Today, we are fortunate to be living in the era of “Amrit Kaal” and witness the unique growth and innovation that is enabling India to emerge as the global ‘Healthcare Superpower’ with its triple advantage of cost, quality and scale in providing essential drugs, medical expertise, treatment infrastructure and capacity building to other nations globally.
Having established the position of a “global hub for the manufacture of medical devices” and “Pharmacy to the world”, India is increasingly becoming one of the world’s most preferred destinations for any and every Healthcare related Services offerings.
Today globally, the health paradigm has shifted from health to wellness to well-being. Health is not limited to what happens in a hospital or between a patient and a pharmacy; health is much more than that.
India’s quick adoption of new-age technologies like AI, ML and robotics by both the private and Government’s public policy think tanks has helped improve accuracy and early diagnosis, in addition to extending the reach of our limited medical personnel into far-flung corners of the country, creating enormous potential for remote treatment.
According to recent data from the World Economic Forum, AI expenditure in India increased by over 109% and is expected to reach $11.78 billion by 2025, adding $1 trillion to India’s economy by 2035’. The Budget 2023 announcement of setting up three centres of excellence for Artificial Intelligence is a positive step in this direction.
The NITI Aayog study for early detection of diabetes complications using AI and the Apollo hospitals’ collaboration with Microsoft’s AI Network for Healthcare in developing an ML model to better predict heart attack risks are case studies for many nations to replicate.
As we march ahead and aspire to be a global pharma leader by 2047, differentiation based on innovation will be the key to achieving this objective. Today India holds the highest number of US-FDA-compliant pharma plants outside the USA, and by 2025 the Indian pharmaceutical sector is positioned to grow to US$ 100 billion.
India is also at a key inflexion point of not just ‘Heal in India’ through its vibrant medical value tourism policies and initiatives, but also ‘Heal by India’, where our medical professionals can be used to serve not just our country but at the global level. The Budget 2023 announcement of setting up 157 new nursing colleges is a significant step in creating a global workforce of healthcare workers.
For India to emerge as a global leader in healthcare services, there are three strands which I believe need focus - regulatory framework, research framework, along with resources, financial and talent. With health spending expected to go up 13%, the collaboration between large companies and start-ups, industry and academia across sectors, including the drug and devices sector, along with the digital sector, will be the main pillar of growth in the years to come.
In the year of the G20 presidency, India is steering an ambitious people-centric agenda to address global challenges and facilitate sustainable economic development. The Union Budget 2023 presents us the unique opportunity to strengthen India’s role in the world economic order and accelerate our vision will become a five trillion-dollar economy by 2025 and the 3rd largest economy in the world by 2027.
I want to add that the Union Budget for 2023 is a balanced blend of both short-term and long-term growth objectives. With the focus on research, Investment and public-private partnership, no stone is being left unturned towards transforming India into a Global Bright Star.
Sangita Reddy Jt Managing Director, Apollo Hospitals Group