Co-Creation Model will Drive Medical Technology Innovations
Technology advancements in the last two decades have not only revolutionalised healthcare delivery, worldwide, but also aided patients and providers by enabling enhanced quality, reduced turnaround times and affordable services. However, despite the growth of the Indian medical technology market in the last few years, the industry is plagued by low penetration. The per capita spend on medical technology in India is approximately USD 2, as compared to USD 5 for China and USD 231 for Germany. The demand still is primarily coming from the urban regions and penetration in tier II and III areas remains low, owing mainly to lack of affordability, accessibility, awareness and availability.
Medical technology innovation is the key to make improved care accessible, available and affordable to all as it lowers the cost of the product or delivery. Both product as well as business model innovations can benefit all stakeholders including patients, doctors, and end-users. India, however, faces serious challenges when it comes to medical technology innovations as policy and research in this field has been limited, so far. Developed countries, in contrast, have attracted wider medical technology research, resulting in medical innovations that are prent in all segments of this industry. United States, for instance, witnessed a 20 percent increase in medical innovations during the period 1980 “ 2000.
The challenge of low-penetration can only be addressed if the medical technology industry in India focuses on innovation. Innovations will help players bring down costs and create newer markets in low-income segments in tier II and III regions. Further, for fruitful innovations, it is imperative for all stakeholders including government, industry, academia and health insurance providers to collaborate and strategise for promoting innovations in any industry and the medical technology industry is no exception.
This issue of eHEALTH focuses on research and development, innovations and revolutionary technologies in the medical, diagnostic and life sciences equipment space. Focused sections on Radiology, Cardiology, Critical Care, Ambulances, Diagnostics, Life Sciences, Sleep Diagnostics and Critical Care, among others provide insights into the technology innovations happening, worldwide.
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