Medical Plastic Data Service Magazine

 

A TECHNO-ECONOMIC NEWS MAGAZINE FOR MEDICAL PLASTICS AND PHARMACEUTICAL INDUSTRY

Our 28th Year of Publication
Page  3 of 7
 

Cover Story

Healthcare Sector, Navigating the COVID storm

Himanshu Baid
Managing Director, Poly Medicure Ltd.

  • The industry leaders, the public and private sector should build learning and adaptation into their reopening plans from the start itself.

  • Situation has enforced competitors to collaborate in ways never expected.

  • Health care leaders are shifting their focus from the short-term effects of the Covid-19 pandemic to the downstream impact they can expect in the months ahead.

  • The med tech sector in India has stood beside the government & private healthcare delivery players firmly and is deeply committed to the war against COVID-19.

  • With its import dependence of raw material for different categories of medical devices, India must aim for ''import substitution''.

  • India can be the destination of choice for global manufacturing in the post-COVID 19 world if we have stable and long term regulatory & manufacturing policies. Also India lacks incentives for the manufacturing sector like other countries like Vietnam, Malaysia, Singapore etc.

  • As we begin to settle into a new normal, our businesses must continue running and include releasing new products.

  • Government recognizes the need for more indigenous products, and Polymed is happy to be contributing to Indiaís fight against Covid-19.

  • India has a great base of Engineering talent and we should leverage this with our entrepreneurial spirit to not only make India self reliant but a large exporter of Medical devices.

  • Every Indian should become "vocal for their local."

While much of the narrative is about reopening, many countries, including several of the largest emerging economies, are still on the upswing of the epidemic, with daily case counts increasing. Never before an attempt has been made to shut down the modern global economy, much less reopen it in the setting of an ongoing pandemic. We have a few examples that seem to work better, or worse, but none of us know the best actions which will certainly work.

As businesses are reopening, companies plan different approaches, even based on the same underlying fact base. This implies that the industry leaders the public and private sectors should build learning and adaptation into their reopening plans from the start itself.

Situation has enforced competitors to collaborate in ways never expected. Companies are banding together in multilateral collaborations, some formal and some informal, to boost innovation. Health care leaders are shifting their focus from the short-term effects of the Covid-19 pandemic to the downstream impact they can expect in the months ahead.

The financial consequences of the virus will demonstrate differently for different sectors, as well as for individual organizations within each sector, as they are dependent on a multitude of geography, industry, and company-specific factors. Healthcare ecosystem has also been significantly affected by the COVID-19 outbreak. The demand has been surging for essential healthcare equipment; however, the supply side remained low. Countries are unable to meet the demand of these critical care equipment which has been surged owing to the increasing number of hospitalizations due to COVID-19.

Globally, Governments as well as the private industry players are investing in the acquisition of healthcare equipment. However, healthcare providers are witnessing drop in their profit margin due to cashflow crunch. Different countries across the globe have witnessed huge declines in revenue over the COVID-19 outbreak.

In India as well, a drop in patient visits were witnessed in the private healthcare sector which is estimated to reduce in test volumes and revenue of the sector. There is a need to consider the healthcare industry's twin burden viz., low financial state in pre-COVID state; drop in out-patient footfalls and elective surgeries, and almost nil international patients is impacting cash flow; which has impacted the hospitals like never before.

The med tech sector in India has stood beside the government & private healthcare delivery players firmly and is deeply committed to the war against COVID-19.

The country imports dialysis consumables, disposables and capital equipment including orthopedic implants, gloves, bandages, CT Scanners, MRI machines from other countries. Due to the current crisis in those countries, the medical device manufacturers across India are finding it difficult to source important raw materials and electronic components from these factories.

With its import dependence of raw material for different categories of medical devices, India must aim for ''import substitution''.

Although, Indian medical device manufacturing is witnessing new entrants offering novel products, the establishment of a stable base to meet the domestic demand may take long time. On the other hand, this is mushrooming up as an opportunity for India to become a hub of global medical device manufacturing.

India can be the destination of choice for global manufacturing in the post-COVID 19 world if we have stable and long term regulatory & Manufacturing policies. Also India lacks incentives for the manufacturing sector like other countries like Vietnam, Malaysia , Singapore etc.

With the changes that come during a global pandemic like COVID-19, for many companies, itís difficult to know what business as usual should look like.

COVID-19 has caused organizations globally to reexamine and refocus. Yet, as we begin to settle into a new normal, our businesses must continue running and include releasing new products.

Polymed has started operations being in essential services just few days after lock down. The company has ensured that supplies of its products is maintained to its customers in India as well in overseas markets. Polymed has ensured that all its employees stay safe and maintain all social distancing norms.

Government recognizes the need for more indigenous products , and Polymed is happy to be contributing to Indiaís fight against Covid-19. Our priority now is to collaborate and work closely with all stakeholders such as the government, private sector as well as the medical research fraternity to develop new products. To make the most of the opportunities, we are focusing on the growth prospects in the fast-growing segments, while maintaining our position in the slow-growing segments.

More than 300 new medical device manufactures have started making PPE kits, masks, Ventilators, Diagnostics kits making India self sufficient for such products in a short time. India has a great base of Engineering talent and we should leverage this with our entrepreneurial spirit to not only make India self reliant but a large exporter of Medical devices.

Govt. announced that the novel corona virus outbreak had managed to teach us the importance of local manufacturing, local market, and local supply chain. Every Indian should become "vocal for their local."

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