The report highlights how to leverage the disruptive technology to make healthcare accessible and affordable
CII-Deloitte recently released a report titled ‘Medical Technology Shaping Healthcare for all in India’ at the 10th Medical Technology Conference in New Delhi. According to a report, the medical technology sector, which is presently valued at $4.9 billion is growing at a CAGR of 17 per cent will be a force multiplier in covering the healthcare gaps in India. However, with a per capita consumption of $ 3, the market is untapped and efforts to unbundle the huge market will reduce considerably India’s dependence on imports and over a period of time create exportable surpluses.
The report has identified four core areas to unlock the huge latent potential, such as creating an enabling regulatory landscape, incentivising investment, identifying the right verticals for manufacturing and importantly focusing on innovation and design products suitable to India.
With less than one physician per 1000 population, the CII-Deloitte report points out that India is well behind its peer countries. It needs an additional 3.6 million hospital beds to reach the recommended capacity. Only about 27 per cent of India’s population is covered around any form of health insurance and the out of pocket expenditure on health is 62.4 per cent in India as compared to the world average of 18.2 per cent. “Our effort should be to close these gaps to make the healthcare accessible and affordable to masses and medical devices that can ensure wellness of the people within the paying capacity of the people,” says CII.
“Medical technology plays a critical role at all stages of the healthcare continuum including diagnostics, treatment and monitoring. The modern medical technology breakthroughs including remote diagnosis & monitoring, E-ICU’s and 3D printing can help us fulfill the objectives of equity, affordability, quality and preventive health– all of which are enshrined in India’s new National Health Policy of 2017,” says Charu Sehgal, Partner | Leader, Life Sciences & Health Care, DeloitteToucheTohmatsu India.
The report is an outcome of an extensive research and several rounds of deliberations with medical device industry experts talks about the key steps to be taken by two pivotal stakeholders – government and industry to ensure that medical technology industry to progress on its growth path
“The removal of existing barriers for growth will ultimately lead to increased investment in Indian Med Tech sector in the form of local manufacturing. The shift should be towards make in India for the world,” says Himanshu Baid, Chairman, CII Medical Technology Division.
The report also highlighted how to leverage the disruptive technology to make healthcare accessible and affordable. That will help medical technology to bridge the gap between healthcare provider and patient, ingrain the concept of wellness and importantly overcoming the constraints rendered by infrastructure, geographical and affordability constraints.
Image Credit : cii.in
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