Jatin Mahajan

Managing Director J. Mitra & Co.

Diagnostics accounts for roughly 70% of all treatment decisions, making it the key driver for healthcare services. Accuracy is vital for effective treatment and results in improved patient-care and clinical outcomes. Additionally, diagnostics helps reduce the overall cost of therapy and thus the overall burden on the patient, both financial and psychological. India is a crucial influencer in the global diagnostics industry, especially as the international centre for frugal medical devices engineering. India manufactures several indigenous (and low cost) devices with global market potential. India is also the biggest exporter of IVD solutions across the world.

Yet, there is a massive gap between demand and supply and India has a 75-80 % import dependency. In addition, India has the lowest per capita spend of around three USD (Three US dollars) on medical devices, and it is this massive under-penetration that all manufacturers are trying to address.