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In 2024, industry to focus on strengthening digital tech implementation and regulatory changes
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Nandita Vijayasimha, Bengaluru
January 02 , 2024
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Life-sciences industry, comprising pharma, biotech, medical devices and healthcare, is confident that in 2024, the major focus will be on strengthening digital tech implementation and related regulatory changes.
Hariharan Subramanian, managing director, Siemens Healthcare, said, “The forecast for 2024 anticipates an increase in R&D, heralding improvements in AI, precision medicine, and diagnostics. The year 2023 was a pivotal year for MedTech, witnessing significant growth and innovation. It laid the groundwork for greater growth in 2024, with technology advances, strategic alliances, government efforts and India’s vision of becoming a global MedTech hub.”
Dr. Venkat Mattela, founder and CEO, Ceremorphic, noted that 2024 will witness the collaborative power of AI, with analog and quantum circuits to accelerate drug discovery and development, resulting in personalized treatments with better outcomes and lower costs. As generative AI continues to mature, it will be able to predict regulatory queries, improve regulatory submissions and save time to get a drug to market.
Amit Sehgal, vice president & general manager, Lab - AMEA, Avantor, a leading global provider of mission-critical products to life sciences, said, “India’s share in the global laboratory market is significant. We have navigated the market shifts successfully in 2023. In 2024, positioned for growth, we aim to adapt to market dynamics, and maintain leadership in the dynamic laboratory equipment and consumables sector.”
"In the aftermath of the post-Covid-19, a surging awareness of health has permeated to society. With health consciousness steadfastly on the rise, we anticipate a threefold expansion in 2024,” said Ankur Gigras, CEO and co-founder, HexaHealth.
“In 2024, AI will be an ally to the doctor assisting them with early detection of chronic disease risks, avoiding adverse drug reactions, improve preventive care via predictive analytics”, said Chaitanya Raju, executive director, HealthPlix Technologies.
LM Singh, managing director India and global head, partnerships and innovative finance, Vital Strategies India said, “The world has acknowledged environmental pollution, climate change, and its impact on health. Data driven decision-making for public health planning and policy development, combined with innovative financing mechanisms, can accelerate the achievement of the 2030 Sustainable Development Goals."
“With pharma marketers becoming assertive about the potential of AI, 2023 witnessed a strategic inclination towards making data-driven decisions across diverse marketing dimensions. As we step into 2024, the landscape will continue to redefine itself, embracing personalized strategies that leverage AI and targeted engagement with precision in reaching healthcare providers,” said Harshit Jain, MD, founder & global CEO, Doceree.
Dr. Krutikesh Age, co-founder, DPHS said, clinical research organisations (CROs) stand as pillars of progress in healthcare, yet their operations are encumbered by the burden of GST (goods and services tax). Pathology labs and hospitals are exempt. Extending GST exemption to CROs is acknowledging their essential role in healthcare. It is time to view clinical research not just as an industry practice but as an invaluable service benefiting society.
Arvind Vaishnav, head, clinical partnerships, Growth Region and Philips Innovation Campus, said, “What we have been witnessing in the healthcare industry over the past few decades is a groundswell of technologies that ends up in additional administration and regulation, which is actually pulling healthcare workers away from their purpose of patient care. It is important to rethink how healthcare workers can be reconnected to their primary purpose of patient care. This implies thinking people before technology, to find better ways of tracking and highlighting the value that healthcare workers deliver to the patient.”
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