According to the WHO, health technology refers to the putting on organized knowledge and skills utilizing devices, medicines, vaccines, procedures, and systems developed to solve a health problem and improve quality of life. Advancing health technologies increases the medical care costs. Health can be a major financial problem and a significant issue throughout the world. Investment in health technology is essential for very long term financial stability and also to improve efficiency, support consistent delivery of quality health care also to avoid high-cost inpatient settings.
Health care investment in India
According to an ICRA industry report on Healthcare, India invested 5.1 % of its GDP on health in 2001. The health information mill estimated at $30 billion and includes retail pharmaceutical, healthcare services, medical and diagnostic equipment, and supplies. The private sector dominated the medical market and also this increased participation from the private sector in healthcare services is stimulating change inside the Indian health care industry. Government of India has endorsed tariff and non-tariff measures that have further stimulated healthcare market development by letting more hospitals to supply critical care services. These investments are expected to lower medical care costs for patients experiencing debilitating diseases.
The Confederation of Indian Industry’s (CII) Indian Healthcare Federation estimates that there’s a smart investment opportunity of approximately US$25 billion in the next 8-10 years to create health technologies and also other facilities that will place the sector around the global healthcare map.
Health raises the delivery of healthcare services and efficiency levels. Telemedicine improves the accessibility of healthcare facilities for your patient residing in remote areas. Telemedicine carries a great investment potential in that it is evolving the lives of over 600 million people in rural India.
Many people in India have access to mobile devices that opens to get potential healthcare using mobile health solutions. Investments in VAS (Value Added Services) related to health will be a major investment & revenue generator. Telemonitoring reduces hospital and er visits. Telephonic disease management increases enrollment rates. In metropolitan cities, most people have access to the Internet. Telehealth carries great investment potential and is the key to the success of chronic and rural healthcare.
Laboratory & diagnostic services: imaging and pathology labs
Outsourcing of laboratory testing and diagnostic services is scheduled being big business in India. According to a report around the Indian medical industry, the US$ 864 million diagnostics and pathology laboratory testing customers are growing at the CAGR of 20 percent. As part of the company’s cost-cutting efforts, Britain may contemplate shipping blood and urine samples from the National Health Service (NHS) patients to India for medical studies and obtain quality results within the Internet.
The biomedical devices market in India is unofficially estimated at US$ 1.5 billion contributing to 80 percent of this is met through imports. Cardiology equipment constitutes about 20 percent with the total market, followed by imaging systems -accounting for 15 percent. Telemedicine services can produce a need for diagnostic medical equipment like X-Ray machines, CT scanners, Doppler’s ultrasound scanners, and electrocardiographs.
In conclusion investment in health, technology is effective for both the health care provider and the patient. Health technology includes the potential to cut back healthcare costs by shifting care far from higher-cost inpatient settings and the benefits associated with Fraxel treatments are projected to outweigh investment costs. Rising opportunities bring an increasing number of foreign investors to India.