The presence of Medtech companies in India has been steadily increasing. From a largely secondary market, India has emerged as a leading destination for firms specializing in medical technology. Today India is among the top three destinations for large medtech companies. The good news is that competition will only force this number to climb higher.
Now for the bad news: Despite its advantages and growing presence, Ayurvedic pharmaceutical companies have failed to fully realize the potential of medtech companies. Yet, it may become imperative to ensure the competitiveness of Ayurvedic firms in India and abroad. Some of the reasons Ayurvedic companies need a comprehensive medtech policy are:
The average user todays uses a range of medical technology — from wearable tech to entering database records. As medtech makes a larger inroad into the Indian markets, its user base will only increase. Even today a number of people connect with healthcare services through such technology. The merging demographic, people in their early 20s expect their service providers to be accessible through new and developed technology. In such a space, it is impossible and irresponsible to ignore the spread of such technology.
Part of the growing health revolution in India is the growth of its supporting infrastructure, particularly the economic access provided by insurance firms. Even here technology is forming the bridge. Many insurance firms require documents and proofs that can only be provided by technological tools today. This is wide area that Ayurvedic companies are perfectly poised to exploit. We have to either innovate technology that supports Ayurvedic cures and diagnosis or create an environment where such collaborations can flourish.
Increasingly medical technology is being adopted by health centers as a means of connecting with their patients. This is beyond approaching a new user base and more about creating a quality utility tool for the patients. It could be information dispersal or a one-to-one connection with healthcare providers. More than any other medtech solution, this is one tool that is urgently required by Ayurvedic pharmaceutical companies.
We can take a leaf out of conventional companies and use tools for care providers to create a constant and regular channel with patients, keeping them updated on appointments, uploading medical histories, providing diagnosis and so on. The reason it can be easily adapted by Ayurvedic firms is because existing models can be customized according to Ayurveda without any extensive effort. It requires no innovation in terms of products or approach and is open to all schools of medicine.
Ultimately, medtech will be vital for research and development. It is an invaluable tool in collecting data that is impartial, immediate and easily analyzed. Apart form the various tools to check one’s health and record it, wearable tech has changed the game forever. Now we can monitor blood pressure, heart rate, sleep patterns, weight and various other parameters in real time and collate the data in a form that can be easily analyzed. For Ayurvedic companies this offers an invaluable opportunity to codify their effect and collect data.
Ayurvedic pharmaceutical companies may base their cure on an ancient science, but to stay relevant they must innovate and embrace technology