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Pharma, healthcare & med-tech majors look to strengthen presence in India as growth prospects prevail

Nandita Vijay, Bengaluru
Wednesday, December 21, 2022, 08:00 Hrs  [IST]

Pharma, medical devices and healthcare majors see immense growth prospects in India to accelerate their investments for expansion.

According to Invest India, the Indian healthcare industry is projected to reach $372 billion soon. In addition, India's hospital sector contributes 80% of the healthcare industry and is projected to increase by 16-17% to $132.84 billion very soon. It is, without a doubt, one of the fastest-growing sectors in India.

India is an important market for us. Our manufacturing facilities in Panoli (Gujarat) and Dehradun (Uttarakhand) are providing world-class pharmaceutical excipients and diagnostics products to customers in India and abroad. We will continue to offer unique solutions which meet the needs of our customer base in the region, said Amit Sehgal, managing director, Avantor India.

Pharma companies in India are servicing almost 200 countries, and Avantor plays an important part in collaborating with these companies. We remain committed to the needs of the Indian life sciences industry, leading biologics and vaccines manufacturers, all who play a critical role in developing life-changing therapies for patients. We will continue to build on our commercial, field service, application, and technical support offerings to our customers. We are also further strengthening our backend operations and enhancing our IT capabilities for the ease of customer interface with the business, added Sehgal.

From a medical equipment perspective, Vivek Kanade, managing director, Siemens Healthineers said, “Recovering from the pandemic, 2022 was a year of consolidation and stabilization at the new normal for the Indian healthcare sector. With an increasing demand for broader application of imaging procedures, intelligent imaging systems will play a critical role in healthcare delivery. Growing automation and digitalization in operations will further enhance laboratory productivity and enable better clinical decision-making”.

 \Developments in AI, big data/ML, automation, and robotics will shape the future of healthcare in 2023 and in the ensuing years. With an increasing focus on the healthcare ecosystem in India, we anticipate India to emerge as one of the manufacturing hubs for medical devices, R&D, and innovation, thereby creating greater opportunities for local talent. This will go a long way as we work on ensuring quality healthcare for all, added Kanade.

From e-consultations and telemedicine to real-time diagnosis and access to digital therapeutics, the healthcare industry has advanced on many fronts. A combination of artificial intelligence (AI), the internet of things (IoT), and data management practices have led to the industry getting smarter by the day, noted Prashant Parmar, head doctor growth, HealthPlix Technologies.
There has been an explosion of artificial intelligence applications in healthcare. AI is being used to develop new medical treatments, improve disease prevention, and make healthcare delivery more efficient. It will be no surprise if digital or frontier technology like AI will be part of every aspect of the healthcare ecosystem, leading to a positive impact on lives and society. Furthermore, digital systems provided by health-tech start-ups will empower doctors and hospitals to streamline their operations, patient tracking and engagement followed by administrative functions. More importantly, the use of AI-powered electronic medical records (EMR) in healthcare will advance rapidly and is one area where significant improvements will benefit Doctors, Patients, and the industry at large, said Parmar.


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