Perspectives on Business Management, Economics & Information Technology (PBMEIT) Now also covers research on Psychology

PBME Volume III ISBN: 978-81-951151-1-2

UNDERSTANDING THE EMERGING DEMAND OF MEDICAL DEVICES DURING COVID-19 IN INDIAN HEALTHCARE SYSTEM AND THEIR STRATEGIC BUSINESS OPPORTUNITIES

Author(s): SHIVAM SHUKLA & Dr. P.S. RAYCHAUDHURI

Abstract

All over the world, the demand for medical devices is increased due to the Covid-19 pandemic. For the treatment of diseases such as COVID-19, various medical devices and diagnostic kits play a vital role in the healthcare system. This pandemic situation created a significant demand for Infrared thermometers, portable pulse oximeters, ventilators, video laryngoscope, Nasal cannula and various other medical devices that created unprecedented and unpredictable demand for these devices (USFDA, Public Health Emergency, Emergency situation, 2020). As per WHO, 63 percent of global deaths occur due to diseases like chronic respiratory disease, diabetes, cancer, cardiovascular diseases (WHO, 2020). According to the Business research company, the global medical device market has an expected value of USD 456.9 billion in 2019, with a compound annual growth rate (CAGR) of 4.4 percent since 2015 (The Business Research Company, 2020). In India, the Medical device industry was estimated to be valued at USD 4.9 billion (AdvaMed, 2018). Currently, India is the 4th largest medical device market in Asia and comes under the top 20 global medical devices market (NDA, 2020). The Indian government has taken various initiatives to promote foreign direct investment inflow, Technology up-gradation, Special Economic Zones for manufacturing units, decreasing medical devices taxation and promoting start-up culture in India. So that, development of the Indian economy and healthcare system can take place and improve.

This article discusses the medical device requirement before and after COVID-19 pandemic; and what are the possible strategies for delivering the medical device at an affordable price in rural areas, so that treatment cost reduces as well as the quality of care also increase. It also helps to understand how innovative business strategies helps business to grow in this pandemic.

Keywords: medical devices, ventilator, diabetes, oximeters, startups, demand, special economic zone

JEL Classification: I19, J11, O10

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