To discuss the business opportunity and the emerging challenges in healthcare industry, VCCircle is organising its next edition of Healthcare Investment Summit on October 11, 2019 at ITC Grand Central, Mumbai.
The key points of the discussions would be new booster shot for drug makers, high end diagnostics, inclusive health insurance, regional chains national claim, digital transformation in healthcare and health-tech.
The key speakers for the event will be: A Velumani, CEO, Thyrocare, Arunima Patel, Founder and MD, Gaurav Agarwal, Co – Founder, 1MG, Dr Harish Pillai, CEO – India, Aster DM Healthcare, Zoya Brar, Founder and CEO, Core Diagnostics, Abhishek Shah, CEO AND Co-Founder, Wealthy Therapeutics, Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance.
Healthcare in India has always posed big questions around accessibility and affordability for most of its population. 70 per cent of hospital infrastructure is limited to top 20 cities as there is a great disparity between urban & rural areas. The availability of qualified doctors, nurses and hospital beds per thousand population are 0.7, 1.3 and 1.3 respectively as against 1, 2.5 and 3.5 recommended by WHO. Despite this huge unmet demand and headroom for growth, the threefold jump forecasts to $372 billion by 2022 seems doubtful considering the current slowdown.
India only spends 4.7 per cent of GDP on healthcare cumulatively with just 1.4 per cent coming from public sector which is lowest in the world. With growing incidence of lifestyle diseases, rising healthcare delivery costs, growing health insurance penetration, there is a need to find affordable and transparent delivery solutions. Technological advancements and government initiatives will play a key role in driving healthcare market in India.
Healthcare industry has typically lagged other sectors when it comes to technology deployment, however this is fast changing. There is a fundamental shift from ‘volume of care’ to ‘value of care’ with the evolution in disruptive digital technologies that promises to address the gaps in the Indian healthcare system. Burdened with margin pressures due to price control and cost escalations, several players are actively using technology to improve productivity as well as quality on outcomes.
As health delivery organizations begin to focus efforts into this new and expanded care continuum, investment opportunities related to tech embedment and product design are expected to drive new investments. However, despite the multiple disruptive solutions and innovations, very few models have been able to scale up successfully.
By 2020, the healthcare information technology market is expected to grow 1.5 times from current $1 billion and by 2022, the diagnostics market is expected to grow at a CAGR of 20.4 per cent to reach $32 billion from $5 billion in 2012.