India Pharma Outlook Team | Tuesday, 22 August 2023
Adoption of digital technologies is truly transforming the Indian healthcare sector. According to Dr. S Senthil Kandeepan, founder and CEO of Healthwatch, the Union government's National Health Stack and Ayushman Bharat Yojana have the potential to revolutionise healthcare delivery in India by leveraging technology, data, and financial protection to ensure that quality medical care reaches a larger portion of the population, particularly those who have been historically underserved.
Health technology has advanced significantly, providing solutions to extend and improve life, alleviate pain, damage, and handicap, and improve the quality and outcomes of healthcare. The Indian health tech market was valued at $5 billion in 2023 and is expected to expand to $18 billion by 2030, indicating substantial development potential, he said. Health tech usage has grown at a 39% CAGR and is expected to reach a $50 billion valuation by 2047. The incorporation of technology has made healthcare services more accessible, efficient, and patient-centered. It has increased access to healthcare services, particularly in isolated and rural areas. While the implementation of health technology has the potential to transform India's healthcare system, various problems must be solved. India's internet penetration remains low, at 48.7 percent of the total population as of early 2023.
Many healthcare facilities in India lack basic infrastructure like as electricity and running water, making it difficult to install health tech solutions that require consistent power and internet connectivity, he explained. Furthermore, technology adoption is hampered by a lack of information or worries about the dependability and effectiveness of health-tech solutions, as well as privacy and security concerns. In addition, he highlighted that complying with rules makes developing and adopting new technology complicated and time-consuming. India has seen a significant push from the government to promote the growth of its health tech ecosystem. The National Health Stack will enable the development of various digital health applications and services such as telemedicine, e-pharmacies, and health information exchanges. Ayushman Bharat Yojana provides healthcare coverage to the economically vulnerable population in India.
Further, the Digital India campaign has played a major role in promoting the growth of the health tech ecosystem, he said. The way forward of digital healthcare in India is that it is poised for significant growth. Integration of health IoT, AI, 3D printing, and robotics will address challenges in patient monitoring, supply chain management, clinical efficiencies, claims settlements, and patient safety. The thriving medical technology industry needs a collaborative effort. Start-ups must now scale up solutions and demonstrate ICT applicability for a stronger healthcare ecosystem, said Dr Kandeepan.