News & Analysis

Current trends in the healthcare industry and the expectations in the year 2023

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For the longest time, for us Indians, healthcare meant just emergency treatment. Today, two years after the pandemic, it is now realizing a stronger and more responsible connection: the growth of the country. As a result of the urgency created by the pandemic, the Indian government has made a significant effort to speed up the transformation of the healthcare sector through digitization, innovation, and technology. This global health crisis has shown that healthcare organizations need to concentrate on enhancing their adaptability, innovation, and resilience by implementing digitally enabled and data-backed business models. Healthcare professionals today recognize that it is time to step outside the confines of conventional health systems due to the devastation the coronavirus has wrought around the globe. A variety of advancements are being made, from e-consultations and telemedicine to real-time diagnosis and access to digital therapeutics provided by immersion technology tools. With the adoption of artificial intelligence (AI), the internet of things (IoT), robotics, and data management practices hospitals have become smarter; workflows are enhanced. Machine learning, virtual reality, augmented reality, and wearable technology is all set to become critical tools for healthcare providers and organizations to perform more efficiently.

Below are some insights from the healthcare experts on current and upcoming trends.

  1. According to Prashant Parmar, Head Doctor Growth, HealthPlix Technologies “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. However, doctors inside hospitals and individual clinics that dominate rural Bharat need a digital push that can advance patient care. In recent years, there has been an explosion of artificial intelligence (AI) applications in healthcare. 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.As per a report the global Artificial Intelligence [AI] in healthcare market size and share is expected to surpass $95.65 Billion by 2028. The expected growth highlights how frontier technologies can transform industries at peak adoption. In the coming years, AI is expected to get closer to being able to provide personalized medicine, and playing a key role in improving diagnosis and treatment for a range of conditions. 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.”
  2. According to Vivek Kanade, Managing Director, Siemens Healthineers Private Limited “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.”
  3. According to Mr. Vikram Thaploo, CEO, Apollo Telehealth (largest and oldest multi-specialty telemedicine network in the world. A unit of Apollo Hospitals Group) “The worldwide market for telehealth was estimated to be worth USD 83.5 billion, and it is anticipated to expand by 24% globally between 2023 to 2030 at a compound annual growth rate. The use of artificial intelligence and machine learning in telehealth is expected to increase in 2023 as a result of the technology’s expanding use and scope, thanks to its wide range of applications. Furthermore, recent research has shown that these solutions can assist healthcare organisations in reducing their operational costs by as much as 30%. Furthermore, the PPP model has had some success in India over the last decade as a result of various policy initiatives. The formation of a public-private partnership review committee has expedited project evaluations and approvals while enhancing transparency. Healthcare systems will be under ongoing pressure in the future to enhance service quality and efficiency, as well as to find new ways to integrate data, technology, and distributed networks of providers focused on wellness and disease prevention rather than the critically ill.Healthcare professionals can make various advances by utilising AI, such as automating the scheduling of appointments, monitoring patients’ progress, and creating more individualised treatment plans. On the other side, machine learning can be useful, for instance, in a patient’s early disease diagnosis. An increased emphasis on chronic diseases, which impact roughly a third of adults, is another significant change that telehealth will bring about in the coming year. By incorporating preventative care practices into patients’ daily routines or lifestyle choices, many of these illnesses could be avoided or cured. To keep their disease symptoms under control, the majority of patients don’t adhere to their treatment plans, renew their medicines, or visit the doctor frequently. Here, telehealth’s potential is priceless since it has the potential to lower costs while also increasing patient involvement and adherence to treatment.”
  4. According to Dr. Nitendra Sesodia, Senior Director, Medical Communication & Corporate Sales, Thieme Group (India’s largest medical information solution provider) “Even as the coming year emerges from the shadows of the unprecedented pandemic and the all-round ramifications not only on the healthcare landscape but the larger economy globally, the trends likely to play out are as follows. Firstly, although India is not exactly facing the same level of economic slowdown as the rest of the world, there would be a degree of squeeze on the healthcare spending. With Covid-19 receding, non-Covid care would receive more attention both at the level of governments and hospitals and clinics. The post-Covid supply chain disruptions would continue to shape the policymakers’ choices in terms of procurement of raw material for pharma and medtech products eventually also pushing for expanding indigenous production despite the financial constraints. As far as pharma and biotech companies are concerned, weighed down by inflation and reduced spending, they would face a squeeze on their margins which is likely to aggravate due to the government’s increased disposition to price control for some medical products and services. With preventive health and self-care increasingly becoming a new normal, retail healthcare would gain more traction and acceptability. Galvanised by Covid-19, telehealth and app-based remote healthcare would likely become more commonplace. With health data increasingly becoming a precious commodity, governments are likely to take a more stringent approach in terms of regulating usage and exchange of data among different stakeholders including doctors, healthcare facilities, researchers and other players in the value chain. Wearable devices would become more sophisticated and upgrade from being mere vitals’ monitors and stabilizers to even becoming early detectors of signs of mental illnesses. Building on the current smart networked devices, in-device analytics would make an entry into the market. While telehealth would drive health delivery on a larger scale, the physical hospital facilities and clinics would see more of autonomous systems for routine and mechanical tasks. At the same time, AI and machine learning would further drive personalized care.”
  5. According to Seema Arora, Business Head – Consumer & Digital, South Asia, ResMed “2022 saw the world recovering from the pandemic and adopting digital healthcare solutions. Healthcare professionals and caregivers are opening to cloud-connected devices and digital technologies. These solutions will be at the forefront in 2023 and help the healthcare sector to not only offer telehealth and app-based remote healthcare but the end-to-end treatment of screening, diagnosis, treatment, and management of chronic diseases. Especially for Sleep Apnea and Chronic obstructive pulmonary disease (COPD), using data benefits patients, as well as doctors. Currently, ResMed is focused on deploying technology that empowers patients and caregivers to track and understand their therapy, receive daily and periodical reports, and manage their treatment journey more impactfully. Industry and the associated stakeholders will need to adopt and increasingly adapt to these technologies to serve patients more effectively while focusing on privacy, cybersecurity, and the interoperability of the technology among patients and providers.”

