Remote patient monitoring market growing
The European remote patient monitoring market is growing, but slowly, due to limited government reimbursement, reveals research from Frost & Sullivan.
The market earned revenue stood at US$ 175 million in 2007 and is estimated to reach US$ 400 million by 2014. The heightened demands of an ageing population and a related increase in chronic diseases are encouraging market growth.
Innovative and advanced technology continues to play a significant role in the remote patient monitoring market. Technology is constantly changing to support better healthcare services, while steadily improving patient monitoring capabilities. However, the lack of adequate reimbursement streams will pose a major challenge to companies wishing to boost their unit sales and market revenues. Privacy and confidentiality issues are further clouding the market. “With no financial incentive for healthcare providers to implement this technology, providers are likely to view remote patient monitoring as an increase in workload without a subsequent hike in pay. On the other hand, connecting personal health information to the Internet exposes this data to more hostile attacks than paper-based medical records,” says the report.
Panacea Biotec enters hospital business
Vaccine maker Panacea Biotec is foraying into the hospital business by setting up a 220-bed multi-speciality hospital with Gurgaon-based Umkal Medicals. Panacea Biotec has picked up a 75% stake in Umkal’s project at Gurgaon and expects the hospital to be operational by January 2010. The Delhi-based pharma company has signed an agreement with shareholders of Umkal, who have three hospitals in Delhi and the national capital region (NCR). However, Panacea’s interest in Umkal will be limited to the Gurgaon project.
According to initial estimates the project will cost around INR 80 crore. The company will target overseas patients and affluent Indians, which would be close to 25-30% of the market. Panacea Biotec joint MD Rajesh Jain said, “It is the company’s long term strategy to enter the private healthcare segment to make the company a leading health management company. Based on the experience from this project, we may look at starting a hospital chain.”
Piramal Healthcare to invest in China
Piramal Healthcare will invest in manufacturing facilities in China and is looking for acquisitions. “We are looking at investing in manufacturing facilities in China that are good in large chemicals. We are continuously looking for acquisitions,” Piramal Healthcare Chairman, Ajay Piramal told shareholders at the company’s annual general meeting recently.
The investment may be into a contract research manufacturing facility, he said. Piramal Healthcare, formerly Nicholas Piramal, has a sourcing office in Shanghai. The company’s facility in Baddi, Himachal Pradesh, has a capacity utilisation of 60%. Piramal Healthcare has a presence in 80% of the therapeutic areas, he added.
BioLink achieves Microsoft certified partner status
BioLink was awarded Microsoft Competency in Independent Software Vendor (ISV)/Software Solutions. The Microsoft Certified Partner Status is achieved through BioLink’s extensive experience and expertise in building biometric ID systems for middle and large enterprises, its competency in developing ID solutions based on Microsoft technologies, and highly positive feedback from customers.
Of importance is the maturity of BioLink’s biometric offerings, which is best witnessed by BioTime, an integrated biometric Time and Attendance/Access control solut