India’s healthcare industry has experienced a significant boost, albeit at the hands of the pandemic, and it has propelled the MedTech landscape into an accelerated growth drive. IBEF predicts that Indian MedTech will stand at $50 billion by 2025. The government of India is also supporting 100% FDI in favour of Indian MedTech, allowing the sector an exponential growth trajectory.
Many new business models in this sector have thus emerged that outline the reinforced growth strategies of this sector. Let’s look at what they are.
New and Emerging Business Models
With time, the objective and focus of MedTech companies are shifting. From marketing and sale of unique products, companies have moved to creating worth for the end-users, reducing the cost of care required, improving operational efficiencies, and, ultimately, patient outcomes. The following business models have emerged, aligning MedTech objectives with strategies to achieve pan-ecosystem benefits.
Leveraging Omnichannel and Innovation in Clinical Engagement
Digital channels have the power to get a brand directly in touch with its consumer. MedTech companies are leveraging omnichannel strategies to create real-world testimonies of tech usage and evidence-based corroboration of their effectiveness. Clinical engagement is, thus, simplified. It also helps boost the product’s value proposition in question and informs the marketing and sales process
of the brand.
Greenlight Guru is a MedTech startup with focused offerings in quality management specifically designed for this industry.
Efficacy of Care Delivery
MedTech companies could utilize the accessibility inherent in remote enablements, such as engaging patients remotely in hard-to-access areas, telehealth, and medical telemetry. Down the line, these strategies help reduce the cost of care for the patients in remote areas and remove the cost constraints in getting the technology out there. Furthermore, this strategy’s benefits to the residents of remote regions are immeasurable.
One paragon embodying this business model is Kallows, an Indian MedTech startup focusing on telemetry in cardiology. telemetry in cardiology.
Data-Driven Workflows and Operations
MedTech companies recognize the importance of coupling medical devices with data connectivity to facilitate data exchange between devices and healthcare professionals. This would reduce the turnaround time for medical consultations and help create a database for pivotal insights on better patient care. The functionality can also be extended towards creating a monetized, interoperable communication architecture for such implements.
Venerated Technology is an awarded startup in this segment, manufacturing medical / hospital equipment that makes it easier to collate data and create cost-effective patient care.
New Payment Models
There is a need for a transformative upgrade in the payment systems at healthcare facilities. The need to improve the monetization streams for such institutions, MedTech companies need to reimagine the scope of revenue streams and expand the horizons of care delivery. A modular overhaul of payment models can cost-optimize patient management from end to end.
With current growth trends, the Indian MedTech sector stands to make a forecasted revenue of $9.77 billion. According to the same report, the country is yet to catch up to the major players around the globe – the USA at $180.70 billion, China at $39.18 billion, and Japan at $37.24 billion.
Growth happens only when innovation in technology goes hand in hand with the evolution of business models, generating more lucrative revenue streams while constantly bettering a product’s value proposition. The Indian MedTech sector shows immense promise and is likely to catch up to the global innovators with new and renewed business models that keep up with the times.
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