India’s diagnostics industry has gone through tremendous transformations in last 2-3 decades. With increasing PE investment flowing in, heightened competition, rapid tech advancements and improved quality regulations, this segment of healthcare is poised for further growth. However, there are some challenges such as pricing pressures, decreasing profitability for certain organisations, lack of highly skilled manpower, dependence on imports and more that can deter this progress.
The panel discussion delved into examining the opportunities and challenges and find ways where companies can outdo the road blocks and adopt practical approaches to initiate, achieve, and sustain profitable growth—today and tomorrow.
- As there are no entry barriers, a lot of people have entered the business. Local players, with access to funding, are giving tough competition to large diagnostic chains
- There is a difference between value and valuation. Earlier everyone believed that diagnostics is a gold mine but have gradually realised that constantly adding value is a tall task
- Lack of entry barriers, no set standards and regulations to ensure of quality standards, inability to provide constant value and improving the valuation of the business are reasons why it has become difficult to consolidate the market
- The diagnostics industry needs to tackle a lot of aspects such as water issues, lack of robust tech infrastructure, lack of connectivity etc to improve their reach and expand their business to under served areas
- The diagnostics industry will get disrupted in the days to come. Technology, volumes, price capping etc will drive the disruptions
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