From this pandemic, what has be come clear is the need for a renewed focus toward the improvement of overall health infrastructure and building accessibility of affordable and good quality healthcare services across the world. The outbreak of COVID-19 has presented us with unique conditions that have allowed for so much innovation in the healthcare sector.
The urgency of this humanitarian situation and the proactive approach of the Indian government that invited the participation of entrepreneurs, innovators and companies dealing in medical devices to various collaborations, have resulted in a host of new and innovative solutions.
A big applause to the creation of the COVID-19 taskforce for bringing together various technological advancements related to COVID-19 in public R&D labs, academia, startups, and industries. With the paradigm shift in global economies and geopolitics, it will be vital for India to re-strategize a clear long-term roadmap for the advancement and progress of the healthcare industry.
Focusing on the diagnostic industry, India currently is a ₹75,000 crore market. While pathology accounts for nearly 55 percent of the market, the industry has experienced a healthy growth of 25 percent in preventive testing. The IVD industry has always been at the cusp of making huge impacts across the entire health continuum of a patient, but the COVID pandemic has finally given the IVD industry it is just due.
The focus on testing as an integral lever in managing the pandemic has allowed the diagnostics industry to contribute like never before. Growth of the diagnostic industry is expected at 12 percent CAGR during 2021–2027. This is attributed to increasing initiatives by governments to improve patient care, rising adoption of POCT among healthcare professionals and strong investment into research and development activities by key market players. A huge opportunity lies for companies operating in the market to develop low-cost diagnostic kits that offer high efficiency and accuracy.
On the personal front, this pandemic has taught us how striving to stay medically relevant for the future has given us at Suburban Diagnostics, an opportunity to be at the front line and serve our destiny. It feels like we were destined to play this role in India’s fight against COVID-19. Our investment into molecular diagnostics, a few years ago, has enabled us to be on the front foot and has encouraged us to keep evolving as a company in order to remain medically relevant to the future needs of the country.
In 2021, we have not only entered a new year but also a new decade. Our investments during the next year will be focused on keeping us relevant for the next 10 years. The role of technology, in building better accessibility as well as better testing capabilities will be the focus for us. The use of genomics and genetic testing will allow healthcare to become more personalized.
Building a digital pathology platform will allow global access for patients and clinicians in need. Investments in the area of companion diagnostics to allow better targeted therapies and better outcomes are other areas of interest. The advent of home health will see an upsurge, influenced by the need for safety of the patients and customers.
Consolidation of labs and testing platforms and leveraging technology for improving logistics and supply chain will result in better operating metrics. Focus on the wellness segment and endurance of the people to remain healthy is also an opportunity for us. An investment in learning and development of our team is an ongoing practice that will see heightened activity due to the use of technology.