Source:- “IBEF: September 09, 2020
According to an EY-IPA study, the domestic telemedicine market is expected to reach USD 5.5 billion by 2025, and Indian healthcare industry should shift from traditional method of doctor-patient interaction to digitally-enabled remote consultations
Evolution of teleconsultation and e-pharmacy will be the new norm and around 15-20 percent of the healthcare ecosystem is expected to shift to virtual care across triaging, consults, remote monitoring, home health, etc. The healthcare industry, driven by the increased digitisation will require a strong regulatory framework to protect the patient’s data privacy and prescription substitution.
The study stated that the telemedicine market in India will grow at a compound annual growth rate (CAGR) of 31 percent for the period 2020–25 and reach USD 5.5 billion.
There is a growth in virtual care such as tele–consult, telepathology, teleradiology and e–pharmacy in India due to the current pandemic situation. Teleconsultation and e-pharmacy will account for around 95 percent of the telemedicine market by 2025 which amounts to USD 5.2 billion
As per the study, India’s e-pharmacy market is projected to reach 10-12 percent of the overall pharmaceutical sales in the next five years driven by strong regulations, increased funding and creation of digital infrastructure, it added.
Indian Pharmaceutical Alliance (IPA) Secretary-General Sudarshan said that with the challenges due to the COVID-19, consumer behaviour and patterns are changing and the new norms of social distancing traditional ways of in-person doctor-patient interaction are being digitally enabled by remote consultations.
EY India Life Sciences – Partner & Leader Sriram Shrinivasan quoted that the current levels of adoption by the patients and doctors along with emerging technologies, India will experience a growth in the digital health ecosystem, however, it will also need a robust regulatory and governance framework that provides the right support for growth”