Technology is changing the face of Indian Healthcare
- The Medical Devices and Equipment Industry in India is currently valued at 2.5 billion USD
- It is not surprising anymore that when you visit your doctor or physician, you may find him using an iPad to note or store your medical records
(IIP) - The market for medical technology in India is small, but rapidly expanding. It is nascent and highly fragmented with limited indigenous manufacturing - imports constitute over 75% of the estimated US$2.75 billion market.
It is not surprising anymore that when you visit your doctor or physician, you may find him using an iPad to note or store your medical records. Rapidly transforming medical technology and the availability of technology diagnostic and therapeutic equipment together with changing practice pattern of doctors has revolutionized the way health care is being delivered today.
The technology shift has cast itself over the field of healthcare, bringing with it a digital transformation in the way doctors and patients interact. The integration of information technology and network have now become the centre of the "new era" where both, digital and human aspects, are pivotal to the complete patient experience. ue to the increasing convergence of technology and healthcare, there is a huge opportunity for providers to improve the patient experience and operate more efficiently due to augmented association and information sharing among providers. Healthcare technology solutions are able to modernise medical care, reduce costs, avoid redundant or duplicate tests /procedures and mechanise manual processes.
For instance, in the treatment of cancer it is critical to track the patient's progress over days, months and years. Now medical institutions can store medical images and patient records electronically, which can be instantly compared to previous images. These images can be quickly shared between consultants and remain highly available during the course of the diagnosis and treatment.
The increased adoption of telemedicine, HIS, electronic health records, mHealth, and web-based services has made digital patient data expand, demanding the deployment of robust IT infrastructure in Indian healthcare organisations. It has amplified growth in data, digitization trends in health information and electronic medical records.
Improvements in collaborative data exchange, workflows and mobility, and need for better financial management are the next phase of technological evolution in healthcare. In addition, the shift to mobile devices, wireless technology and cloud computing will reduce system costs and improve workflows.
A cancer institute and research centre like Rajiv Gandhi Cancer Institute provides high-quality diagnostic, treatment and multi-disciplinary care for patients with cancer. Today medical institutes are at the forefront of enabling number of healthcare technology initiatives to enhance the delivery of a range of healthcare.
The introduction of a hospital information system (HIS), picture archival and communications system (PACS), and electronic health record system (EHR) have led to rapidly increasing volumes of data. Also, due to the unpredictable nature of cancer progression, patient records need to remain readily accessible as a patient may visit us the next day, a few weeks, and maybe even 10 years later.
This means the data containing patient medical records and images needs to remain highly available rather than becoming less accessible within archival solutions such as tape libraries. To deliver patient needs at forefront of technology-enabled healthcare and meet the capacity demands of data-intensive medical images and records, we required highly available storage platform to meet the expanding data needs of our medical systems.
When we deployed the Dell Compellent storage solution and Dell PowerEdge servers, we were able to double their storage capacity which provided a compelling price-performance ratio. The storage solution has improved business agility in responding to the needs of their consultants, technicians, and nursing sta? because the centre can project storage allocation more accurately, the IT team can be highly responsive to user requests.
One of the key pillars of health transformation is being able to refine access to the best healthcare for a larger segment of the population. The implementation of technology is a cost-effective and compelling method to connect clinics in the cities as well as rural regions. Although there are healthcare challenges we are facing today, the good news is that we have innovative solutions to help address these formidable challenges.
Technology advancements in healthcare informatics, telemedicine, HIS, electronic health records, remote diagnostic and therapeutic tools have pivoted the first step towards tech enabled healthcare and can be further leveraged to effect new modalities of healthcare.
Today, healthcare organizations need to streamline their IT infrastructure, to be able to provide simple, quicker and more efficient healthcare service or delivery. The healthcare solutions promote a new productivity model whereby the ultimate winner is the patient, who will now have instant equitable access to the best clinical expertise.
GROWTH OF MEDICAL EQUIPMENT SEGMENT IN INDIA
India's healthcare sector has evolved a great deal over the last 10 years. In the last few years especially, there has been a registered growth of 10% in this sector. By 2018, it is estimated that the healthcare sector in India will reach 145 billion USD. This fast development has led to phenomenal growth in the medical devices sector, or medical equipment sector. This sector plays a vital role at every stage of the healthcare continuum, and has been instrumental in improving the access and affordability of healthcare services in the country.
But what exactly is medical equipment or medical technology? Broadly, any technology that extends and improves life, and alleviates pain, injury and handicap falls under medical technology. These healthcare products are used specifically for diagnostic and/or therapeutic purposes. An essential component of the healthcare industry, medical technology constitutes everything from wheelchairs and MRI machines to insulin pens and surgical instruments. There are over 500,000 different products under this sector that have been grouped into 10,000 generic categories.
The Current Scenario
The Medical Devices and Equipment Industry in India is currently valued at 2.5 billion USD, but that only makes up 6% of India's 40 billion USD healthcare sector. However, it is growing at an annual rate of 15%, which is much faster than the 10% growth rate of the entire sector. There has been a steady rise in the number of hospitals and clinics in the country, and this has led to an increased demand for medical technology and equipment. There is growing need for sophisticated devices that can provide us with accurate diagnoses and treatments.
The Government's Contribution
Over the last few years, there has been an increase in the domestic manufacturing of medical equipment. The government has introduced some new policies that are in sync with this medical equipment industry growth. They are also expected to develop a regulatory structure to ensure that the products being manufactured are of a high quality. With the new policies in place, India will soon become a recognised manufacturing destination for sophisticated medical technology.
HEALTHCARE AND WELLNESS INDUSTRY IN INDIA
In India, wellness is a concept which has been in practice since ancient times. Traditional medicinal and health practices like Ayurveda and Yoga have propounded the concept of mental and body wellness. With the progress of time, wellness as a concept has taken up a multi-dimensional definition by expanding its range to new generation offerings like preventive healthcare, luxury products and personalized services.
The growing wellness industry has attracted a large number of domestic entrants and international players. As per a recent study by the Stanford Research Institute International, the Indian Wellness Industry is a US$ 9.8 billion market
The wellness industry in the country will grow at a rate (CAGR) of approximately 30-35 per cent for the next five years, says a latest study by FICCI and Ernst & Young