Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. From being the world’s pharmacy to aspiring to become a global innovation hub the industry is on the cusp of a remarkable transition.
It is noteworthy that innovation has been at the centre stage in every aspect. From making delivery of high-quality healthcare accessible and affordable even in remote locations, driving newer approaches in diagnostics to ensure quality with self-regulation in a sector that remains without any entry barriers to making the Indian healthcare sector long-term sustainable both environmentally and financially.
To highlight various aspects, scope, and potential of the Indian healthcare sector, Financial Express.com brings to you the third edition of the FE Healthcare Summit. The Summit brought together leaders, investors, policy-makers, and domain experts from all the crucial segments -pharmaceuticals, hospitals and diagnostics. Stay tuned for all the latest updates from FE Healthcare Summit 2024.
FE Healthcare Summit, 2024, Live Updates
FE Healthcare Summit 2024: An impactful session
E Kumar Sharma, Deputy Editor, FE Digital, The Indian Express Group, ended the summit highlighting all the key takeaways from the sessions and thanked all the esteemed guests.
FE Healthcare Summit 2024: India‘s vision for future
Closing the discussion, Sahani said that there needs to be a “clear vision” of what we are trying to achieve as a country. He called for having a joint vision at a very practical level. Meanwhile, Verma said that we need to strengthen the primary healthcare.
FE Healthcare Summit 2024: Solving 40% of healthcare issues
Dr BS Ajaikumar said that banning tobacco will resolve 40% of healthcare issues, however, banning it will difficult as it brings in revenue. It’s a Catch 22 situation, he added.
FE Healthcare Summit 2024: An unregulated industry
During the session, Dr Atul Mohan said that this is an unregulated industry. Meanwhile, Sahani said that there is need to renovate existing hospitals that are non-functional. “We have to understand that technology is tool…it should be delivered as an asset to the provider and see the patient can be catered to in a better way,” he added.
FE Healthcare Summit 2024: People’s wish for treatment at AIIMS
Dr Kaushal Verma emphasised that although institutions are available across the country, people come to AIIMS Delhi for treatment.
FE Healthcare Summit 2024: ‘Healthcare has complex nuances‘
India has challenges with availability of healthcare and affordability, Pankaj Prakash Sahani said. “This is not breaking news…we have been discussing this for 20 years and not seems to change,” he added.
Talking about affordability, he said, price capping is not the solution.
FE Healthcare Summit 2024: 'Create universal healthcare with no limits'
Dr BS Ajaikumar highlighted that there is a need to bridge the gap between rich and poor and make the accessibility of healthcare facilities uniform.
Transparency is important, he said, adding that the patient must know what cost each treatment comes with.
FE Healthcare Summit 2024: Hospitals – Ideas that will shape the future of healthcare
The final panel is here. Their session will be centered around ‘Hospitals – Ideas that will shape the future of healthcare’
This panel includes the following guests.
HealthCare Global Enterprises Executive Chairman Dr BS Ajaikumar
Dr Kaushal Verma, Dean, AIIMs, New Delhi
Pankaj Prakash Sahani, Group CEO & Director, Medanta
Dr Atul Mohan Kochhar, CEO, NABH (National Accreditation Board for Hospitals & Healthcare Providers).
FE Healthcare Summit 2024: Awareness about food products
The FSSAI CEO maintained that we are increasing awareness about various aspects of food products.
“Recently high court directed that FSSAI should inspect the level of pesticides in fruits and vegetables. The nutraceutical industry is continuously growing. These companies are coming to you with all sorts of supplements but we have to make sure that it is genuine,” he said.
FE Healthcare Summit 2024: Fortification of food
In his address, Rao highlighted that fortification of food is extremely important.
Talking about proper nutrition, Rao said that fertilisers and pesticides are posing a huge challenge.
FE Healthcare Summit 2024: From illness to wellness
Ganji Kamala V Rao, Chief Executive Officer, FSSAI, is delivering a special address on ‘Illness to wellness’.
FE Healthcare Summit 2024: Standardisation of rates
On standarised rates, Anand K said that it is not possible as very lab has its own capacity. Meanwhile, Dr Lal said, “We need to more training programmes and institutes for phlebotomists…and this will help in growth the industry as well as better patient care.”
FE Healthcare Summit 2024: ‘Diagnostics is at the core of treatment’
Dr.Arvind Lal opened his discussion with mentioning the importance of diagnostics in treating anyone. ‘Test, track and treat’, this is what formed a base of treatment during COVID-19, he added.
Due to low entry barriers and absence of proper regulation, India has seen mushrooming of labs, he highlighted, adding that India has around 3 lakh labs. Many such labs neglect concerns of quality, accuracy and other things, Dr Lal said. Out of these 2,142 labs are accredited by NABL. He added the government should make accreditation mandatory for government-run labs and private labs must be encouraged to get accreditation.
FE Healthcare Summit 2024: Quality of lab reports
Anand K mentioned that India has low entry barriers and we have thousands of labs across the country. However, he added that we don’t have a regulatory mechanism at this point, which makes quality reports difficult.
