By Amit Srivastava
From creation of Indian medical council in 1934, to setting up major government hospitals to world class private hospitals to best of drugs being developed in India to recent inclusion of apps and IoT, AMRIT pharmacies to Ayushman Bharat initiative, to Indian medical devices represent different spots on the same historical continuum, each expressing the finest of innovation in its time with hyper-marveling at respective hubris.
With all these innovations in place, India still stands glaring at 3D Whammy:
- Disease : Growth of Communicable disease
- Disease : Growth of Non Communicable disease
- Deficit : The un-addressable gap of Demand-Supply
The ever bloated Indian health sector of over USD 280 Billion growing at 17% per annum floats comfortably on the concoction of following ingredients:
- Disease burden of Ageing Population
- Burgeoning 640 million calorific sufficient, but malnourished population
- Economic development
- Advent of Dr. Google (Read Information access- Awareness)
- The emergency of preventive health: Nutratech, Symbiotics
With this as background , India stands at alarming OPE of 62% (OPE: out of pocket expense), ahead of China 54%, US;13% and UK of 10%. This is primarily due to the fact that 76% of Indians do not have health insurance.
Current healthcare costs are mostly beyond reach of masses coupled with OPE stress opens an opportunity to relook at how the industry is being shaped and what components could be brought in to:
- Reduce imports
- Reduce cost of health access for masses
- Develop India specific disruptive frugal innovations to declutter the key hospitals and harmonize patient group to PHCs.
- Defer younger population to get into deviated health conditions and reduce financial load on healthcare system as well as individuals.
AMTZ took a bold initiative in indigenisation of key medical devices and established world’s first medtech hub. Through this medtech hub, AMTZ is poised to bring down the costs of medical devices as well as take leadership in designing policies that favourably de-stress healthcare system of India.
As the team at AMTZ closely studied healthcare system of India, there emerged the need for disruption in frugal innovation that takes current healthcare ecosystem beyond Hospitals, Pharma and medical devices into an inclusive ecosystem that integrates emerging fields that impacts healthcare system of India favourably- The HE2.0 (Healthcare sector ecosystem 2.0 )
To make HE2.0 a reality, Biovalley incubation council was created to incubate entrepreneur’s idea on emerging fields of Mobile medical devices, wearable technologies, IoMT, Nutratech, Biotech , Block chain technologies, and AI that integrates and serves healthcare sector efficiently to bring down un-addressed stress on system and individuals on OPE.
The future is inclusive Healthcare ecosystem2.0 that would shape how the healthcare sector of India would be. The emerging fields of Healthcare ecosystem 2.0 are slated to be over USD 113 Billion in next 10 years.
India has right mix of knowledge and entrepreneurs who are working on enabling Healthcare ecosystem 2.0 and initiative like Biovalley Incubation Council is accelerating the emergence of Healthcare ecosystem 2.0
Welcome to all at HE 2.0, powered by Biovalley Incubation Council.