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Healthcare Industry 27 Oct 2017

These 8 emerging trends are all set to impact the healthcare industry in India

New ideas and trends have always enhanced businesses and industries and have presented an opportunity to achieve excellence. Let’s know the trends which are impacting the healthcare industry.

By Madhusree Chowdhury Feature Writer

The healthcare industry is already booming as the subcontinent holds a huge urban population. Number of the players in the market is continuously increasing in order to meet the high demand of good healthcare facilities in the country. This industry is built on a dynamic platform which changes as per the latest trends followed in the market. The upcoming years will witness various emerging trends that will change the entire scenario of the industry.

New pricing model for drugs
The drug prices are rising continuously. Consumers are not resilient at all and are protesting against the soaring prices. The unrest will be addressed by the government as new laws will be imposed to control the pricing of the lifesaving medications. There will be a significant difference when the control over prices will increase and new pricing models will emerge in the market.

Mergers and consolidations
The healthcare industry in India promises a considerable growth of 27% every year. The end of 2016 witnessed a huge volume of agreements summing up to $400 million. It is expected that the volume will increase even more. The organizations will find out various new negotiation methods to merge or consolidate with the existing brands to become a powerful entrant in the market. Sharing market, infrastructure, and technology will be the prime motto behind the ventures.

Healthcare will be digitized totally
The advent of smart devices will support the fact that healthcare will be digitized entirely. The applications and websites will cater the specific services. Monitoring health statistics will be easier for both, the individuals and the medical practitioners. The devices will be interconnected and the users will be able to expert diagnostic views remotely. In the near future, patients might not need to step out of their house as they can get treated at their homes. This new concept is called ‘Bedless Hospitals’. The number of smart devices will increase considerably. In fact, almost 60% of the populations are showing immense interest to try the healthcare apps.

Cyber-security measures
The advancement of technology will also give birth to cyber crimes. The threat of losing sensitive information of patients will escalate in the coming years. Nuisance from the hackers’ side will also increase considerably. The rise of smart devices in healthcare will be affected by the cyber threats too. This is why security of the medical institutions and connected devices will be fortified to stop the chaos. Hospital administrations will amp up the cyber-security measures. This will eventually open immense opportunities for the network security services.

Individualized medical plans
There will be a significant rise in the medical expenditure. Consumers will also defend themselves and try to find a better insurance plan for themselves. This factor will drive the industry to give birth to a personalized medical plan strategy where the users will find better plans as per their need. Demand for trained professionals will increase who will manage health expenses in the future. The future healthcare plans will be developed only to offer value and convenience to the users at a personalized level.

Behavioral healthcare
Mental illness is a very big concern in India. Despite the fact and overwhelming study figures, there are very few mental healthcare facilities to match the requirement. Studies suggest that one out of five adults in the urban population suffers from mental disorders. Stress and tension are the prime factors behind the sudden increase in the value. Majority of people even don’t know that they are suffering from some kind of mental illness. The infrastructure for mental healthcare will be seen rising in the upcoming years.

Low-cost healthcare
Like the rising medicinal bills, healthcare bills are also becoming humongous every day. The biggest challenge is to cater the best healthcare facilities in a budget-concerned way. Healthcare facilities will be coming up with new innovations that will cater low-cost proper infrastructure to the needy.

Biosimilars
The medicines generated after harvesting living organisms is the next big thing. The synthetic drugs will slowly become obsolete as these medical marvels will overtake the market.

Conclusion
These trends will surely modify the healthcare industry not only in India but also in the entire world.

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