  6. According to Mr. A Ganesan, Group Vice President, Neuberg Diagnostics. “When asked about the need for the government to step in and provide budgetary provisions to address the challenges faced by medical establishments in current times, the Group Vice President of Neuberg Diagnostics, Mr. A. Ganesan, said that “I believe one of the major problems at the moment is medical establishments such as hospitals and diagnostic centers often face delays in receiving payment from government departments like CGHS, NHS, and ESI Hospitals, which can cause working capital difficulties for MSMEs. ” He also said, “I believe that the Hon’ble Finance Minister should consider raising the income tax allowance in respect of payments made under the Annual Health Check under Section 80D.”Mr. A. Ganesan also mentioned the need to levy a nominal GST on output services to reduce costs. He believes the Union Finance Minister should consider allocating at least 6 to 7% of the budget for healthcare. He also said that “doctors and hospital chains should be encouraged to use “Made in India” medical devices with some fiscal incentives to make India a major medical device manufacturing country.”

    He also emphasized the need for higher tax benefits for preventive healthcare. He suggested increasing the current allowance under Section 80-D from Rs 5,000 to Rs 15,000 for individuals towards expenses incurred on preventive health checks. He also suggested  a separate section for allowance towards  preventive health checkups instead of clubbing it with the healthcare insurance premium.

    With the current situation of the healthcare industry, it is important to create an environment where medical establishments can thrive and provide quality healthcare to the citizens of India.”

  7. According to Galveen Kaur, Co-Founder, Connect and Heal  “We saw a shift in the digitization of healthcare in the last few years, mostly propelled by the pandemic. With the increasing digitization, we see there’s massive scope for standardization of healthcare protocols across the entire ecosystem. It will in turn make healthcare services more accessible, seamless, and transparent. In 2023, we are likely to witness major developments within healthcare, as more and more healthcare providers switch to digital care delivery models. Consequently, its adoption among users will increase manifold.

    Today, at Connect and Heal,  we have one of the largest subscriber bases in the country. We touch almost 6 million lives and are growing. India is projected to be doing relatively well in health tech and digitization of health. Over the next few years, the Indian Government will play an important role to push automation and digitization of electronic medical records through the Ayushman Bharat Digital Mission. It will allow patients the power and control to share it with various service providers. We hope to see significant developments towards this in the near future.”

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