Hirav Shah is a well known Business Strategist and Astrologer whose opinions, strategies and advice have helped multiple struggling businesses bear positive results. Hirav Shah hence has been able to create a niche for himself in the Country in the field of Business Astrology. In this article, Hirav Shah throws light on the Indian Pharma Sector’s diversification off late, which will gain momentum like real soon.
This year, due to the much-deserved attention on India’s healthcare sector in the Union Budget,the industry is really glad to hear the increase in the total budget outlay for the healthcare sector. The industry is encouraged with the Government’s renewed focus on preventive and curative health as well as the overall wellness and well-being of our citizens .The introduction of the Atma Nirbhar Health Yojana in addition to the National health Mission, along with other announcements in the healthcare and pharma sector- such as setting up health and wellness centres, integrated public health labs in each district, – are aimed at widening access to health and wellness while driving focus on preventive health. These patient centered initiatives will play a pivotal role in the success of the National Health Mission.
Hirav Shah Describes
Healthcare in India is at the cusp of transformation. The diversification into biotechnology, smart medicines, virtual and augmented reality, AI & IoT in healthcare are likely to gain momentum. This calls for a patient-focused healthcare ecosystem wherein community health, mental health and other such critical areas are properly represented. The Government’s focus on self-reliance, especially with the attention on scaling production capabilities of vaccines and other medicines, demonstrates its commitment to build a healthy India. While 2020 has accelerated the foundation for a digital transformation and innovation of the healthcare system, 2021 will support in further widening access and increasing digital inclusion in the remotest corners of the country.
Having said this, there is a need to further bolster the research and innovation ecosystem in the country in order to ensure that Indian patients receive new treatments and cures. An increased collaboration between stakeholders from industry, academia, governments, non-governmental organisations (NGOs), regulators and patients’ organisations is essential to promote a robust research framework which recognises and rewards innovation.
Meanwhile, the areas into which Pharma Sector has diversified are
Today, India is a biotechnology hotspot and a hub for manufacturing small molecule generics, vaccines, insulins and other biologic therapies. India’s vaccine industry led by the Serum Institute of India, Bharat Biotech, Biological E and others accounts for 50% of the global vaccine capacity. We have also attained global leadership in generics. Lately, India exported $20.6 billion worth of pharmaceuticals.
The Covid-19 crisis also has led to the discovery of a deep reservoir of scientific and engineering competencies within India. The emergency has galvanized the Indian scientific community to collaborate like never before in finding interdisciplinary solutions to give the country an edge in this high-stakes battle against a deadly virus.
On that note, the Biotech industry will soon attain propulsion like never before, Says Hirav Shah.
2. Internet Of Things(IOT)
The Internet of Things (IoT) enabled connectivity has the potential to catapult this ailing healthcare system into an integrated, efficient and patient-centric system. This will help in changing the current focus of curative care to wellness and wellbeing, thereby reducing the burden of healthcare cost through holistic measures.
With the integration of medical “things” — devices, smart sensors, mHealth apps, artificial intelligence (AI), etc. — via the Internet, the possibilities are endless. To mention a few, IoT is being used to track the progression and treatment of diseases, to monitor patients’ health conditions and accordingly alter their medication levels, to track medicines usage data to ensure adherence to treatment plans, and to provide real-time information on symptoms.
The healthcare space in India is conducive to the adoption of IoT, with factors that support and facilitate IOT implementation in healthcare. These include a talent pool of doctors, scientists, mathematicians, engineers and usability designers converging to achieve improved health outcomes for citizens.
With the prevalence of mobile devices across the country, digital communication is now available in the remotest of rural areas, establishing connectivity between different care settings. The use of electronic health records (EHRs) is also gaining momentum. Smart watches, fitness bands, monitoring patches, and heart rhythm detectors are examples of IoT-enabled devices that already exist to capture and monitor healthcare data.
3 Focusing on strategic M&A for value buys
The current operating environment could lead to several attractive opportunities through distressed divestitures and fewer strategic buyers with available cash at scale. Strategically pursuing and shaping deals could allow pharma companies to make additions to the portfolio (products, business lines) that might support short‐term top line buoyancy and create platforms for future strategic expansion.
4.Advancing the specialty / differentiated drugs business model
While pharmaceutical companies could optimize the core generic portfolio across dosage forms, most have begun to embrace the “next‐gen” specialty/differentiated assets portfolio. This will require purposefully reinventing the operating model for generics companies, pursuing a systematic portfolio and investment strategy.
5. Embracing Digital and Advanced Analytics for accelerated growth
The recent technological shift has prompted the rapid rise of Advanced Analytics (AA), which is enabling companies to surface insights even with complex and unstructured data sets. Globally, in the pharma industry we have seen use cases of AA driving growth and productivity across the pharmaceuticals value chain including R&D (over 10 percent increase in clinical trial productivity), Manufacturing (more than 30 percent improvement in yields and throughput), Quality (over 15 percent reduced deviations),Supply Chain (over 20 percent increase in customer service levels), Sales (around 30 percent improvement in sales force conversion rate), etc10. In 2020, some India pharma companies experimented with AA through pilot scale test cases with promising results. It is expected that they will advance the Digital and AA agenda on a larger scale by 2021 end and 2022.
For any business, it is always great to have a little heads-up and get an idea of what the coming months might offer.
Especially post tumultuous 2020, correct !!
Meanwhile, Hirav Shah is known to provide an accurate Astro-Analysis for numerous businesses and hence he has been able to create a brand for himself in the business world.
It is important here to also say that Hirav Shah’s Astro-Strategic consultation & guidance is combined with the scenarios and techniques of trend research and futuristic study, that provides an excellent basis for decision making and strategic planning.
“Of All Existing Doors Now, The Only Door To Success & Prosperity Is Open.
You Just Need To Ask ” !!