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Speaking at the 14th Annual CII Global MedTech Summit under the theme “Taking Advantage of Global Opportunities,” Dr. Jitendra Singh noted that healthcare has improved under PM Modi has shifted its attention to innovation & technology during the previous two years and that 80percent of health systems plan for them to spend more on digital healthcare technologies over the next five years.
Key takeaways
- Technological advancement is created by the Health and Family Welfare Ministry called e-Sanjeevani.
- It enables thousands of residents in rural areas of the country to consult with physicians in big cities in the comfort of their own residences.
- This project is estimated to generate $5.5 billion by the year of 2025.
E Sanjeevani in the Health sector
According to Dr. Jitendra Singh, telemedicine is anticipated to generate $5.5 billion by the year 2025. A technological advancement created by the Health and Family Welfare Ministry called e-Sanjeevani has allowed thousands of residents in rural areas of the country to consult with physicians in big cities while unwinding in the comfort of their own residences.
MedTech/HealthTech Ecosystem
According to Dr. Jitendra Singh, the government’s main goal is to lower import reliance from 80% to around 30% over the next ten years and to guarantee self-reliance of 80% in the medical technology sector through the implementation of India-made products with SMART objectives. According to him, the government of India has established favourable policies to encourage FDI in addition to undertaking structural and ongoing changes to boost the healthcare industry.
As a result, the nation’s trend has altered, and it is now a centre for medical technology innovation. Rather than importing western items, Indian entrepreneurs are creating innovative MedTech solutions and products. India’s turning point caused the HealthTech/MedTech ecosystem to expand rapidly.
Dr. Jitendra Singh emphasised that India possesses all the necessary elements for the sector to grow rapidly, including a sizable population, a strong pharmaceutical Regarding the chain of medical supplies, more than 750 million smartphone users, the third-largest global launching pool with simple access to venture capital funds, as well as creative tech entrepreneurs working to solve global healthcare problems.
Opportunities for Health Care Sector
The Minister added that the epidemic had boosted the industry by altering the environment in which business is conducted. The healthcare industry, he claimed, now has a ton of opportunity, particularly in specialised fields like teleconsultation, AI-based diagnosis, and remotely management of healthcare.
According to the government’s drought strategy, India aspires to capture 10 to 12% of the global market share in the market for medical gadgets. The Minister also stated that the nation would have roughly 50 bunches to speed up clinical evaluation of medical technology to support the creation of new products.
- Dr. Jitendra Singh elaborated on Vision 2047, stating that it is anticipated that India would rank among the top markets for medical equipment at a rate of 14% to 15%.
- He asserted that this place in the world might be attained by meeting the objectives outlined in the National Infrastructure Pipeline 2020, which calls for the construction of 73 new medical institutions to boost local demand and advance healthcare facilities.
- Life expectancy, a changing illness load, shifting consumer preferences, an expanded middle class of the society, more medical help and medical coverage, and both regulatory and infrastructural development assistance and inducements are all factors that will propel this industry.
Key Goal of the Make in India Campaign
Dr. Jitendra Singh emphasised that the time has come to work toward creating a worldwide presence by being the major manufacturer and Medical device exporter globally, because of this a key of the Make in India Campaign’s aim, that the Indian medical device industry has been named as a part of the sunrise.
According to him, This recognition has provided the sector with a much-needed legitimacy push to strengthen its capabilities along the value chain throughout device categories, beginning with low-tech areas to more complex device classifications.
The Minister pointed out that the epidemic has given the economy in this sector an additional boost by altering the business environment.
- He claimed it had created enormous prospects for the healthcare industry in specialised fields like teleconsultation, AI-based diagnostics, and remotely management of healthcare administration.
- India is anticipated to be one of the top markets for medical devices, with a market share of 14% to 15%.
By meeting the goals outlined in the National Infrastructure Pipeline 2020, which calls for the construction of 73 new medical colleges to boost domestic demand and upgrade the healthcare system, we may achieve this worldwide position.
