Anshuman Krishanu, Chief Operating Officer (COO), RODIC Consultants stresses that beyond medtech, AI and Machine Learning are revolutionising healthcare, promising more effective clinical triage, accurate diagnostics, improved therapeutics, streamlined workflows, precise disease prognostication, and advanced pharmacotherapies
In India, delivering affordable and quality healthcare to its vast population remains a challenge. However, digital technology is emerging as a powerful force for change in the healthcare sector. Initiatives like Universal Health Coverage (UHC) and health-related Sustainable Development Goals can be accelerated through the use of digital health technologies. The G20 summit, under India’s presidency, emphasised the importance of digital health innovations in achieving universal health convergence. To support this goal, the global initiative on digital health was launched, a joint effort between the WHO and the G20 India presidency. Around 1.4 billion people in India grapple with limitations in accessing crucial healthcare services. With an increasing demand for quality healthcare, technological advancements and investments in health infrastructure are crucial. Addressing the shortage of healthcare professionals, with a doctor-population ratio of 1:834, requires innovative solutions, where technology plays a pivotal role.
Healthcare revolution
Digital transformation in the health sector relies on accessible infrastructure and training. India’s Digital India programme has revolutionised healthcare through initiatives like Ayushman Bharat Digital Mission, Healthcare Mobile Apps, and Online Pharmacy Platforms. Aarogya Setu, e-Sanjeevani, and e-Hospital have expanded healthcare access nationwide. The Indian med-tech industry, valued at $10.63 billion in 2020, is now projected to reach $50 billion by 2025. The hospital industry, comprising 80 per cent of the healthcare market, attracts significant investor interest. India ranks 10th in the Medical Tourism Index, solidifying its status as a healthcare destination.
Beyond medtech
AI and Machine Learning are revolutionising healthcare, promising more effective clinical triage, accurate diagnostics, improved therapeutics, streamlined workflows, precise disease prognostication, and advanced pharmacotherapies. With the rising advancements in IoT-based solutions, we can stay hopeful to combat the current challenges posed in the cyber ecosystem such as data reliability, privacy, liability, decreased human interaction, and affordability. Nevertheless, the integration of AI and ML holds immense potential to reshape how the world delivers and manages healthcare, offering new avenues for innovation and improved patient outcomes. The digital transformation of India’s healthcare industry has the potential to accelerate, with projected growth from $2.7 billion in 2022 to approximately $37 billion by 2030, according to a report by Boston Consulting Group (BCG) and B Capital.
Global scenario
At the global front, the healthcare sector is undergoing a phenomenal transformation empowered by a tech revolution. Imagine a patient in a rural village in Africa connecting with a cardiologist in a bustling European city for a consultation – telemedicine, blurring geographical boundaries and democratising access to quality care, makes this a reality. Effective oversight is, however, essential to monitor the quality of technology-driven healthcare facilities. A strong regulatory body must ensure the delivery of high-quality medical services.
According to a new report by Grand View Research, Inc., the telemedicine market is projected to reach a size of USD 380.3 billion by 2030, with a compound annual growth rate (CAGR) of approximately 18.0 per cent from 2024 to 2030. In resource-limited settings, this technology is bridging the gap between patients and specialists, particularly in geographically remote areas. Transcending borders in diagnosis, the digital health technology is making a global impact.
Path forward
Stewart Brand’s words, “Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road,” highlight the urgency for India’s healthcare sector to embrace technological progress fully.
However, achieving this potential necessitates collaboration among industry stakeholders and with major communication strategy from the media to create awareness and move people into action. A two way communication for transparent feedback will empower patients and end-users for the constant upgradation of the facilities. As India welcomes digital innovation, the healthcare industry stands poised for unprecedented growth and transformation, ultimately enhancing the lives of millions nationwide.