TECHNOLOGY IS AT THE CORE OF HEALTHCARE TRANSFORMATION
Post Pandemic Business immunization - Reconciliation/ Consolidation/ Backward or Forward Integration/ Diversification from your lens?
COVID-19 has triggered profound changes across the world. The Indian healthcare business is adjusting to larger emerging trends such as digital care, a data-driven linked healthcare ecosystem, supply chain improvements, and R&D innovation. The crisis has opened the gates for Indian start-ups, many of which have risen to the occasion and spurred the creation of low-cost, scalable, and rapid solutions. Furthermore, the pandemic is accelerating the growth of telemedicine and the healthcare business in the country.
The Indian government has implemented extensive structural and long-term reforms to boost the healthcare industry, as well as declared favourable policies to encourage FDI.
The industry must investigate prospective areas and build strong collaboration frameworks among stakeholders to enhance physical infrastructure and technological capabilities in order to achieve the transformative journey in healthcare delivery in the POST-COVID future. To emerge as a winner in the post-pandemic era, the sector must continue to build on its strengths while also making a tremendous leap toward innovation.
As a Healthcare Technology & Logistics professional , Give your insight that How technology will help in supply chain management?
Supply chain management is one of the largest expensive business functions for healthcare service providers. One of the most effective ways to manage the healthcare supply chain is by using emerging technologies. Some emerging technologies that can impact the healthcare SCM include Intelligent AI and Analytics, Internet of Thing (IOT), Blockchain, and 3D Printing.
The use of AI in areas such as decision support for traditional inventory management has changed the way healthcare providers used to manage, interpret and analyse the data that they collect from various sources. Data analytics has shifted from descriptive predictive and prescriptive analytics, which allow to predict future events and decide the next course of action based on that intelligence.
With the integration of AI in our application, VIZI, we provide hospitals with stock projections so that they can purchase the quantity of medical equipment, devices, and at the right time.
We are also pioneering the next big thing in healthcare supply chain management by delivering the medical supplies in the B2B space via drones. We have recently launched the pilot drone project in collaboration with Redwing Labs to transport medical supplies and assess the potential of drones as a means of alternative last mile delivery option especially for emergency scenarios. The first scheduled test drone delivery took place successfully in Bengaluru.
The initiative seeks to alleviate the burden on frontline health workers and supply chain management. Drones delivering medical supplies directly to healthcare centres saves time and helps healthcare workers in delivering better patient care.
In India especially, medical facilities in tier-2, 3 cities, and remote locations can get their supplies via Medikabazaar’s efficient last-mile delivery, something which fragmented offline distribution systems have failed to achieve.
Do you think end-user of Medtech play an important role not only in product development but also in shaping Policy advocacy ?
Medtech is a subset of the broader category of healthcare systems. The category focuses on developing and producing medical items and technologies for diagnosis, prevention, monitoring, treatment, and patient care. It covers medical devices with IT connectivity as well as medical gadgets with a larger reach than medical devices. The healthcare business has seen significant technological advancements, and with the introduction of Medtech, the industry has been able to provide better and faster access to inexpensive and high-quality care.
Government rules and regulations are critical in establishing an enabling environment for any sector. The Indian government has made a number of steps to encourage the Medtech industry and help it reach its full potential in the near future. Collaboration amongst the stakeholders in the medical technology ecosystem is a vital success element for innovation to have an impact. The industry must move from ‘companycentric’ innovation, towards ‘co-creation’.
The government should support Medtech partnership in order to develop creative and customised solutions to solve healthcare access, quality, and cost challenges.
Let us know about latest Innovation or product development in your organization ?
MEDIKABAZAAR is helping hospitals unlock savings of up to 30% with smart-decision making tools like VPO and the patent-recognised AI-ML based inventory management system VIZI. We are developing cutting-edge research and technology to leverage these opportunities and help businesses. Our Equipment lifecycle management vertical MBARC ensures timely service and uptime along with facilitating recycling of capital intensive medical devices from large hospitals in metros to mid-size hospitals in smaller towns thus driving affordability and accessibility of healthcare services beyond Tier1 and 2 towns. As a part of Medikabazaar dedication to developing and transforming Healthcare, we have conducted the pilot drone project in collaboration with Redwing Labs to transport medical supplies and assess the potential of drones as a means of expansion.
