India can do a lot in the domain of health care tech
Our human health resources can potentially serve several nations which are grappling with an ageing population
The launch of what is the largest public health coverage scheme in the world has put India at the centre of attention. Besides Ayushman Bharat, India has a lot going for it in its health care sector. We have a young population that is skilled, aspirational and ambitious. Given its technology talent pool, India can do a lot in the domain of health care technology and preventive health and predictive analytics.
There are numerous startups which have the scope to scale up innovation in these pockets. With transformative development of cognitive robotics, immersive reality, AI and connected devices, there is a new and fascinating technological sophistication making inroads in the physical world of health care.
India is doing many things right in the sector. The four important C’s in health care — Clinical care, Costs, Connectedness and Compassion — which are pivotal to a successful and sustainable health care model, are the country’s strength. In health care, first, the quality of care is non-negotiable. The second and equally pivotal aspect is that of costs. As per an OECD (Organisation for Economic Co-operation and Development) study, the treatment cost for major surgeries and procedures in India is only a fraction, and in most cases, a tenth the cost in developed countries. These costs can be further reduced through regulatory changes with regard to import duties and taxation. Cost is essential for health care to be equitable and inclusive as also critical for viability and sustainability.
Then, accessibility and connectedness play an important role. They help inculcate awareness, encourage screening and provide postoperative assistance, and are valuable in providing Continuous Medical Education to medical staff across geographies.
According to a recent report, titled India’s New Opportunities-2020 by the AIMA, BCG and the CII, more than 40 million new jobs are expected to be generated by 2020, a huge increase from the five million people employed by the health care industry today. This creation of jobs would be the silver bullet to solving India’s many developmental challenges. In a globalised world, Indian human health resources have the potential to serve several nations which are grappling with an ageing population. Critical to this is an ecosystem that fosters a culture of innovation and nurtures innovators to take health care innovation to the next level. With all things falling in place, there is no doubt that India will be a global role model for health care.