Holding the fort of healthcare with MedTech

The advent of the COVID-19 evidently designated technology as a blessing in disguise. Irrespective of sectors, there was a sudden necessity to keep a distance from people and surfaces.

A dire need for robust medical services too, with minimal risks of contact, also emerged. Moreover, we are becoming more conscious of our lifestyle (applications to track calories and fitness, sleeping apps). The healthcare industry also inclines to tech-powered solutions and services. In 2020, the Indian MedTech sector was estimated at USD 10.36 billion and envisions a growth to USD 50 billion (37% CAGR in term 2020–2025).

To B2B or B2C, that is the question
Traditionally, patient diagnostics involved going to the nearby labs and obtaining reports within 48 hours. The intent of medical devices manufacturers to bring ease, usability, and accuracy nudge the MedTech industry in the right direction. Patient testing and diagnosis, preventive care, independent monitoring, and quick treatments are becoming accessible more easily than ever.

The in-vitro device (IVD) section is picking up the momentum. It entails sub-aspects of kind of testing, apparatus, single/multiple uses, target disease to detect, and end-user. While certain IVDs still function under laboratories, self-testing is becoming a popular choice. The results are usually made available via the respective enterprise’s application. A recent creation reaped out of emergency was the Covid home-testing kits, approved by the Indian Council of Medical Research (ICMR).

Point-of-care (POC) diagnostics is another arena making the best of technology to produce results at the earliest. A blood sugar/diabetes-monitoring system is a great example of IVDs delivering convenience. The feedbacks are generated rapidly after the patient provides a required fresh sample. The results may be generated at home or in hospitals/labs. The quick turn-around time helps to make informed decisions quicker and with more accuracy. The Rapid Antigen Test, created by a team at IIT Delhi, is yet another successful attempt to react timely for treatment.

The developments in the medical devices industry also bring about personalized medicinal approach. Narrowing down overall choices of one’s lifestyle, medical history, along with recent analytics, age, and gender enables healthcare providers to nip the problems right at the bud.

Under the lens
Although the consequences and reliability of MedTech and its components are mostly positive, certain concerns exist. About 75–80 percent of medicinal devices are imported through the US, China, and Germany. On the other hand, tech-enabled devices are bound to create big sets of data. They are usually documented and studied to optimize business. Medical records are sensitive and personal information. It is crucial to have transparency as to who all have the access to the data, how long it is stored, or whether third parties have access to them.

Expectations and way forward
Firstly, technologizing the healthcare sector with convenient devices paves the way for efficient management. The healthcare facilities control costs and patient footfall while delivering high-grade results. Secondly, the dependency on imports can be inverted, as India is equipped with relevant tech and minds to manufacture in-house. Thirdly, timely diagnosis then passes the baton to the pharmaceutical industry to act promptly. At last, the upcoming Privacy Data Protection (PDP) bill and recent launch of the National Digital Health Mission (NDHM) shall be an interesting aspect to follow. While the PDP bill seeks to protect citizen data, NDHM seeks to record their data (when they share it voluntarily).

Summing up
India, although a developing nation, ranks globally under the top 20 markets for medical devices. The coming year shall take forward the pace of the MedTech landscape to boost healthcare. The overload on healthcare providers can be prevented and indigenous manufacturing shall experience upliftment. Timely and cost-effective healthcare service delivery are crucial for one of the biggest populations in the world.