India's G20 Presidency giving fillip to innovation in healthcare, will remain key factor in 2023; here's why
As per experts, India is poised to takeoff in the healthcare sector, with innovations occurring across the spectrum.
- Dec 19, 2022,
- Updated Dec 19, 2022 6:15 PM IST
In view of India’s G20 Presidency, digital health innovation, achieving universal health coverage, improving healthcare infrastructure and delivery will continue to be the key driving factors in 2023, health experts have said.
This vision rests on the premise of precision and preventive care, especially as India looks at innovation to lead the sector's growth.
“Moreover, the sector growth map of 2023 rests on our abilities to achieve the digital transformation in healthcare, accelerate investments in new technologies and R&D, address the NCDs burden, create favourable policies that can help reduce import dependence, and stronger partnerships between the government , industry and academia,” said Dr. Shravan Subramanyam, President, NATHEALTH and Managing Director, Wipro GE Healthcare.
The recovery of the healthcare sector in 2022 was underlined by the industry's commitment to innovation and tech advancements, steered by putting patient at the centre of care. As India inches closer to become the global manufacturing hub, and key exporter of medical devices worldwide, today, the industry has the much-needed impetus across the value chain, Subramanyam points out.
In 2022, Indian healthcare industry started getting back on track and is poised to become the global medical tourism hub. The pandemic accelerated the urgency to integrate technologies and the need for building an ecosystem that addresses the needs of individuals in a personalized manner.
“The credit goes to the large-scale vaccination programme and efforts undertaken by the industry in developing innovative ways for continued quality, safe healthcare delivery. The key to success for 2023 will depend on our capabilities to strengthen healthcare infrastructure, development of standalone cancer, cardiac and orthopaedic centres and greater collaboration with the government and academia to address the shortage of skilled workforce,” said Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare, adding that healthcare sector in India is a sunrise sector and will continue to remain as the preferred market for the investor community.
With government and private healthcare sector’s focus on telehealth, the telemedicine too will see a major focus in 2023. As per the estimates, global market for telehealth was estimated to be worth $83.5 billion, and it is anticipated to expand by 24 per cent globally between 2023 to 2030 at a compound annual growth rate (CAGR).
"The use of artificial intelligence and machine learning in telehealth is expected to increase in 2023 as a result of the technology's expanding use and scope, thanks to its wide range of applications,” said Vikram Thaploo, CEO, of Apollo Telehealth.
“Furthermore, the public private partnership (PPP) model has had some success in India over the last decade as a result of various policy initiatives. Healthcare systems will be under ongoing pressure in the future to enhance service quality and efficiency, as well as to find new ways to integrate data, technology, and distributed networks of providers focused on wellness and disease prevention rather than the critically ill,” he added.
Also, experts believe that health data is increasingly becoming a precious commodity, with the government likely to take a more stringent approach in terms of regulating the usage and exchange of data among different stakeholders including doctors, healthcare facilities, researchers, and other players in the value chain. However, health experts have also shown concern over low spending on healthcare.
“Firstly, although India is not exactly facing the same level of economic slowdown as the rest of the world, there would be a degree of a squeeze on healthcare spending. With Covid-19 receding, non-Covid care would receive more attention both at the level of governments and hospitals and clinics,” said Nitendra Sesodia, Senior Director, Medical Communication & Corporate Sales, Thieme Group, an Indian medical information solution provider.
“With preventive health and self-care increasingly becoming a new normal, retail healthcare would gain more traction and acceptability,” he added.
Also read: BT500: The pharma sector presents a study in contrast; here's why
Also read: Health-tech company GOQii bets big on preventive healthcare, launches 'health metaverse'
In view of India’s G20 Presidency, digital health innovation, achieving universal health coverage, improving healthcare infrastructure and delivery will continue to be the key driving factors in 2023, health experts have said.
This vision rests on the premise of precision and preventive care, especially as India looks at innovation to lead the sector's growth.
“Moreover, the sector growth map of 2023 rests on our abilities to achieve the digital transformation in healthcare, accelerate investments in new technologies and R&D, address the NCDs burden, create favourable policies that can help reduce import dependence, and stronger partnerships between the government , industry and academia,” said Dr. Shravan Subramanyam, President, NATHEALTH and Managing Director, Wipro GE Healthcare.
The recovery of the healthcare sector in 2022 was underlined by the industry's commitment to innovation and tech advancements, steered by putting patient at the centre of care. As India inches closer to become the global manufacturing hub, and key exporter of medical devices worldwide, today, the industry has the much-needed impetus across the value chain, Subramanyam points out.
In 2022, Indian healthcare industry started getting back on track and is poised to become the global medical tourism hub. The pandemic accelerated the urgency to integrate technologies and the need for building an ecosystem that addresses the needs of individuals in a personalized manner.
“The credit goes to the large-scale vaccination programme and efforts undertaken by the industry in developing innovative ways for continued quality, safe healthcare delivery. The key to success for 2023 will depend on our capabilities to strengthen healthcare infrastructure, development of standalone cancer, cardiac and orthopaedic centres and greater collaboration with the government and academia to address the shortage of skilled workforce,” said Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare, adding that healthcare sector in India is a sunrise sector and will continue to remain as the preferred market for the investor community.
With government and private healthcare sector’s focus on telehealth, the telemedicine too will see a major focus in 2023. As per the estimates, global market for telehealth was estimated to be worth $83.5 billion, and it is anticipated to expand by 24 per cent globally between 2023 to 2030 at a compound annual growth rate (CAGR).
"The use of artificial intelligence and machine learning in telehealth is expected to increase in 2023 as a result of the technology's expanding use and scope, thanks to its wide range of applications,” said Vikram Thaploo, CEO, of Apollo Telehealth.
“Furthermore, the public private partnership (PPP) model has had some success in India over the last decade as a result of various policy initiatives. Healthcare systems will be under ongoing pressure in the future to enhance service quality and efficiency, as well as to find new ways to integrate data, technology, and distributed networks of providers focused on wellness and disease prevention rather than the critically ill,” he added.
Also, experts believe that health data is increasingly becoming a precious commodity, with the government likely to take a more stringent approach in terms of regulating the usage and exchange of data among different stakeholders including doctors, healthcare facilities, researchers, and other players in the value chain. However, health experts have also shown concern over low spending on healthcare.
“Firstly, although India is not exactly facing the same level of economic slowdown as the rest of the world, there would be a degree of a squeeze on healthcare spending. With Covid-19 receding, non-Covid care would receive more attention both at the level of governments and hospitals and clinics,” said Nitendra Sesodia, Senior Director, Medical Communication & Corporate Sales, Thieme Group, an Indian medical information solution provider.
“With preventive health and self-care increasingly becoming a new normal, retail healthcare would gain more traction and acceptability,” he added.
Also read: BT500: The pharma sector presents a study in contrast; here's why
Also read: Health-tech company GOQii bets big on preventive healthcare, launches 'health metaverse'