WhitePaper on Indian Electronic Health Record Industry

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WhitePaper on Indian Electronic Health Record Industry

  1. 1. White Paper on Indian Electronic Health Record Industry Copyright © 2013 RNCOS. All rights reserved. Unless otherwise indicated, all materials on these pages are copyrighted by RNCOS. All rights reserved. No part of these pages, either text or image may be used for any purpose other than personal use. Therefore, reproduction, modification, storage in a retrieval system or retransmission, in any form or by any means, electronic, mechanical or otherwise, for reasons other than personal use, is strictly prohibited without prior written permission.
  2. 2. White Paper on Indian Electronic Health Record Industry Strong Growth in Healthcare IT Industry Indian healthcare industry is experiencing gradual transition from paper files to electronic mediums. Digitalization in health records is gaining pace. Though the concept is well placed in developed economies such as UK, US, in India it all started somewhere around 2008 when a handful of technology savvy entrepreneurs invested in patient portals/EMR software to enhance connectivity and communication between patients and doctors. The new concept is welcomed by youngsters and internet users, who can now fix appointments with preferred physicians, take online consultations, second opinions about illness, read doctor reviews before fixing appointments and in some cases maintain electronic health records of their family. Strong growth in the healthcare IT infrastructure gives wings to EHR segment. India ranks among the top five healthcare markets within Asia and is one of the fastest growing hospital information technology (HIT) markets in the region. The Indian healthcare IT market has been growing tremendously over the past few years. In 2012, the healthcare IT market was valued at US$ 480 Million with an increase of 21.5% as compared to the previous year. The market is expected to grow at a CAGR of around 22.7% during the period 2013-2015. The country's healthcare system is developing rapidly and it continues to expand its coverage, services and spending in both the public as well as private sectors. This is creating a large market for hospital information systems and other healthcare-related IT solutions. Healthcare IT Market Drivers Private hospital chains - major consumers and investors in Healthcare IT Increasing adoption of new technology systems such as EHR/EMR, e-health, m-health and telemedicine Government initiatives to streamline and fasten healthcare system in public hospitals Rising Healthcare Expenditure on Technology India - Healthcare IT Market (Million US$) Source: RNCOS
  3. 3. White Paper on Indian Electronic Health Record Industry Indian Government Initiatives for EHR/EMR Indian government is investigating the construction of healthcare information systems that store Electronic Health Records (EHRs) for citizens. In 2010, the DIGHT (Distributed Information store for Global Healthcare Technology) project was established to address the challenges of building a scalable and highly reliable information store for EHRs for the citizens of India. For this, government outlined an incremental approach to adopting standards, implementation specifications, and criteria to enhance the interoperability, functionality, utility, and security of health information technology and to support its widespread adoption. In the committee constituted by an order of Ministry of Health & Family Welfare, Government of India, various recommendations regarding EMR standards were presented. We have tabulated some of the recommendations. India - Key Recommended Healthcare IT Standards Name Class UHID Unique Health Identifier - to act as Patient Identifier XML (Extensible Markup Language) For data capture, integration and presentation layer CCD (HL7/ASTM) Clinical Data for Inter Department documents (the CDA CCD) Source: Ministry of Health & Family Welfare, Government of India, FICCI
  4. 4. White Paper on Indian Electronic Health Record Industry Players Tap Evolving Needs of Consumers Market Pushers and Pullers Pushers Pullers Growing Internet Savvy Population Rise in Migrant Resident in Metros Additional Revenue Source for Doctors Quest to Streamline and Integrate Healthcare in Hospitals Inadequate Market Education High Subscription Charges for Doctors and Hospitals Reluctance of Physicians Towards Digitization
  5. 5. White Paper on Indian Electronic Health Record Industry Early birds in this industry have ample scope for experimenting and rephrasing business strategies, based on evolving consumer needs. The Indian EMR market is very different from western countries in terms of consumer awareness, tech savvy nature of people and affordability. Most of the patient portals operating in India have emerged in past 1 or 2 years. The founders and top management people are software developers and are not solely dependent on these portals. Instead, these portals are run as parallel business activities with a view to educate the market as of now and eventually start earning revenue in next couple of years. As the very first step to tap the market, market awareness is mandatory. Along with product development, strategists should concentrate on marketing. A dedicated marketing team can work on effective strategies to educate the users and make them realize the visible benefits of using the portal. Market education can be done in 'n' number of ways and instead of relying on a single source; companies should work out different approaches to reach customers. Web promotions, seminars, conferences, road shows are some of the probable ways to create brand value. Although India is at a nascent stage of technology adoption but as they say, every cloud has a silver lining. Of late, major hospital chains and a few tech savvy patients are embracing the technologies for convenience. Looking at rapid tilt of consumers towards smart phones, developers should focus on smart phone apps apart from PC interface to cater to the growing number of smart phone users in the country (67 Million subscribers in 2013 as per VC firm KPCB). The next wave of healthcare IT is awaiting you. "Interacting with industry players, doctors and patients using these innovative portals and software services, we could draw that there is a hesitation among users to use patient portals. One of the major reasons behind this is the gap between what is required and what is offered. For example, currently a few portals provide the facility of online consultation. Patients believe that the service will be fruitful if the physician of their choice provides the consultation. Various such gaps exist in the current industry landscape. Price sensitivity is another major concern. India, being a price sensitive market, the products should be offered at reasonable rates. Products offering value for money will be readily accepted by consumers." An Insight into the Future
  6. 6. White Paper on Indian Electronic Health Record Industry RNCOS is a leading business consultancy services company believes that in today's cut-throat environment, companies need to understand their business environment better. Critical questions that businesses need to address: What geographies to target? How to identify & increase the customer base? How to enhance the brand image? How to launch new products and find distributors? What is the current market structure and market size? We understand your immediate needs and your long-term goals and objective and work with you on how to accomplish them. RNCOS blends the best of strategy consulting with the best of market research to provide organizations with accurate, succinct answers to their most important business questions. What is the market size Structure of the market Who are your buyers Buyers’ buying behavior Expectations from the product Similar products in the market Features, attributes & market share of these products Customer preferences Price range of these products Most suitable distributors and channels for your business. Analyzing their strength, credibility, scale of operations. Assisting in distributor selection. Financial & strategic analysis of existing competition Acceptance level among customers Emerging competitors New market entrants GROWTH PARTNER We help you make informed decisions through the practical application of research, hand holding you to your success…
  7. 7. White Paper on Indian Electronic Health Record Industry RNCOS is a business consultancy services firm that provides services to clients across the Globe. With more than a decade of industry experience and expertise, we boast of a distinguished clientele' across multi geographies and industry verticals. Our strength lies in the healthcare sector besides Retail and Information Technology. Be it market testing, product launch, competition assessment, customer satisfaction study, pricing analysis or any other requirement, RNCOS custom research team acts proactively to fit in the best possible solution for our valued clients. We believe in multi-level client interaction and complete transparency from the project commencement till effective implementation, thus ensuring total customer satisfaction at the end. Having served close to 200 renowned as well as start-ups globally, our strength lies in multilingual and multi geography tie-ups with leading market survey partners who assist us in gaining vital primary insight straight from the horse's mouth. Vartika Sehgal Sr. Research Specialist RNCOS B-129, Sector - 6, Noida - 201301 Phone: + 91 (120) 4224700 Fax: +91 (120) 4224707 Email: marketing@rncos.com Website: http://www.rncos.com

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