Opportunity for Radical Change in Healthcare Approach
In the aftermath of the pandemic, the Pharma & Life Sciences industry is at a watershed moment. It’s of paramount importance for a populous country like India to turn this sudden change of tides into an opportunity, and bring about a radical change in the way the healthcare ecosystem functions in the country.
Let’s talk about the context. According to a NASSCOM report, the Indian healthcare ecosystem suffers an annual productivity loss of Rs.60,000+
billion due to our poor healthcare infrastructure. Over the last four years, India Inc. spent around $1.7 billion on healthcare, while 80 percent of Social Healthcare Projects were stuck on bureaucratic red tapes. It’s a ridiculous statistic.
There is no better way to relieve the country from this predicament than leveraging the technology and in turn reducing the time-to-market for Pharma & Life Sciences organizations and the expenses for healthcare providers at large. As per another NASSCOM report, 60 percent of the NGOs in the country are manifesting an ideal example by exploring innovative tech solutions for rural healthcare, impacting cost of care. The Indian Pharma and Life Sciences industry is also, however, starting to wake up to this disruptive trend by adopting AI & loT, leveraging the power of big data & analytics, and engaging other innovative approaches. It’s a great omen.
For instance, let’s take the case of Biotechnology research. The scholars usually spend nearly half of their project time on run-of-the-mill preparation activities like cloning. The indigenous organizations like e-nnovation Biodiscovery Pvt Ltd help them expedite this process by facilitating them with certified ready-made clones; the amount of time is saved in the process is priceless. This issue of ‘10 Most Recommended Pharma & Life Science Startups – 2020’ is all about such startups that are changing the face of Pharma & Life Science industry in India.
Do let us know your thoughts.