Health technology is defined by the World Health Organisation as the “application of organised knowledge and skills in the form of devices, medicines, vaccines, procedures, and systems developed to solve a health problem and improve quality of lives”.
Medical technology has changed the Global life expectancy index. Medical Technology can be defined as the technologies that diagnose, treat and/or improve a person’s health and well-being, encompassing both low — and high-risk medical devices — products that can be as varied from tongue depressors, surgical gloves and medical thermometers to insulin pumps, pacemakers and in vitro diagnostics — and used to save the lives of patients everywhere across Asia Pacific every day.
How does medical technology affect public health?
The simplest answer to this question is the inception of technology in health changed the Global life expectancy index. Be it X-Ray and ultrasonography in diagnosis, the assistance of robotics in surgery, or Physiotherapy for holistic healing- Medical Science cannot function without technology. When it comes specifically to Med-Tech, it has made possible the early and accurate detection of health issues which eventually makes the healing process quick and easy. We live in a world where MedTech is witnessing constant innovation for more precision and excellence and, most importantly, Cost-effective! For universal healthcare, there is no doubt about the manifold contribution of technology.
How are MedTech firms transforming India’s healthcare industry?
The healthcare solutions industry has undergone several changes due to the changing requirements and increased health awareness, especially after the pandemic. Amidst this transitory environment, MedTech is actively helping professionals deliver the best healthcare with maximum accuracy and at a low cost. The demand for novel applications has grown, creating an increased utility for integrating transformative technologies like AI-ML, cloud computing, next-generation sequencing (NGS), and medical imaging.
What is the future of the Indian medical technology sector?
The industry has seen tremendous growth in innovation and healthcare delivery, and the future looks impressively promising. Presently, 80% of the overall products are imported; however, the scenario will change as the government focuses on ‘Make in India’. With the help of policies announced in favour of the industry, India is likely to considerably improve its current position as one of the top twenty markets worldwide for medical devices and the fourth largest in Asia. The flagship “Make in India” program has identified the medical device industry as a key area.
What are the new medical technologies in MedTech Industry?
The expansion of the medical technology industry is fuelled by increased connection, the creation of intelligent sensors and materials, and technological improvements.The advancement of AI and ML is one of the fastest-growing segments. Medical imaging and diagnostic equipment, healthcare software and services, telemedicine, remote patient monitoring, mobile health applications, and many other medical technologies are all gaining from this growth.The development is also helping in the creation of novel medical treatments.
Then we have robotics, leading to the wide use of robotics-enabled techniques and equipment, including exoskeletons and robot companions. Such methods significantly enhance surgical accuracy rate and reduce the post-operative healing time. Going forward, robotic companions will become more popular as they may help deal with mental health concerns and loneliness in patients and help with chronic illnesses. Another expanding market is the implanted medical devices and wearable external medical devices.
Emerging opportunities for MedTech in India
To flourish, the MedTech industry must focus on three universal healthcare objectives – improving outcomes, optimizing costs and efficiency, and expanding access. The sector relies heavily on imports for raw materials; therefore, now is the ideal time to confront this situation as businesses search for alternative production locations. We can create a robust manufacturing ecosystem with the help of a friendly business environment, streamlined land and labour rules, improved infrastructure and logistics, and single-window clearances. Additionally, this will help lure international investment, cutting-edge technology, job growth, and increased exports. MedTech in India has enormous potential to become self-sufficient and seize a sizeable portion of the global supply chain.
(The writer, Chandra Ganjoo, is the Group Chief Executive Officer, Trivitron Healthcare)
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