MedTech campus with medical facility is the place for innovation in medical technology

The MedTech industry in India is poised for significant growth over the next few years, driven by various factors including government policies, regulatory changes, import policies, government spending, standards, and emerging trends. Here is how these factors may shape the future of the Indian MedTech industry:

Indian government policy
The Indian government has been actively promoting the MedTech sector through initiatives like Make in India, which aims to boost domestic manufacturing and reduce dependency on imports. This policy encourages both domestic and foreign investment in the sector.

Regulatory scenario
The regulatory landscape for medical devices in India has undergone significant changes with the introduction of the Medical Devices Rules, 2017. These rules aim to streamline the regulatory approval process, enhance safety and efficacy standards, and establish a more robust regulatory framework for medical devices in line with international standards.

Import policy
The Indian government has been revising its import policies for medical devices to encourage domestic production, and reduce reliance on imports. Measures, such as increasing import duties on certain medical devices and promoting preferential market access for domestically manufactured products, are expected to stimulate domestic manufacturing.

Government spending
Government spending on healthcare infrastructure and services, including medical devices, is likely to increase as part of efforts to improve healthcare access and quality across the country. Investments in healthcare infrastructure, such as the establishment of new hospitals and healthcare centers, will drive demand for medical devices.

Standards and quality
Compliance with international quality standards, such as ISO and CE certification, will continue to be important for manufacturers to ensure product quality and meet regulatory requirements. Adherence to high-quality standards will enhance the competitiveness of Indian MedTech products in both domestic and international markets.

Innovation and R&D
Encouraging innovation and research and development (R&D) in the MedTech sector will be crucial for driving growth and addressing healthcare challenges in India. The government, industry, and academic institutions are expected to collaborate more closely to promote innovation and develop indigenous technologies.

Healthcare access and rural penetration
Improving healthcare access, especially in rural and underserved areas, will remain a key focus area for the Indian government. The adoption of affordable and accessible medical devices, tailored to the needs of these populations, will be critical for bridging healthcare disparities and improving health outcomes.

Emerging trends
Digital health technologies, telemedicine, wearable devices, and point-of-care diagnostics are expected to gain traction in the Indian market. The Covid-19 pandemic has accelerated the adoption of digital health solutions, creating opportunities for MedTech companies offering innovative and technology-driven products and services.

Overall, the Indian MedTech industry is expected to experience robust growth driven by favorable government policies, regulatory reforms, increasing healthcare spending, emphasis on innovation, and evolving healthcare needs and trends. However, challenges, such as ensuring affordability, addressing infrastructure gaps, and enhancing regulatory compliance will need to be effectively addressed to sustain growth and maximize the industry’s potential.

Establishing a MedTech campus in India can be a significant undertaking, but there are various sources of financial aid and support available to help facilitate the process. Here are some options to consider:

Government schemes and grants. The Indian government offers various schemes and grants to support the establishment of healthcare infrastructure and MedTech facilities. For example, schemes like the Department of Biotechnology’s Biotechnology Ignition Grant (BIG) and the Biotechnology Industry Partnership Program (BIPP) provide funding to startups and companies in the biotechnology and MedTech sectors.

Additionally, government initiatives, such as the Atal Innovation Mission (AIM) and the Start-up India program aim to foster entrepreneurship and innovation by providing financial support, mentorship, and other resources to startups and businesses.

State-level support. Many state governments in India have their own programs and incentives to promote investment and development in the healthcare and MedTech sectors. These may include grants, subsidies, tax incentives, and infrastructure support for setting up manufacturing facilities, research labs, and innovation centers.

Venture capital and private equity funding. Venture capital (VC) firms and private equity (PE) investors actively invest in promising healthcare and MedTech startups and projects in India. By pitching your business plan and demonstrating the potential for growth and innovation, you may attract investment from these sources to fund the establishment of your MedTech campus.

Bank loans and financing. Banks and financial institutions offer various loan products and financing options tailored to the needs of healthcare and MedTech businesses. You can explore options, such as term loans, working capital loans, equipment financing, and project financing to secure funding for your MedTech campus.

