By Alpha Bedoh Kamara
India’s capacity and capability in targeting growing healthcare burden through innovative interventions and providing affordable medicare for developing nations has bridged the healthcare gap in the world.
- Healthcare industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players
- During 2008-20, the market is expected to record a CAGR of 17 per cent
- The total industry size is expected to touch USD160 billion by 2017 and USD280 billion by 2020
- As per the Ministry of Health, development of 50 technologies has been targeted in the FY16, for the treatment of disease like Cancer and TB
India has already done much to further access to medicines throughout the developing world by producing low-cost generic drugs and follow-on vaccines. As its economy grows and government and industry invest in innovation, many hope India can now contribute in a new way, by developing badly needed new and adapted vaccines, drugs and diagnostics for diseases of the poor.
For millions of poor people around the world having access to life saving drugs would have been harder to come by but India has made that possible and the intervention has saved millions of lives that would have succumbed to curable diseases.
In 2015, an eminent Indian scientist was named by UN chief Ban Ki-moon to a high-level panel on health technology innovation and access, in an effort to escalate investments in research and development for diseases where financial returns are not guaranteed.
Yusuf Hamied, the non-executive chairman of generic pharmaceutical manufacturer Cipla will be part of the 16-member panel that will be co-chaired by former President of Switzerland Ruth Dreifuss and former President of Botswana Festus Mogae.
The UN said Hamied has led efforts to treat and eradicate AIDS and other diseases in the developing world, and to give patients life-saving medicines regardless of their ability to pay.
He offered the world’s first affordable AIDS medicine at the unprecedented cost of USD 1 per day in 2001.
He has also been influential in pioneering the development of multi-drug combination pills, notably for HIV, tuberculosis, asthma and other ailments chiefly affecting developing countries, as well as the development of paediatric formulations of drugs, especially those benefiting children in poor settings, a statement issued here said.