We've also introduced NEXAGE, our first foray into the medical apparel market. Nexage is for the modern healthcare professionals who want the perfect balance between performance, safety, and personality.we have revolutionised the scrubs with compelling options of fit, fabric, function, fashion, and feel in line with the latest international trends in Scrubs. We did an extensive research and found that the market is open for different materials, fits, and designs that are comfortable to wear, trendy, and at the same time functional.
The scrub clothing needs to go through a complete makeover when it comes to the choice of cloth, the color, and the fit. Nexage is curated by ace fashion designers to provide a mix of elegance and comfort to our brave healthcare workers. The Scrubs are available in varied COLOUR & FABRIC RANGE Orange, Maroon, Mauve Teal Blue Denim Doctor Blue Sky Grey, Leaf Green, Hot Pink, Candy Green, Purple Cotton, Woven Poly-cotton, Poly Cotton, Knit, Denim, Stretch Nexage will not only offer option of personalization for individual & we are offering flexible bulk purchase options to hospitals to customize scrubs as per choice of fabric, color, sizes & styles according to their preferences and transform the look of the hospital workforce which will result in boosted team's confidence and patient perspective of the hospital service quality.
With our new offering Nexage, Our Mission is to transform the medical wear by introducing trendy, aspirational, comfortable, safe and supremely functional world-class apparels for medical professionals.
Let us know your success story to inspire others?
Started with the simple idea of improving Indian healthcare by making it accessible and affordable. In India’s extremely fragmented healthcare sector - supply chain, capacity constraints, and absence of transparent pricing, act as chronic stress factors for healthcare service providers. These challenges impact small and medium hospitals and nursing homes and therefore also affect the end users, i.e. patients as customers, especially in tier II and III cities.
We set-up Medikabazaar to improve accessibility and availability of healthcare facilities across India and we are revolutionising the healthcare ecosystem by transforming how medical establishments procure supplies, decode their consumption patterns, improve profitability, provide asset management services and smart payment solutions.
What are some significant innovations taking place in your respective field(s)? Which among these is the most exciting and why? How will it (or they, if more than one) impact your organization?
With several healthcare advancements coming to the fore at an accelerated pace In light of the pandemic, the Medtech industry is well-poised to both complement and supplement the sector with products and services that help offer quicker, safer and more precise care. As a leading player in Medtech, with growing global acceptance, Healthium is well placed to make the most of the opportunity through continuous innovation in surgical, post-surgical and chronic care. Healthium has always been strongly committed to invest in R&D. As a result, the company has developed 64 patents in US, Europe and India including pending applications and is fast moving towards strengthening skills and patented technologies in not just medical devices but also formulations which have helped us develop new and first of their kind products in various genres.
One of the fastest growing areas in orthopaedic surgeries is arthroscopy or minimally invasive surgery for shoulder and knee interventions for which we have a complete portfolio of products -Sironix, that includes a wide range of patented implants and equipment to help treat soft tissue problems. Sironix has launched a range of over 50 shoulder anchors and for the 1st time in India, in a market dominated by MNCS, we have launched a patented and completely indigenously designed and manufactured meniscal repair device “Surestitch”, which has been very well received in the market. We have also recently entered a new segment of wound care with our innovation, TRUSHIELD™ NXT - a surgical wound dressing made a 3D hydro-cellular substrate and patented infection prevention technology that offers 360 degree wound protection. It has patents in the U.S, Europe and India.
Are you planning any new launches or are looking to up new markets?
