Technology Can Save Up To 18% Margins In Healthcare: Somesh Mittal CEO Vikram Hospitals
Healthcare has become a centre stage for current governments but technology adoption is more important to make it affordable
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BW Healthcare Summits and Award has entered into another edition in the year 2019 on 3rd May in New Delhi. With the commencement of another thought-provoking panel discussion during the summit, an eminent panel discussed a vital issue of affordable healthcare and how MedTech along with pharma industry can make it affordable in India.
Healthcare on the affordable cost for common citizens has become a key challenge for the healthcare industry in India where MedTech and pharma collectively play a huge role. This challenge has become acute when one can notice the rising cost of healthcare in India. While many factors contribute to success in the global economy, no country can be competitive without a healthy and productive population. The indirect cost associated with the healthcare factors has sometimes skip unnoticed but has become far bigger in nature.
While such indirect costs also went un-counted or calculated properly. Such indirect costs also include a huge population that makes its nature higher. While this requires governments’ attention to make it affordable and easily accessible or available. It also requires a collective effort of MedTech and pharma groups to make affordable healthcare, “a reality”.
The eminent panel which included Sudarshan Jain, Secretary General, IPA, Senior Partner, Apax Partners (chair), Prabal Chakraborty, MD, Boston Scientific Company, India, Vishwanath Swarup, director pharmaceuticals, India Hospital Business, Abbott, Pavan Chaudhary, MD, Vygon and Somesh Mittal, CEO, Vikram Hospitals had put forth their respective point of views.
Sudarshan recalls that healthcare has become a core agenda along with education and food for the current governments. India is described as pharmacy capital of the globe continued Sudarshan. He said that exploring best practices is the call of the day for the healthcare sector.
Pavan said that government intervention in affordable healthcare had only worsened the system. Also, he added that a good performance in revenue can't be attained without doing well in the implementation of practices. Pavan also shared that driving down prices is very important for better profitability and affordability in healthcare. Underestimating ultra-modern digital technology is a fault and its implementation can save unnecessary costs. He had also revealed that the implementation of big Blockchain can save some 29 billion USD by tapping the black market of fake drugs.
Vishwanath said that Patient should be at the centre of all the healthcare system. We are good at quality manufacturing said he. The right understanding of process flow makes a better and globally competitive industry. Vishwanath has also stressed upon development of an indigenous protocol for data collection that can suit regional demands.
Prabal shared his view about the MedTech and pharma industry and said an interdisciplinary approach is must for the prosperity of the healthcare sector. He said that three major sections for MedTech are important which are - product portfolio, creating awareness among patients and development of skills. Adding to his point he further said that skill development has saved several man hours and increased productivity in healthcare. Patient awareness also saves cost as the right therapy can be delivered at the right time said Prabal.
Somesh informed that they are running hospital from two decades and it's an observation that similar kind of hospitals spend different amounts for procurement of drugs and human resources. Use of technology can save up to 18 percent of margins.
The panel concluded on the note that affordable healthcare can be fuelled with better use of technology and reduction of unnecessary expenses in the system.