FE Healthcare Summit 2024: ‘A huge scope’
Dr Sushil Shah highlighted that the diagnostics sector has a huge scope. “Chronic diseases, acute illness and preventive healthcare are major branches of the diagnostics sector…new player after entering drop the prices….chronic diseases can make a huge impact.”
FE Healthcare Summit 2024: Diagnostics- Changing competition landscape & new imperatives
The next panel will be discussing diagnostics and the competition within. The guest list for the session includes – Metropolis Healthcare chairman & executive director Dr Sushil Shah, Agilus Diagnostics CEO Anand K, Dr Lal Path Labs Chairman & Managing Director (Hon.) Brig. Dr.Arvind Lal.
FE Healthcare Summit 2024: Medical industry‘s waste
During the last session, Kumar said that green ammonia has a wider usage and we can replace it with green methanol. Meanwhile, Dr. Gopal also highlighted that significant waste is generated by the medical industry.
FE Healthcare Summit 2024: Principles of One Health
Raj Shankar Ghosh listed the three principles of One Health and called for the government to work in tandem with the private sector.
He highlighted that today loneliness and mental health have become a huge issue and the climate change has had a huge role to play there.
FE Healthcare Summit 2024: Access to renewable energy
Kumar called for frictionless access to renewable energy. He said that accessing this energy has been not so smooth for the industry.
FE Healthcare Summit 2024: Saving lives the right way
Sanjay Kumar stressed on saving lives the right way which also includes saving planet.
FE Healthcare Summit 2024: Productivity people and pollution
Talking about a shift to productivity people and pollution, Raj Shankar Ghosh said that there is a need to have structure around which our green hospitals need to be built. “A green hospital sounds complex but it is not. It’s about ensuring that we respect our natural resources,” he said.
He also stressed on reducing consumption of natural resources, reusing and using the technology of recycling to have the maximum impact from our resources. “One crucial element in the cycle we discussed, which is often ignored, is manpower. Manpower is an imp element in the flight for a greener planet,” he added.
FE Healthcare Summit 2024: Climate change is here
Sanjay Kumar opened the discussion with acknowledging the shifting climate. He said that from the US to India, we are seeing the effects of climate change. He highlighted the global surface temperature records and the crucial need to address the climate change.
On the topic of decarbonising the pharma sector, he brought in green hydrogen and its subsequent application.
FE Healthcare Summit 2024: Session on Sustainability: Beyond Green Chemistry
This panel on Sustainability: Beyond Green Chemistry includes the following guests.
Sanjay Kumar, Chief Strategy and Sustainability Officer, Granules India
Dr. K. Madan Gopal, Advisor, Public Health Administration, NHSRC, MoHFW
Raj Shankar Ghosh, Advisor, Centre for Environmental Health, Public Health Foundation of India (PHFI).
FE Healthcare Summit 2024: NMC’s WFME certification
Talking about the initiatives of National Medical Commission (NMC) for bringing transparency in its functioning, Dr Srinivas said the NMC has been afforded with the WFME (World Federation of Medical Education) certification for 10 years.
FE Healthcare Summit 2024: Measures taken for quality assurance in medical education
In his address, Dr B Srinivas presented the following measures taken for quality assurance in medical education.
– Revised (CBME) Competency-based undergraduate curriculum from 2021-22.
– Early clinical exposure.
– AETCOM module (Attitude, Ethics and communication) Problem-based
learning, domain-wise education and exposure.
– Promote interest in basic research.
– Introduction of foundation course which includes Yoga and Meditation, local
language adaptation and skills.
– Mentor-Mentee program to foster teacher student relationship and individual
attention, along with counselling support.
– Family/village adoption program to promote communication skills and teach longitudinal health perspective.
FE Healthcare Summit 2024: Medical education in India
Dr B Srinivas, Secretary, National Medical Commission started his address by saing that he understands the issues the pharma industry faces. He added that it is important to have regulations in place so that quality of medical education is maintained. Furthermore, he praised India’s medical education, adding that now we have to move from quantity to quality.
FE Healthcare Summit 2024: The quantity to quality journey
Next up is National Medical Commission Secretary Dr B Srinivas’ special address on the topic ‘The quantity to quality journey’.
FE Healthcare Summit 2024: Political will during COVID-19
Dr. Ella highlighted that during the COVID-19 pandemic there was a political will. “Nobody is willing to compromise on the safety but there is need for scientific rationality. The ecosystem has to be conducive…countries like Bangladesh and Ghana are becoming aggressive. We have a lot to catch-up, he said.
FE Healthcare Summit 2024: What is innovation?
Explaining innovation in simple terms, Dr. Krishna M Ella said that it means finding the best solution, and following no complex manners. However, he added, India loves complex manners and this is why we cannot find solutions.
FE Healthcare Summit 2024: India's risk appetite
Discussing research in India, Dr Sharvil P. Patel said that in India the government does not want to take risks. He added that the country needs to have different body to drive pure innovation and discovery. Talking about India’s research taking place abroad, Patel said that just because something happened in the past, it does not mean that we should crush testing in India.
Patel also stressed on the need for India having funds to take risks.
