Significant investments were seen in 2023 in healthcare technology, including telehealth, virtual treatments, obesity treatments, MedTech, and medical advancements. Healthcare financing, clinical decision support, personalized healthcare, and AI-assisted medical imaging were the main areas of focus. The digital transformation of India’s healthcare sector could accelerate tenfold, from $2.7 billion in 2022 to approximately $37 billion by 2030, according to a report by BCG and B Capital. This suggests that the digital landscape of India’s healthcare industry has a great deal of room to grow and develop.
Many domestic pharmaceutical companies are expected to grow by the mid-teens in 2024 due to strategic factors. The focus on new product launches, increased volume growth, and the growing demand for both branded and generic products are all factors contributing to the expected momentum. The industry’s emphasis on innovation, growth, and satisfying the increasing demand for a variety of pharmaceutical offerings is highlighted by this forecast, which was detailed in a report. The anticipated growth in the mid-teens indicates a positive outlook for these businesses as they negotiate the changing pharmaceutical industry in the upcoming year.
India’s medical device market is expected to grow and make significant advancements in 2024, which bodes well for the industry. Leaders in the industry draw attention to the potential benefits of the National Medical Devices Policy 2023. When looking back on 2023, it is considered a turning point for the MedTech industry, marked by notable technological breakthroughs, smart partnerships, and policy changes meant to improve access to and within the healthcare system. The managing director of Siemens Healthcare Private Limited, Hariharan Subramanian, highlighted the significance of the year in promoting innovation and advancement in the Indian medical device sector.
The Indian government’s 2023 implementation of the National Medical Device Policy (NMDP) has fostered an environment that is conducive to the expansion and innovation of the MedTech industry. The national vision of achieving self-reliance (‘Atmanirbhar’) in innovative and accessible medical devices is aligned with the goals of the NMDP, which include streamlining regulations, encouraging research and development (R&D), and encouraging domestic manufacturing. Siemens Healthcare Private Limited’s Managing Director, Hariharan Subramanian, highlights the company’s dedication to India’s success story by growing manufacturing under the government’s Production Linked Incentive (PLI) scheme, which will help to raise the bar for the MedTech industry in 2024.
The MedTech industry in India is anticipated to experience rapid advancements in precision medicine, artificial intelligence, and diagnostics due to a surge in research and development. These developments have the potential to improve individualized and effective healthcare solutions and revolutionize patient care. Businesses plan to take advantage of initiatives like the Production Linked Incentive (PLI) program and the National Medical Device Policy (NMDP) to improve healthcare access in remote areas of India, particularly for underserved populations. In 2024, international alliances and collaborations are expected to increase patient outcomes and accessibility to healthcare globally by creating an environment that is conducive to innovation and addressing both present and future healthcare challenges.
The coming revolution in MedTech is symbolized by the impending integration of robotics and AI in healthcare, as demonstrated by digital health technology, patient twinning, and precision therapy. Siemens Healthineers emphasizes its commitment to driving innovation in the field of globally accessible and sustainable healthcare by fighting diseases like cancer and cardiovascular and neurological disorders. In summary, the advancements made in 2023 pave the way for a bright and significant 2024 for the MedTech industry.
Siemens Healthineers is looking forward to a breakthrough-filled year and is focusing on innovation, teamwork, and a strong commitment to advancing global healthcare in 2024 for the benefit of communities everywhere.India’s pharmaceutical sector demonstrated strong results in the branded and generic US markets in 2023, as well as increased market share through the introduction of new products. The priorities continued to be assuring accessibility, encouraging sustainability, and offering high-quality pharmaceuticals. Alkem Laboratories CEO Dr. Vikas Gupta emphasized the industry’s critical role in advancing global health. The pharmaceutical industry showed resilience and adaptability in the face of difficulties, highlighting a strong commitment to enhancing global well-being through significant advancements in research, development, and the provision of cutting-edge healthcare solutions.
Pharmaceutical companies proved in 2023 how important they are to solving the world’s health issues. Alkem Laboratories CEO Dr. Vikas Gupta highlights the industry’s continued dedication to high-quality drugs, sustainability, and accessibility in 2024. Aware of the effects on the environment, businesses are proactively implementing sustainable practices and eco-friendly alternatives, anticipating radical adjustments to supply chain and manufacturing procedures.
The pharmaceutical industry, under the direction of Dr. Vikas Gupta of Alkem Laboratories, expects to see increased emphasis on developing diverse talent pools in the coming year, particularly in research and leadership positions. It is believed that accepting different viewpoints is both a moral requirement and a tactical advantage for effectively addressing the world’s healthcare needs. The dedication to patient-centricity is still strong, with the goal of improving lives via partnerships on a national and worldwide level. The industry continues to be unwavering in its resolve to raise the bar for global health standards, navigating difficulties with a commitment to enhancing health everywhere.
To navigate the changing healthcare landscape, the pharmaceutical industry is actively promoting diversity, putting sustainability first, and strategically leveraging technology. Dr. Vikas Gupta highlights their ability to overcome obstacles with fortitude, creative thinking, and a steadfast dedication to the welfare of people everywhere.
