New Delhi (NVI): The healthcare industry in India should shift from traditional method of doctor-patient interaction to digitally enabled remote consultations, as the domestic telemedicine market is expected to reach USD 5.5 billion by 2025, according to an EY-IPA study.
As per the study, evolution of teleconsultation and e-pharmacy will be the new normal, and around 15-20 per cent of the healthcare ecosystem is expected to shift to virtual care across triaging, consults, remote monitoring, home health, etc.
However, the healthcare industry, driven by the increased digitisation will require a strong regulatory framework to protect the patient’s data privacy and prescription substitution, it added.
The study stated that the telemedicine market in India will grow at a compound annual growth rate (CAGR) of 31 per cent for the period 2020–25 and reach USD 5.5 billion.
“Virtual care which consist of tele–consult, telepathology, teleradiology and e–pharmacy and is experiencing growth in India due to the pandemic,” it said.
This boost will make teleconsultation and e-pharmacy account for around 95 per cent of the telemedicine market by 2025 which amounts to USD 5.2 billion, the study said.
According to the study, India’s e-pharmacy market is projected to reach 10-12 per cent of the overall pharmaceutical sales in the next five years driven by strong regulations, increased funding and creation of digital infrastructure.
“With the challenges due to the COVID-19 pandemic, 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,” Indian Pharmaceutical Alliance (IPA) Secretary-General Sudarshan Jain said.
Sriram Shrinivasan, partner & leader – Life Sciences, EY India also said, “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, he added.