There are two major shifts happening in the healthcare industry currently: decentralisation – shift of delivering healthcare in hospitals to the patient’s home; and reduction in invasiveness of every relevant procedure – from making massive openings to lacerations to the use of nanotechnology for targeted delivery of medicine.
Talking about the trends in India, Mr. Kathrani said that the industry is at around $90 billion with a CAGR of 15%, and it holds major potential. He related this to the growing middle-class world over, and that is where the real opportunities lie as these are the people who want value based innovation to address their needs.
There was also a brief discussion about the 5 stage process followed for a successful company in the healthcare sector. The stages are - Identify, Innovate, Design, Manufacture, and Deliver. The role of customer segmentation is pivotal in all the stages. Following the steps of these stages, a successful methodology for Biodesign process would be- Identify, Invent and Implement.
Talking of challenges, Mr Kathrani said growing number of diseases, low hospital bed to patient ratio and physician to patient ratio, less prevalence of insurance cover, and the patient’s reluctance to access healthcare services were major challenges; while the key issues were - cost, adapting to the market, digital innovation, and regulations and compliance.The session ended after some discussion on the nitty gritty of the healthcare industry and some issues it faced.
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