What is the future of healthcare? It is undeniable that global healthcare frameworks are steadily shifting to a more digitized operational model, with the advent of advanced healthcare technology and even virtual healthcare systems.
Direct primary care is a concept that is swiftly gaining ground in the mainstream healthcare industry. Patients who are mainly homebound, often grapple with complicated medical issues which are costly as well.
Telehealth technology is no longer restricted to something that gained mainstream status during the COVID-19 pandemic, where it filled up several gaps in the healthcare space.
Want to know what are the future challenges and opportunities of Pharmacovigilance? Read this blog.
There are multiple interesting healthcare tech trends 2023 that could completely transform the space as the industry buzz goes. It is clear, going by the latest trends in healthcare industry that more innovation is afoot in the sector and this will dominate headlines all throughout the year.
Global healthcare supply chains are often besieged by a raft of problems. The healthcare supply chain issue is often visible, when the supply of urgent vaccines or medicines is disrupted due to various reasons.
The marriage of Indian healthcare with technology has been a productive one, with both parties anticipating a never-ending honeymoon ahead. If there were ever a metaphorical statement for the rapidly growing health-tech segment in the country, then this would be it. In fact, even NITI Aayog agrees, based on the clarion call given by its CEO, Amitabh Kant, highlighting the growing health-tech opportunities to the Indian healthcare system. Governmental Innovation Is Propelling The Sector The Indian Government is laying a steady foundation for the growth of digital healthcare and newer platforms. The Ayushman Bharat Digital Health Mission has been a game-changer and Amitabh Kant, the NITI Aayog CEO, stated that it is now on the technology players, start-ups, and healthcare players along with other stakeholders to create new offerings in the field of digital health which meet growing demand and spur the same as well. Amitabh Kant’s statements came at the 8th Annual Summit of Nathealth and assume greater significance once you consider the backdrop. The country already has the infrastructure to create “compelling, accessible healthcare solutions that provide equitable access and can be rapidly deployed and scaled up” as per Kant. Take other factors into consideration like the increasing penetration of internet connectivity and smartphones throughout the country and the increasing trend towards e-pharmacy, telehealth, and digital healthcare solutions during the COVID-19 pandemic, and you get the picture. Digital healthcare or health-tech presents a massive opportunity for growth, particularly in still-nascent segments like technology-driven home healthcare, e-diagnosis, and e-pharmacy services. Conventional healthcare institutions, investors, and start-ups would find this the right time to enter the space and “build a position which would be hard to beat in subsequent years” according to Kant. Now take the National Health Policy of 2017 into context. It creates a roadmap for creating a digital health-tech-based ecosystem and integrates various aspects like health delivery, cloud, wearables, and IoT (Internet of Things). It also envisions a National Digital Health Authority for the regulation, development, and deployment of digital healthcare solutions throughout the entire care spectrum. The policy recommends deploying digital solutions for greater efficiency of the entire healthcare setup along with better outcomes, in addition to ensuring a healthcare information system that caters to all stakeholders. The aim here is to ensure superior outcomes in terms of quality, access, reduced disease burden, affordability, and better tracking of health-based citizen entitlements. Some other Government initiatives that have struck a chord include the following: The National Health Stack concept, which became the National Digital Health strategy and the final National Digital Health Mission, launched on 15th August. Integrated health data and information portal with the aim to integrate EHR within the purview of the medical setup. Pradhan Mantri Jan Arogya Yojana 2.0 IT portal which wishes to integrate insurance and provider platforms for various benefits. Every individual will have a health ID, offering access to integrated healthcare solutions, enabling Universal Healthcare coverage and delivery. How And Why India Is Bullish On The Health-Tech Opportunity? Consider a few facts in this regard: E-health services and similar platforms may completely revolutionise healthcare. 65% of current e-commerce users are projected to use digital healthcare offerings in the future. Nathealth created its vision paper which emphasised Rebuilding, re-structuring, and re-imagining resilient healthcare systems in India in a post-pandemic era. The clear takeaway is that the pandemic ushered digital healthcare into the mainstream and consumers now consider it a necessary service. KPMG reports indicate a valuation of INR 116.6 billion for the digital healthcare sector in 2018 while this is anticipated to touch INR 485.4 billion by the year 2024, indicating a 27.4% CAGR (compounded annual growth rate) in this period. With face-to-face interaction going down, patients are increasingly opting for online services in healthcare, with a demand for solutions that enable more affordable healthcare consultations and accessible interfaces. The digitalisation of the healthcare space is helping in filling up availability gaps in Tier-II cities and rural zones. E-Pharmacies have also helped in transparent price listings and better consumer options along with better accessibility. KPMG estimates this opportunity at a whopping $30 billion in healthcare technology. It has also talked about how start-ups will play vital roles in enabling healthcare access throughout the country. Estimates of 70% of the population of India (roughly 892 million individuals) living in rural zones with limited/zero healthcare access and the fact that India spends just 4.7% of the GDP on healthcare, throw up the magnitude of the opportunity. KPMG encourages start-up hubs for encouraging more players to invest in the health-tech space and advocates national and local Governmental support for the same along with a health innovation fund. The biggest pharmaceutical players, hospital brands, and diagnostics brands should adopt a mentorship role and sync with these health-tech companies. The market size was estimated at $830 million for telemedicine in India (as of 2019). It is projected to shoot up to $5.5 billion by 2025 (indicating a 31% CAGR). The NITI Aayog and Ministry of Health and Family Welfare have already released their telemedicine guidelines, with more than 1 million consultations taking place by December 2020 via e-Sanjeevani in 550 Indian districts. Health-tech in India grew by 51% (annual) in 2021 as per Redseer, collectively encompassing consultation, pharma, and diagnosis. 47% is the growth in the NPS (Net Promoter Score), indicating how customers are more inclined towards using e-health platforms and are clearly recommending them to their loved ones. The Redseer report also highlighted how the average consumer acquisition cost had reduced for players, indicating scope for growth and profitability. E-Pharma still dominates this segment owing to rewards and discounted offerings. Redseer estimates acceleration in GMV to $9-12 billion by 2025 for the e-Health space and possibly $40 billion GMV by 2030. The Take-Aways (What Is Happening And What Can Happen?) Indian mainstream healthcare is at the tipping point of future-proofing itself through technology, while meeting rising demand via technology. These are the core takeaways that we need to keep in mind. Indian healthcare industries
