Healthcare to India
India’s healthcare sector is growing fast. Driving demand are:
- rising income
- increased health awareness
- easy access to insurance
India’s government has also launched Ayushman Bharat. It is the world’s largest state-funded universal healthcare program. It has an annual budget of A$690 billion. This will create opportunities for Australian companies to provide:
- research and development (R&D) partnerships
- training and skills development
Digital health exports
Demand for medical services exceeds supply in India. There is a need for more efficiency. This is driving digitalisation. India’s clinics and hospitals currently rely on imported technology.
Opportunities for Australian companies include:
- introducing digital health technology, products and services. Prospects look good for:
- portable devices
- 3D printing services
- remote patient monitoring
- helping medical services introduce electronic health record systems
- fulfilling skills-training needs. This includes certificate courses for:
- aged-care centres
- hospital management
- trauma and emergency units
- infection control
- paramedic services
- co-developing medtech solutions
- partnering health service providers with digital health solutions fitting in their supply chain.
Current government regulations limit local bio-pharmaceutical companies doing clinical trials. India’s bio-pharmaceutical sector is looking overseas for opportunities to conduct these trials.
Opportunities for Australian businesses include:
- partnering with major Indian pharmaceutical companies to enable them to conduct clinical trials to global standards
- encouraging Indian pharmaceutical companies to set up in Australia to:
- improve their drug delivery techniques
- create new platform technologies
- enhance their research
Research and development partnerships
Indian pharmaceutical companies are seeking partnerships with Australian institutions for R&D collaboration. Opportunities include:
- partnering with major pharmaceutical and medtech companies in India to develop and adopt new technologies
- partnering with medtech companies to develop new therapies, drugs and vaccines
- doing joint research and development to address specific groups of diseases. These include tropical and lifestyle-related diseases.
Regulation in India's health sector is complex. The market for pharmaceutical and health products is price-sensitive. The way suppliers operate in the health sector is culturally different to Australia. Challenges include:
- a relatively small market for expensive equipment. This is slowly changing as more private health companies enter the market
- intellectual property protection is often weak and ineffective, especially patent protection. This discourages joint ventures
- the legal framework needed to underpin digital health records is incomplete. This limits digitisation of patient data and the introduction of cloud-based services.
India’s market is changing and expanding fast. More Australian companies are launching initiatives in India than in past decades. Read their stories:
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