Industry partnerships and collaborations. Partnering with established players in the healthcare and MedTech industry can provide access to funding, resources, expertise, and market opportunities. Collaborating with industry leaders, research institutions, universities, and healthcare providers can help accelerate the development and commercialization of your MedTech solutions.

Grants and awards. Various organizations, foundations, and industry associations offer grants, awards, and competitions to support innovation and entrepreneurship in the healthcare and MedTech sectors. Winning such grants or awards not only provides financial support but also enhances visibility, credibility, and networking opportunities for your MedTech campus.

International funding and partnerships. Explore opportunities for international funding, collaborations, and partnerships with global MedTech companies, investors, and organizations. International funding agencies, development banks, and multinational corporations may provide support for projects that align with their objectives and priorities.

When seeking financial aid for establishing a MedTech campus in India, it is essential to thoroughly research and assess the eligibility criteria, application process, and terms and conditions of each funding option. Developing a comprehensive business plan, conducting feasibility studies, and demonstrating the potential impact, scalability, and sustainability of your MedTech venture will enhance your chances of securing financial support from various sources. Additionally, leveraging networks, seeking mentorship, and engaging with relevant stakeholders can help navigate the funding landscape and position your MedTech campus for success.

Current scenario in India
India currently has 1.3 hospital beds per 1000 population. There is also a shortage of skilled health workers, with 0.65 physicians per 1000 people (the World Health Organization standard is 1 per 1000 people) and 1.3 nurses per 1000 people.

An additional 3 million beds will be needed for India to achieve the target of 3 beds per 1000 people by 2025. Further, another 1.54 million doctors and 2.4 million nurses will be required to meet the growing demand for healthcare in India. Demand will also be created on account of the expansion of initiatives like Ayushman Bharat (PM-JAY), which will boost requirements for health personnel not only in larger cities but also in Tier-II and Tier-III cities and villages. India will, therefore, need to increase the numbers of trained health personnel across various categories to achieve a ratio of at least 2.5 doctors and 5 nurses per 1000 people by 2034.

In the area of medical diagnostics, India currently has only 2700 mammograms installed, less than 5 percent of the mammograms available in the US. Similarly, India has only 120 PET-CT scanners, with most of them concentrated in the metropolitan cities. Further, only 30 percent of cancer centers have advanced imaging technologies.

With the government emphasizing early diagnosis of NCDs through initiatives like the HWCs, there is an increased demand for medical devices, including for the purpose of large-scale screening. Implementing comprehensive screening programs as well as targeting specific disease profiles, which are relevant for the indigenous population, and specific communities, can enable early detection of diseases like cancers of the breast, cervix, and prostrate.

With respect to the availability of treatment services, similar gaps exist as up to 60 percent of health facilities are concentrated in a handful of large cities across the country. Presently, 30 percent to 35 percent patients in India undergo surgery compared to 60 percent to 65 percent globally. Similarly, only 15 percent to 20 percent of patients in India undergo radiation therapy as against 40 percent to 50 percent globally. Correcting the skewed spread and density of radiotherapy installations across government establishments and encouraging the installation of linear accelerators in private institutes, in PPP mode, will help reduce the gap in overall cancer care.

Proposed PPP model for India
The governments should recognize Centers of Excellence like KG Hospital and give them a special status and they will become role models to other such entrepreneurs.

KG Hospital, Coimbatore, established post-graduate education and we proudly say that we have created more than 400 medical postgraduates in various specialties. Those postgraduates have created institutions in their home towns and many have created chains of hospitals also. More than 80 lakh people have been treated in our hospital over the last 50 years.

We would like to create a role model medical college with hospital where with latest equipment with all specialties, including comprehensive cancer department to create next generation of professional skilled doctors for the world, also exposed to research activities along with engineering, science, and technology students.

We wish to create the campus with ecosystem of accommodating medical device manufacturing and medical equipment manufacturing, medical device innovation centers where new technology development and innovation will take place with help of the pool of knowledge of young minds. This campus will house a skill lab, which will also contribute to develop and sharpen their skills.

Creation of this beautiful innovative futuristic campus will need support from the Central and state governments, NMC, Science and Technology department, ICMR, financial support from various financial institutions, CSR funds from various companies, subsidies from the government, and land allocation from the government.