A trend of fast adoption of medical technology and acquisition of MedTech companies by Indian healthcare start-ups, established corporates and diagnostic chains is apparently settling in.
Several companies have been either striking deals with MedTech companies or associating with such companies to streamline their services and expand their businesses.
The recent past, especially after COVID-19, the healthcare solutions sector has seen many changes, and domains like MedTech are playing a significant role in healthcare delivery. Moreover, the healthcare sector itself is getting continuously enriched with the increasing demand for novel applications and the integration of transformational technologies like machine learning, artificial intelligence, cloud computing, NGS, information technology, and advanced imaging.
A company like Chennai-based Trivitron Healthcare is a good example. The company, known for its medical devices, acquired 100 per cent shareholding in US-based The Kennedy Vinyl Company, which is known for making radiation protection x-ray shielding material, and acoustic barrier products. Trivitron is also working to develop and expand the use of Next-Generation Sequencing (NGS)-based In-Vitro Diagnostic tests (IVD) in India.
“We have partnered with Illumina, Singapore, a subsidiary of Illumina Inc (NASDAQ: ILMN), to help patients in India with disease detection and diagnosis. This collaboration will increase NGS-based in-vitro diagnostic testing in India, allowing doctors to identify patients more swiftly and accurately,” said Chandra Ganjoo, Group Chief Executive Officer, Trivitron Healthcare.
“The company will establish a technology-based healthcare foundation that helps patients and contributes to a healthy future for everyone through strategic strategies and investments,” said Ganjoo.
According to India Brand Equity Foundation (IBEF), an Indian government export promotion agency for the distribution of and sale of Indian products internationally, Indian MedTech was worth $10.36 billion in 2020 and is expected to increase at a CAGR of 37 per cent in 2020–2025 to reach $50 billion.
During the COVID-19 pandemic, the MedTech segments reported a major demand. Moreover, as per the IBEF report, there are around 4,000 healthtech start-ups in India who are undertaking multiple innovations, helping boost the MedTech sector.
Gurgaon-based Pristyn Care is another prominent example. The healthcare start-up recently acquired healthtech platform Lybrate to bring in synergies on overall healthcare delivery and foray into primary care.
“Given the increasing demand for online health services, Lybrate makes a compelling strategic fit to give access to primary care to our patients via online consultation services,” Harsimarbir Singh, co-founder at Pristyn Care said.
In fact, the central government has also looped in domestic and global technology companies to scale up their health programs. American multinational technology company Amazon has been helping the union health ministry in a range of its health services such as telemedicine and COVID-19 vaccination.
Amazon Web Services (AWS) is supporting Indian government in healthcare innovations in India, like with C-DAC’s work on its eSanjeevaniOPD programme. C-DAC is a premier research and development organisation of the Ministry of Electronics and Information Technology (MeitY) and is tasked with strengthening India’s technology capabilities and applications by developing and deploying world-class electronic and technology solutions.
“As COVID-19 hit and India went into lockdown, outpatient departments at hospitals and clinics around the country closed down. C-DAC worked with AWS to build and launch the eSanjeevaniOPD teleconsultation service in just 19 days and initially rolled it out to four states in India. eSanjeevaniOPD has so far served delivered over 3 crore (30 million) tele-consultations in India, and has set a record of completing 1.7 lakh (170,000) consultations in a single day. This service has helped people across 28 states in India to seek medical support virtually from the confines of their homes,” said Nicola Murphy, International Government Health Lead, Amazon Web Services (AWS).
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