Rising investments in Indian healthcare sector; how pandemic revamped the scenario

The unprecedented COVID-19 pandemic has brought significant disruption across industries, the Indian health sector being no exception. With a renewed outlook towards putting a revamped focus on transforming the healthcare sector to cater to the needs of the masses, there has been a sharp increase in investments in healthcare in recent years. India's healthcare industry has been struggling to meet the demands of its massive population for several years, and the pandemic has highlighted the need for a more robust healthcare infrastructure.

To address the issue in a sustainable manner, the central and state governments and private investors have been pouring funds into the sector to improve the capacity of the country's healthcare system. While the pandemic has made it clear that prioritizing the healthcare sector is the utmost need of the hour, most experts believe that there is an immediate need to create a tech-enabled resilient health ecosystem to effectively manage the ongoing pandemic situation and other pandemics in the future. This scenario has opened up significant opportunities for investments in the healthcare sector at present times.

The pandemic exposed India's dependence on imported medical equipment, including PPE, ventilators, and testing kits. Investment in domestic manufacturing of medical equipment could create jobs and reduce the country's reliance on imports. There has further been a significant surge in the use of telemedicine services in India. Investment in digital healthcare infrastructure and telemedicine platforms could significantly improve access to healthcare, particularly in remote areas.

Applications of various emerging technologies in healthcare are helping India to develop a robust healthcare ecosystem which accessible and affordable for the masses. It is predicted that by leveraging cutting-edge technologies like Artificial Intelligence (AI), data analysis and the application of the Internet of Things (IoT) in telemedicine, the healthcare system in the country will be further revolutionized, leading the designing of advanced digital wearable devices that are capable of even complex scans like ECG or even detect signs of mental ailments with the use of physical indicators such as sleep patterns, activity levels, and heart rate.

Amidst the rapid transformation of health care, the pandemic has also underscored the need for affordable health insurance in India. Investment in innovative insurance products and distribution channels could help bridge the gap in coverage and protect vulnerable populations. There has been a significant increase in the use of telehealth services, which allow patients to consult with healthcare professionals remotely. As a result, health insurance plans may expand their coverage of telehealth services and offer more affordable options to patients

The pandemic has also highlighted the importance of mental health, and health insurance plans have been placing greater emphasis on covering mental health services post-pandemic. Health insurance plans have become more flexible in terms of where and how patients can receive care. For example, plans may offer coverage for out-of-network providers or allow patients to receive care at home. While the pandemic has shown the importance of preventive care in keeping people healthy and reducing healthcare costs, health insurance plans these days offer more coverage for preventive care services, such as vaccinations and wellness visits.