With the shockwaves of the COVID 19 pandemic fading along with the world’s eagerness to return to normalcy, the frantic dependence of healthcare starts to wane in 2022.
Testing requirements fell, achievement of public inoculations through multiple vaccines- nullified the erstwhile frenetic rush to stock up on drugs. Recovery levels rose, the world opened up that led to diagnostic chains, healthcare centres, hospitals, drug makers’s growth engines return back to normal.
Thanks to the large-scale vaccination programme compiled with developing innovative ways for continued quality, safe healthcare delivery that we did witness some growth rejuvenation in 2022. The pandemic catapulted the integration of technologies to address the requirements of individuals in a personalized manner.
With the nation entering the threshold of 2023, capabilities to strengthen healthcare infrastructure, development of standalone cancer, cardiac and orthopaedic centres and greater collaboration with the government and academia to address the shortage of skilled workforce will be the biggest of challenges for the sector. Once again, the kickstart of 2023 with impending Covid’s 4th wave, can possibly bring back the sector under erstwhile situations.
It is expected that 2023 will be marked by companies undertaking remediation to solve outstanding USFDA issues and taking steps to fuel growth in other markets such as India and even China.
Let us look at things that will remain in vogue for healthcare sector in 2023:
“Greater collaboration between the government and pharmaceutical industry played a pivotal role in helping the sector further strengthen its position in the global market. Despite geopolitical issues, India continued to supply medicines to over 200 countries, living up to its reputation as the ‘pharmacy of the world,” said Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance.
A number of programmes and forward-thinking regulations were put in place to simplify procedures and speed up the pharmaceutical industry’s transition to a more robust growth trajectory.
To retain its promise of being a high-quality, dependable provider of pharmaceuticals to the world, the sector will need to consistently spend in updating manufacturing standards in 2023 too.
Speaking over the scenario ahead in 2023, Jain added, “key to success, going forward, will depend on regulatory simplification, increased industry-academia collaboration, and strengthening innovation mindset. This will pave the way for the industry to transition from “Volume” to “Value” leadership in the years to come.”
The government impetus:
“In view of India’s G20 Presidency, digital health innovation, achieving universal health coverage, improving healthcare infrastructure and delivery will continue to be the key driving factors in 2023. This vision rests on the premise of precision and preventive care, especially as we look at innovation to lead the sector’s growth,” Dr Shravan Subramanyam, President, NATHEALTH and Managing Director, Wipro GE Healthcare.
The sector growth map for 2023 also depends on India’s capacity to implement the digital transformation of healthcare, speed up new technology investments and R&D, address the burden of non communicable diseases NCDs, develop supportive policies that can lessen reliance on imports, and forge stronger collaborations between the government, business, and academia.
Advancements in Artificial Intelligence:
As per a report, the global Artificial Intelligence [AI] in healthcare market size and share is expected to surpass USD 95.65 Billion by 2028. 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.
“AI is being used to develop new medical treatments, improve disease prevention, and make healthcare delivery more efficient. It is getting better at understanding and responding to the complexities of human health and complementing the work of doctors and other healthcare professionals,” said Prashant Parmar, Head Doctor Growth, HealthPlix Technologies.
The global surgical robot market was valued at USD 5.4 Bn in 2020 and is expected to grow at a CAGR of 13.8 per cent to reach USD 15 Bn in 2028, as per data by Statzon. The market is dominated by North America (57 per cent), Europe (20 per cent), and Asia-Pacific (17 per cent). India, Indonesia, China, and Thailand are four fastest-growing surgical robot markets, with India being on top.
Robotic surgery, also known as robot-assisted surgery (RAS), was created to enhance doctors’ skills and get over the drawbacks of existing minimally invasive surgical techniques. Robotic surgery gives surgeons sophisticated tools, such as artificial arms with linked surgical instruments, that they can control to navigate more accurately. As a result, they are able to carry out a variety of intricate treatments with greater control, dexterity, flexibility, and precision than is achievable with traditional methods.
The robotic system alone has a significant yearly maintenance cost and an initial expenditure of about USD 1.5 Mn. The treatments are pricey in addition because of ongoing instrument costs and specialised facility setup fees. Only 4,000–5,000 robotic surgery centres exist worldwide, making accessibility difficult, particularly in a nation like India. The education and training of surgeons presents another difficulty in times ahead.
Digitisation Of Health Records:
Even though medical records are preserved physically, both publicly funded and private healthcare organisations have historically had trouble providing access to them. Due to this accessibility roadblock, patients wind up spending money on pointless diagnostic procedures and consultations, which causes treatment to be delayed, costs to increase, hospitals to become overcrowded, and incorrect diagnoses as a result of a general disregard for unrecorded medical history.
Doctors and hospitals will be able to streamline their operations, patient tracking and administrative tasks, with the help of digital technologies offered by health-tech start-ups. T he usage of AI-powered Electronic Medical Records (EMR) in healthcare will grow quickly and is one area where significant advancements will benefit doctors, patients, and the sector at large.
The keeping of health records online is mandated by policy frameworks such as the Ayushman Bharat Health Account (ABHA) and National Digital Health Mission (NDHM). Additionally, the rapid growth in internet usage across the nation is helpful in this shift.
Although the pandemic was devastating in many ways, telemedicine and virtual consultations are being rapidly adopted. This would facilitate quicker, simpler knowledge transfer and record keeping, enhance access to specialised health consultation services, and lessen the pressure on physical OPDs while enhancing healthcare outcomes in times ahead.