When India gained Independence in 1947, the average life expectancy (ALE) in the country was only 32 years. In the next 20 years, this had barely risen to 46 years. A nation's economic growth and well-being are directly proportionate to the health and well-being of its people. And yet, India depended entirely on foreign MNC companies for drugs and diagnostics. The multinational companies had complete sway and command over the Indian market and were dumping their products at exorbitant prices. Even when these products were inferior, India had no alternative. Now, India @ 75 demonstrates a very different story. The average life expectancy now is almost 70 years, driven by the proliferation of domestic diagnostic-IVD companies that have changed the outlook from illness to wellness, from doctors to diagnostics, and from curative to preventive. All this is due to accurate diagnostics and cutting-edge medical treatments.
Indian Healthcare is one of the biggest in revenue and employment, growing at 22% annually. It should reach USD 372 Bn by the end of 2022, employing 7.4 Mn people directly. India is taking over China and replacing it as the Pharmacy of the World. India is globally the 3rd largest manufacturer of medicines by volume and exported life-saving drugs and healthcare equipment to more than 150 nations during the initial phase of the pandemic.
The growth of the Indian healthcare industry in general and diagnostic-Medtech-IVD is a story of grit, determination, and the dream to make India genuinely self- sufficient. Post-independence, India was primarily an agricultural economy. However, self-respecting people in business, entrepreneurs, and qualified professionals were all looking forward to ways and means to create a more meaningful mark in various other sectors that would drive the Nation towards self- sufficiency and self-reliance.
Against this backdrop, a young fresh chemical engineer from IIT Madras, driven by nationalistic pride and nationalism, took upon himself to take on the might of the MNCs in the diagnostic arena. Lalit Mahajan came from a family that was socially conscious and active. He found the dependence on these MNCs abhorring. Why should the domestic population suffer due to a lack of quality and cost-effective diagnostic?
In 1969, Lalit Mahajan established J Mitra & Co – as a research-based biotechnology company in the IVD segment. J Mitra & Company pioneered the research, development, manufacturing, and marketing of IVD test kits in India with various tests for infectious diseases. In addition, J Mitra was the first Indian entity to procure drug manufacturing licenses for critical tests. Because of high-quality and aggressive pricing, J Mitra was able to bring about a significant transformation in the IVD industry, drive out the profiteering MNCs, and create the environment for the emergence of other diagnostic companies in India.
With Innovation as the driving force, J Mitra has garnered over 55 patents (the highest for any Indian company), while another 20 are pending government ratification. Because of this achievement, the Wall Street Journal conferred Lalit Mahajan the title of India's Patent King.
India's diagnostic industry story has been remarkable. Diagnostic account for seventy per cent of all critical medical evaluations and therapeutics; and is the primary line of defence in healthcare. Moreover, India is the global centre for frugal medical device engineering, and the IVD market will be around USD 2060 million by 2027. As a result, India holds remarkable potential in the global IVD market and is among the leading exporters of IVD solutions worldwide.
India's IT foundation is exceptionally beneficial for the Medtech industry. With multiple technologies progressing rapidly in the healthcare industry, MedTech companies are aggressively innovating. Telehealth and telemedicine are proliferating. Digital Prescriptions, Digital Therapeutics, Remote Patient Monitoring, and Digital Health Records are transforming India's traditional file-driven HMS into a digital one with countless benefits. Using AI, Automation, and cloud computing has radically changed the game.
Bridge, the gap between healthcare accessibility and the masses has become possible through Medtech innovations, made medical education and awareness accessible to all, upskilling the medical fraternity, and promoting healthcare. There are endless possibilities to build a more advanced healthcare ecosystem for an even better tomorrow.
Jatin Mahajan
Jatin Mahajan is a highly-reputed healthcare industry influencer. He holds various roles in industry bodies – CII, ASSOCHAM, Association of Diagnostics Manufacturers of India (ADMI), Global MedTech Advocacy and Advisory Forum (GMAAF), Association of Indian Medical Devices Industry (AIMED), and the Delhi Management Association.