At Healthium, we are constantly looking at ways to serve customers with a diversified, research based portfolio and expanding into new markets. This involves introducing products in our focus areas like surgery, wound care, and arthroscopy. With our strategic acquisitions last we look forward to combining Healthium’s R&D manufacturing capabilities with the talent and expertise of the incumbent companies to offer wider choices to our
delivering better standards in patient care worldwide. We have continued to focus on engineering skills that are essential for developing medical devices such as surgical needles and arthroscopy implants which include a high degree of skill and numerous tests so that they can be made to global standards. We have additionally added chemistry and bio- technology skills to create patented formulations that have bettered standards in patientcare and helped us create a variety of applications that are helping us expand markets.
We have recently launched several products made with indigenous technology that are indigenously manufactured. This not just helps us build IP and patents but also take Indian innovation to the global platform. We continue to leverage our global platform, add new products and build on our capabilities and capacities through strategic acquisitions to realize cost and revenue synergies. We will continue to maintain a dialogue with various potential market participants and intermediaries, to identify and evaluate businesses that would be a good and strategic fit with our business.
While urban India is reasonably developed as far as medical facilities go, vast tracts remain deficient. What are some suggestions from you about how to go about rectification?
We strive towards delivering access to precision medtech for every patient, globally and locally. Healthium operates across four key focus areas of advanced surgery, wound care, urology and arthroscopy, encompassing 52,000 SKUS, which is a significant part of the patient journey. We have focused on access across India during the pandemic and beyond. Our products are present across 80 countries and our sales teams cover 90% of the districts in India with secondary healthcare facilities, covering 40,000 surgeons across 18,000 hospitals.
While we have significant presence in larger cities, our focus remains on Tier 2, 3 and 4 markets where we would like to create access to high quality medical devices for all. Our products are made to global standards with approvals from US FDA, CE, ISO, TGA, and CDSCO at our 8 manufacturing facilities. The same products are made available across the country and the world.
We have collaborations with hospitals such as Apollo Simulation centre to create learning opportunities on laparoscopic surgery as part of continuous medical education for surgeons across the country. As part of our “Sport of Life” initiative, we have tied up with Abhinav Bindra Foundation Trust to extend our access to sports people with injuries to aid in the treatment and rehabilitation supporting young sportsmen in remote villages to return to sport. During the pandemic, we have worked with hospitals to create education on safe OTS and OPDS in smaller towns to create a safer environment. For Healthium, creating access, availability, acceptance of high quality medical devices for all is part of a vision that we continuously strive to.
Recent acknowledgement & award received? Your success story that inspire others?
Thank you Medgate Today for this honour. I have been part of the healthcare industry for close to 30 years having worked across South East Asia, Japan and India. Over these years, I have constantly endeavoured to choose opportunities where one can create a meaningful contribution towards reducing inequities and provide access to safe and high quality devices, even into remote locations where healthcare needs are under served.
Any thoughts on the role that Government can play – any tips / suggestions / viewpoints that may be shared?
The medical devices industry is an integral part of the healthcare ecosystem and has been recognized for its role in managing the pandemic by creating affordable solutions to scale. However, the industry is still highly import-dependent and superior quality, affordable medical devices for patients, remain a gap. Today, the import duties on certain medical devices are lower than those of the raw materials used to make them. This makes it more attractive to import the finished product rather than to manufacture it locally, forming a significant barrier for homegrown businesses.
The Government of India has recognized medical devices as a sunrise sector under the ‘Make in India’ campaign promoting domestic manufacturing and reducing the dependency on imports. Consumables and disposables today form the largest export category, accounting for 47% of exports as per the Engineering Export Promotion Council of India. Promoting local manufacturing of medical devices in scale and quality will attract investments in the sector. The spirit of Atmanirbhar Bharat has spawned independent medical devices and Medtech companies in India, which have emerged as global leaders, pioneers and innovators.
There is a need to increase the export incentives slabs under the newly introduced Remission of Duties and Taxes on Export Products Scheme (RODTEP), rationalise Custom Duties, roll back the Health Cess on imports of medtech products and amendment of SEZ Act to allow SEZ medtech manufacturers to sell their produce in the domestic market. The commission of more strategic investments and partnerships with Medtech Parks, is the need of the hour. These measures will go a long way to ensure that there is a further boost in domestic R&D ecosystem that will provide world-class quality products for domestic and international use.