Transasia Bio-Medicals Ltd.

  While the second wave of COVID-19 continues to challenge us, it has also led to a series of seismic shifts that will have positive implications in the near future. India has made significant advancements in the field of disease detection and healthcare delivery, over the last few years. In fact, in India, healthcare has been one of the largest sectors in terms of employment and revenue generation and continues to grow at a brisk pace. However, the pandemic has put to test even the most developed global healthcare systems, and India is no exception.  As is rightly said, crisis changes customer requirements or forces them to adopt new ones. Likewise, in healthcare too, many new market forces are already at play: Shift from reactive to proactive diagnostics: There was a time when a patient underwent a diagnostic test only when prescribed by Doctors. However, in the recent past, diagnostics has been adopted as a proactive tool even by healthy individuals for early wellness testi...

  I believe the time has come for our Finance Minister to make a new future for India by giving a huge impetus to the making of Atma Nirbhar Bharat in healthcare. Healthy India means Happy India. Current pandemic has shown that the diagnostic industry is a very essential part of healthcare sector in every country. Without adequate diagnostic tests, it would have been impossible to control the spread of COVID-19. The domestic diagnostic industry is still a very small industry, estimated at USD 9 bn (around INR 675 bn), and is expected to grow at a compounded annual growth rate (CAGR) of ~10% over the next 5 years. Growth will be primarily driven by a change in demographics, increase in lifestyle diseases, and higher income levels across all strata of society, rise in preventive testing, deeper penetration with asset-light expansion, and spread of healthcare services and insurance. Having said that the industry looks forward to crucial government support that is needed to help this i...