Transformation of the healthcare and life sciences industry post-COVID pandemic

Healthcare and life sciences industry is always evolving according to the latest technological developments and advancements. India healthcare and life sciences industry has transformed a lot over the past few years in terms of improvement, sanitation, and technical capabilities. In the past few decades, it has become the largest contributor in terms of both employment and revenue generation. Whenever there is high growth in any sector, it lifts its other supporting industries together on to the growth trajectory. Similarly, the medical equipment industry is also reaping the benefits of the growing demand for healthcare devices across the country. The major growth drivers of the industry have been availability of skilled technicians and professionals, increased investments from private as well as government sources, rise in number of healthcare institutions, development of human capital and digitization.

The biggest advantage to India healthcare and life sciences industry is the existence of both private and public medical institutions, which creates efficiency in the industry. Moreover, government expenditure toward upgradation and construction of healthcare institutions has led to greater advancements in the healthcare and life sciences industry in India. A few drawbacks to the India healthcare and life sciences industry, such as unavailability of sufficient financial and medical resources, overpriced procedures, increased competition, etc., hinder the growth and productivity of India healthcare and life sciences industry.

India healthcare and life sciences industry was one of the major industries that were affected adversely due to the COVID-19 pandemic. Each and every component of the healthcare and life sciences industry suffered majorly in terms of health, wealth, and safety during the pandemic. Further, the continuous government spending and initiatives toward the healthcare and life sciences industry in India ensured financial stability during crucial times.

The outbreak of COVID-19 pandemic led to vulnerability in the system and rapid changes in terms of medical security, research, and development of new vaccines, variants, etc., had to be taken into consideration while ensuring public safety. In addition, high investments toward creation of isolation centers, innovation of medicines, protective gears, such as masks, PPE kits, hygiene products, etc., led to manufacturing deals and partnerships with foreign institutions as an attempt to curb the gap between demand-and-supply shortages.

Procedures, other than COVID-19 cases, saw a significant revenue decline in the healthcare and life sciences industry due to lack of attention and sufficient funds, which led to the government reallocating resources to support the entire industry. The medical devices were initially confined to advanced healthcare facilities only. However, after the pandemic, even small-scale institutions are equipped with the latest medical equipment to deal with any type of health crisis in the future. Also, the quality of medical devices is improving with BIS-certified devices available at a reasonable cost, which further complement the market growth. Furthermore, the COVID-19 pandemic led to a global lockdown, which further increased the scope of digitization of the healthcare and life sciences industry in India. The development of digitized platforms, such as Arogya Setu app, eSanjeevani app, etc., led to a rise in the availability of highly experienced medical professionals to the needful patients conveniently; provisions for self-assessment were also made through the digitized apps and platforms.

The Indian government has taken rapid measures for the creation of two major vaccines – Covaxin manufactured by Bharat Biotech, and Covishield, manufactured by Serum Institute of India – which proved to be effective for the entire healthcare and life sciences industry in India. Additionally, with various initiatives, such as Self Reliant India, the government is trying to remove the roadblocks in the path of indigenous healthcare devices manufacturing firms. Further, with the changing geopolitical landscape, more and more private investors are drawing toward the Indian medical equipment manufacturing industry, fuelling the growth of the market. In addition, continuous government initiatives through schemes and policies will ensure medical coverage, innovation, and accessibility of services all over India, and help finance modern medical treatments for the growth of healthcare and life sciences industry in India.