Gaurav Parchani, Co-founder & CTO, Dozee talks about recent GTRI report that underscores six pivotal action points that have the potential to revolutionise the industry’s growth trajectory. He mentiones that this visionary document implores the government and industry stakeholders to collaboratively adopt measures aimed at expediting sectoral expansion
As India celebrates its 77th Independence Day, a remarkable feat underscores the nation’s journey towards healthcare self-reliance as India’s export of medical devices records an impressive 17 per cent surge in the first nine months of FY 2022-23. In addition to being an economic achievement, this surge reflects India’s commitment to innovation, self-sufficiency, and, most importantly, patient care.
A recent GTRI report underscores six pivotal action points that have the potential to revolutionise the industry’s growth trajectory. This visionary document implores the government and industry stakeholders to collaboratively adopt measures aimed at expediting sectoral expansion. Notably, the report advocates for the disallowance of input tax credit (ITC) for Integrated Goods and Services Tax (IGST) paid on imported items boasting zero basic customs duty. This strategic approach seeks to safeguard domestic interests while curbing undue influence from foreign entities.
Additionally, the report ardently champions the cause of local sourcing for critical “Make in India” products, a move that not only bolsters self-reliance but also nurtures homegrown innovation. In this pursuit, the report envisions a vibrant ecosystem that not only meets domestic demands but also establishes India as a global hub for cutting-edge medical technologies.
The rise of “Made in India” startups is also playing a major role in the growth of the medical device industry. These startups are developing innovative medical devices that are both affordable and accessible to the Indian market. In addition, they are also exporting their products to international markets, helping to make India a global hub for medical devices.
Central to this healthcare revolution is the emerging medical device technology of remote patient monitoring. In a world marked by connectivity, the ability to monitor patients remotely is redefining healthcare accessibility and quality. This technology empowers both patients and healthcare professionals, ensuring timely interventions and personalised care.
The government’s visionary initiatives of ‘Make AI in India’ and ‘Make AI Work for India’ are particularly instrumental in shaping the healthcare landscape. By nurturing indigenous AI research, development, and deployment, the government is addressing the shortage of medical professionals, enhancing diagnosis accuracy, optimising treatment strategies, and elevating patient outcomes.
These efforts synergistically foster partnerships between startups, academia, and healthcare providers, ensuring that AI technologies, which are undeniably transformative, are tailored to meet the distinct challenges and requirements of the Indian healthcare system.
As the nation celebrates its 77 years of sovereignty, the 17 per cent growth in medical device exports during the first nine months of FY 2022-23 stands as a resounding declaration of India’s progress towards healthcare self-reliance. With innovation and self-sufficiency at the forefront, India’s healthcare sector is poised to make even greater strides in the years to come.