From medical and MedTech advancements, new obesity treatments to telehealth and virtual treatment expansion, 2023 witnessed rising investments in healthcare technology, specifically in the areas of healthcare financing, personalised healthcare, clinical decision support and AI-assisted medical imaging.
According to the Boston Consulting Group (BCG) and B Capital report, the digital transformation of India’s healthcare industry has the potential to accelerate tenfold, from $2.7 billion in 2022 to approximately $37 billion by 2030.
In the pharmaceutical industry, many domestic-focused companies are anticipated to achieve mid-teen growth in 2024. Reportedly, this momentum will be driven by the focus on new product launches, increased volume growth, and growing demand for generics and branded products, the report revealed.
‘A surge in research and development is expected’
Interestingly, the prospects of the medical devices industry in India also appear promising in 2024 as the sector continues to undergo significant advancements and growth. Industry leaders claim that the expected implementation of the favourable National Medical Devices Policy 2023.
“Looking back at 2023, it will be seen as an important year for the MedTech industry, which has witnessed impressive growth and innovation. The year was marked by groundbreaking technological advancements, strategic collaborations, and governmental initiatives aimed at elevating our healthcare infrastructure and accessibility focusing on improving healthcare infrastructure and accessibility,” Hariharan Subramanian, Managing Director, Siemens Healthcare Private Limited told Financial Express.com.
The Indian government’s implementation of the National Medical Device Policy (NMDP) in 2023 has paved a progressive path for the MedTech sector, unlocking an array of prospects for growth and innovation, thereby fortifying the healthcare landscape, Subramanian said.
“The NMDP’s objective of streamlining regulations, incentivizing domestic manufacturing, and encouraging R&D in India aligns with the national vision of achieving ‘Atmanirbhar’ status in developing innovative and accessible medical devices. In 2023, we continued expanding our manufacturing footprints in India under the government’s PLI scheme, reaffirming our strong belief in India’s growth story. As we welcome 2024, heightened expectations envelop the MedTech sector in India,” he told Financial Express.com.
A surge in research and development is expected, ushering in advancements in artificial intelligence, precision medicine, and diagnostics, all of which will contribute to personalized and efficient healthcare solutions, revolutionizing patient care, he claimed.
Moreover, companies are poised to leverage policies and initiatives such as NMDP and PLI to improve access to care in the remotest corners of India, addressing the needs of the most underserved populations cost-effectively.
According to Subramanian, global alliances and collaborations will also be highlighted in 2024, creating an innovation-friendly environment. Cross-industry collaboration will not only address the current healthcare concerns but will also proactively tackle emerging issues, thereby improving patient outcomes and global healthcare accessibility.
“The impending rise of robotics and AI intervention in healthcare, exemplified by patient twinning, precision therapy, and digital health technology, highlights the upcoming MedTech revolution. This progression is consistent with Siemens Healthineers commitment to fighting against prevalent diseases such as cancer, cardiovascular, and neurovascular diseases by pioneering breakthroughs in healthcare for everyone, everywhere, sustainably, he emphasised.
In summary, the strides made in 2023 will pave the way for a compelling and hopeful 2024 in the MedTech sector, he claimed.
“With a focus on innovation, collaboration, and a dedication to advancing healthcare, we anticipate a year of breakthroughs and significant contributions to the well-being of communities worldwide,” he said.
‘Focus remains on quality medications, sustainability, and accessibility’
An enhanced performance in the US generics markets, robust performance in branded markets, and market share gains from recently launched products have improved the performance of the companies in 2023.
“As we approach the new year, the pharmaceutical industry in India continues to play a pivotal role in advancing global health. The year 2023 witnessed substantial progress in research, development, and the delivery of innovative healthcare solutions. Confronted by challenges, our industry demonstrated remarkable resilience and adaptability, reinforcing our unwavering commitment to enhancing the well-being of individuals on a global scale,” Dr. Vikas Gupta, CEO – Alkem Laboratories told Financial Express.com.
The ongoing global health landscape has reinforced the indispensable role of pharmaceutical companies in propelling advancements that not only respond to current health crises but also proactively anticipate future challenges. Looking ahead to 2024, our focus remains on quality medications, sustainability, and accessibility, Dr Gupta pointed out.
Furthermore, sustainability has emerged as a paramount focus within the industry. Acknowledging the environmental impact of pharmaceutical production, companies are actively pursuing eco-friendly alternatives and sustainable practices. This commitment to environmental responsibility is anticipated to instigate transformative changes in manufacturing and supply chain processes, he added.
“In the forthcoming year, we anticipate a heightened emphasis on cultivating diverse talent pools, particularly in research and leadership roles. Embracing a spectrum of perspectives is not only a moral imperative but also a strategic advantage and enabling us to better address the healthcare needs of diverse populations. Our dedication to patient-centricity remains resolute. Navigating the complexities of healthcare, we pledge to positively impact the lives of patients through collaborations, both domestically and internationally, in advancing our shared objectives for global health improvement,” Dr. Gupta said.
He also said that the pharmaceutical industry remains steadfast in its mission to elevate global health standards.
“Through the strategic utilization of technology, commitment to sustainability, and active promotion of diversity, we are poised to meet the evolving healthcare landscape with resilience, innovative solutions, and an enduring commitment to the well-being of individuals worldwide,” he added.
