Indian Medical Technology & Diagnostic Market need Innovations : Dr G.S.K. Velu

MUMBAI, India - Jan. 8, 2014 - PRLog -- Indian Medical Technology & Diagnostic Market need Innovations, access,availability and affordability. Indian Challenge is the penetration to the untapped & unorganised rural market : Dr G.S.K. Velu

Eminent Medical Technologist & Visionary Dr G.S.K. Velu of Trivitron Group receives rare recognition at Pharmaleaders 2013 Meet

Thursday, January 9^th , 2014,Mumbai,Maharashtra,India. Innovations are required in Smaller towns,cities, rural areas – largely untapped – disruptive, frugal innovations to improve access, availability, and affordability of Healthcare to address enormous Challenges in India.While Challenges exists in all four critical sectors such as pharmaceuticals, healthcare services medical education & medical technology, Medical Technology  remains the most neglected segment in India said Dr G.S.K. Velu,Founder Chairman of Trivitron Group Companies at the historic6^th Annual Annual Pharmaceutical Leadership Summit & Pharmaleaders Business Leadership Awards 2013 held at Mumbai on 27^th December .The 6th Annual Pharmaceutical Leadership & Pharmaleaders Business Leadership Awards 2013 ( www.pharmaleaders2013.com  ) organized by illustrious Network 7 Media Group’s Pharmaleaderstv, Asia’s most analytical news media in healthcare communications ( www.pharmaleaders.tv  ) under the theme “Incredible Pharmaleaders 2013, Billion Dreams – Pushing India’s Growth Agenda” was successfully organized at Mumbai on 26th December 2013 with several leading national & global brands in pharmaceuticals & healthcare were felicitated & recognized for their outstanding contribution to the healthcare industry & medical profession by the eminent jury members of Network 7 Media Group. More than 300 professionals of the healthcare industry & medical experts attended to the historic global platform.

Taking the exceptional & remarkable progress by the young & dynamic visionary chairman of  Dr G.S.K. Velu of Trivitron Group of Companies initiatives & foray in medical technology & diagnostic industry, the jury member of the Network 7 Media Group & Pharmaleaders comprising of eminent personalities in public life, the consensus reached at honoring Dr G.S.K. Velu for his pioneering work in original innovation & taking the brand india’s image to the global platform. While the coveted “Entrepreneur of the year  2013 Award” was conferred to Dr. G.S.K. Velu for achieving rare success at the younger age in providing exceptional directions to the group companies leading from the front, Dr Velu’s pet outfit Medfort Maxivision Hospitals was declared winner in the coveted “Emerging Hospital Group 2013” category. Mayank Gandhi, Member National Executive, Aam Admi Party accompanied by the Editor-In-Chief of the Pharmaleaders Satya Brahma conferred the prestigious & coveted recognition to the first generation entrepreneur.

In a release to media, Dr G.S.K. Velu of Trivitron Group of Companies said “Trivitron Group is well-set to triple its manufacturing business  across different geographies within next 4 years & growing focus on innovation that helps build  range of products at affordable price. India can be a Global Med Tech Hub like Pharma with the right Eco System. Single Speciality Healthcare Services have a unique relevance owing to economies of scale and out-of-hospital convenience. Innovations in these areas will help achieve Health Security for All by 2020. I am  humbled by this rare & prestigious recognition & I accept this honour on behalf of 1000 employees”.

In the key note address to the healthcare experts, policy makers & medical professionals & academician who were present at the 6^th Annual Pharmaceutical Leadership Summit & Pharmaleaders Business Leadership Awards 2013 in the evening session, visionary Dr G S K Velu flabbergasted the delegates on the much awaited talk on Innovation and Advancements in Medical Devices and Single Specialty Healthcare Services – An India  Perspective as he emphasized that the Indian Medical technology, expertise and quality healthcare is set to grow phenomenally in next 5 years ahead of Japan & United States.

Creating the Largest Medical Technology company of Indian Origin, Dr Velu stressed that the Indian Medical Technology  Market is presently at approx. USD 5 Billion contributes to less than 2% of Global Market CAGR 4.4% & 60 % Revenue in Top 4 Medical Technology Segments coming  from  Medical Imaging, In Vitro Diagnostics, In Vitro Cardiology Diagnostics& Gastroenterology. Innovations are required in all four segments of Healthcare to address enormous Challenges in India & while challenges exists in all four sectors, Medical Technology  remains the most neglected segment in India.The Market Size of the Indian medical technology from  325 Billion USD  in 2012 is expected to cross  the Market Size 448 Billion USD in 2017. India is uniquely placed as it has huge market with increasing middle class population & growing private hospital sector providing improved accessibility, Increased Government Spending Planned by State and Central Government, Overseas companies investing in India to set up R & D units, Increasing Joint ventures and agreements, Overseas aid assisted projects to improve healthcare infrastructure, Regulations to improve market for domestic manufacturers, India can be a Global Med Tech Hub like Pharma with the right Eco System,Single Speciality Healthcare Services having a unique relevance owing to economies of scale and out-of-hospital convenience & only Innovations in these areas will help achieve Health Security for All by 2020. However India’s growth trajectory can lose its gear due to Low per capita expenditure,Developing government policies and infrastructure,Large population having low affordability,Lack of indigenous manufacturing,Academic know-how is not well developed in this sector,Support system for R & D not availableRegulatory policies may slow down the development of the market,Unorganized market for medical disposables,Lack of regulations, specifications - leading to spurious products,Implementation Western  Regulatory systems blindly  may slow down access and affordability  in rural areas