MSMEs can help make India a global leader in healthcare

MSME

India’s robust response to  Covid and the leadership it exhibited in supporting countries with Made-in-India vaccines highlights the critical importance of healthcare, and India’s chance to be a global leader in this domain. Thus, in order to strengthen the country’s healthcare infrastructure, the Atmanirbhar Bharat (self-reliant India) scheme has been extended to the sector.

Additionally, the government aims to build an efficient global supply chain for medical products and services. For this, the MSME (micro, small, and medium industries) ecosystem needs to be developed.

Manufacturing chops

India has good reason to adopt the latest technology in healthcare  manufacturing, as it imports roughly 85 percent of its requirement for medical devices, amounting to a whopping Rs 80,000-odd crore per year.

The development of the sector (including MSMEs)  with modern manufacturing capabilities can lead to big gains. With a structured approach, the healthcare industry can generate $1 trillion by 2030, up from  $372 billion in 2022 (added). India’s aim to build affordable and accessible next-door healthcare delivery is directly related to  the growth of the sector.

Partnering for scale

To foster innovation and technological advancement in healthcare, India needs to build scale. For which, public-private partnerships (PPP) and collaboration between academic institutions, research  organisations, and the industry needs to be encouraged. Moreover, enhanced investment in research is required to develop cutting-edge technology. An innovation-driven industry will create huge value for the economy.

The government has been actively engaging with other countries, international organisations, and corporations to foster cooperation in areas such as research, technology transfer, and capacity building. Such partnerships will enable India to learn from global best practices and access new markets.

Skill up

To drive the growth of the healthcare sector, bridging the skill gap in areas such as pharmaceutical manufacturing, medical device production, and healthcare services is key. A focus on skill development and training will enhance India’s global competitiveness and build a talent pipeline in step with the times.

Simplified regulations

Streamlining regulatory processes and creating a business-friendly environment are crucial for attracting investments and encouraging entrepreneurship in the sector. The Indian government has implemented several reforms to simplify processes, expedite approvals, and ensure compliance per international standards, creating fertile ground for the growth of the industry.

Digital delivery

Technology plays a vital role in revolutionising healthcare delivery and improving patient outcomes. India has been actively promoting the adoption of digital healthcare solutions, including telemedicine, electronic health records, and health monitoring systems. By harnessing technology, India aims to enhance the accessibility, affordability, and efficiency of healthcare services.

In sum

The MSME Ministry has identified health as one of the target sectors  and initiated the India Health Dialogue (IHD) — a platform for the  facilitation of  business, investment, and  innovation. IHD aims to be a catalyst in transforming India’s healthcare landscape by supporting both the government in policy and the industry in unleashing business potential. The platform will also provide startups with a platform to showcase their story to the world.