India’s diagnostic sector is at crossroads where opportunities are many, yet certain barriers could be detrimental to its progress. In a brief conversation with Dr A Velumani, Founder and CEO, Thyrocare, Raelene Kambli learns about the key trends shaping the sector and the roadblocks ahead.
What are the opportunities you see for the diagnostic sector in India?
The Indian diagnostic industry is not less than 30,000 crore and 3000 crore is the reagent industry. Almost 95 per cent diagnostic instruments and reagents are imported. Everyone feels diagnostics as an industry has immense opportunities but the truth is that it has immense challenges too. To give you a fair idea of the situation, I would like to inform you that India has more laboratories than it needs, therefore all will not be able to survive. If all cannot survive then it is a challenge and not an opportunity.
Unlike in the education sector where we have a good system but funding is meagre, the healthcare sector is blessed with funds but we have a poor system.
Moreover, on the market front, the Indian diagnostic industry is currently dwarfed, primarily due to low per capita income and low mean age of India. With growing age, per capita income and awareness among Indians, the healthcare industry and diagnostics in particular would have 20 per cent CAGR for the next 20 years. Such an event would enable stakeholders to understand the opportunities and challenges they will face in their journey.
What are the key trends shaping the diagnostic industry in India?
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