On procurement plans for FY2024

Dr DY Patil Private Superspecialty Hospital, Pimpri, offers Asia’s first 3-Tesla-Vida MRI scanner – the first MRI scanner with biometric technology.

Being a disruptor in the space of healthcare, our vision is to install a hybrid cathlab, neuro cathlab, build a state-of-the-art facility for oncology department, our key centre of excellence that will include advanced technologies like the latest radiation machine, cyber knife, linear accelerator, radio therapy, dedicated chemotherapy wards, etc.

On technology the hospital is backing
Reinforcing our strong focus on futuristic technology, we have been rapidly embracing the latest healthcare innovations, such as wearable devices and the Internet of Things (IoT) for highly enhanced health monitoring. With the world moving to artificial intelligence (AI), we are strongly looking at AI and machine learning solutions, which are transforming the way healthcare is being delivered to our patients.We have moved toward electronic medical records (EMR) and aim to become a paperless hospital, which makes the entire patients record system highly efficient and securely available to authorized users.

Outlook – Indian MedTech and IVD industry
Covid-19 has brought huge evolution in the overall MedTech and IVD industry. For instance, telemedicine has changed the face of the healthcare industry at a global level. The increased adoption of telemedicine, remote patient monitoring, wearable devices, and digital health solutions is transforming the healthcare landscape.

The Indian government’s Make in India initiative has encouraged various domestic manufacturers to come forward and drive innovations and production at a local level, overall supporting the vision of the honourable PM.

Expectations from the Indian industry
In the last few years, India’s MedTech industry and IVD industry have showcased rapid progress in India. Keeping in mind the growth of MedTech in India, certain expectations are to be addressed.

• Affordable and accessible healthcare solutions. India has a large population with diverse healthcare needs. MedTech and IVD industries must develop affordable and accessible healthcare solutions to address the specific requirements of the Indian population, both in urban and rural areas.
• Innovation and technological advancement. MedTech and IVD industries must drive innovation and adopt advanced technologies to address healthcare challenges in India. Introducing novel medical devices and digitally-backed health solutions is the need of the hour.

Challenges

• Regulatory complexities. The regulatory environment in India can be complex. Obtaining necessary approvals from the regulatory bodies) can involve lengthy processes, which can delay product launches and hinder innovation.
• Pricing and reimbursement. Pricing and reimbursement can be challenging in India’s healthcare system, which has a high prevalence of out-of-pocket payments. Negotiating pricing agreements with government healthcare programs, insurance providers, and hospitals can impact the affordability and market access of MedTech products.
• Limited healthcare infrastructure. India faces challenges in terms of healthcare infrastructure, particularly in rural and underserved areas. The limited access to healthcare facilities and diagnostic services can affect the adoption and reach of MedTech and IVD products.
• Affordability and cost-consciousness. MedTech and IVD companies need to develop cost-effective solutions that align with the price sensitivity of the Indian population.

Conclusion
The IVD industry will continue to dominate the medical technology market due to rising demand for early diagnosis, treatment, and point-of- care testing. Thanks to accelerated consumerization of diagnostics, the rise of telemedicine and digital health, and the emergence of AI and robotics-powered medical devices, we are extremely bullish on the positive growth of this sector.