolved in the past years and has emerged as a game-changer in the Indian healthcare system.

Way ahead for CORE
At CORE, we pledge for better preparedness in the coming times. One important lesson that the pandemic taught us was that our pathologists could also report from their homes without being physically present at the laboratory. There were many other roles too like accessioning customer care that we had earlier never thought could be done from home which now have the flexibility of where to work from. This enabled us to evaluate the process of diagnosis in a more approachable manner for such situations. Another lesson that we took is that we need to have more flexibility and resilience in our supply chain, which we have been investing in. We are also focusing on adopting fully automated systems, which will help us track samples in real time.

This year, we are looking to set up an R&D facility that will not only help bring in-house testing kits but will also work on research focused on the scientific community. Our team is focused on some high-impact projects in this area over the next few years. As part of our expansion plans, we have set up new labs at Delhi, and Bangalore recently. We are also carrying out our expansion to open up more labs in future. Although our deep expertise in oncology has always been a constant, we also have expanded our diagnostics offerings to many other segments, such as nephrology, gastroenterology, reproductive, and neurology. Receiving certification from the College of American Pathologists (CAP) marks yet another achievement that we hold, especially in testing times like this. Meanwhile, we will continue to bring in advanced testing solutions to the country and maintain the spirit of innovation across the business.

Outlook
The healthcare Industry has reached its edge through the pandemic and adapting to the new normal has been the only way to survive the cons it brought with it. Having said this, diagnostics is viewed as a pivotal element of the healthcare system and is now more important than ever. The pandemic has taught us some valuable lessons. These lessons will further help us build a strong foundation for a united industry, driven by innovation and our passion to serve. Moreover, increased focus on preventive healthcare will ensure a bright future for the Indian diagnostics industry, and we look forward to all the opportunities this next phase will bring for CORE Diagnostics.

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