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Published by BW Businessworld, 2023-04-24 07:10:23

BW Healthcare April-May 2023

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WOMEN CHANGEMAKERS

DR RANDEEP GULERIA On The Rising Air Pollution APRIL-MAY 2023 | Rs 300 | RNI WOMEN CHANGEMAKERS Leaders who are adding value and transforming the healthcare industry ABHINAV SHASHANK Co-founder & CEO, Innovaccer HARSIMARBIR SINGH Co-founder, Pristyn Care SRIRAM NATARAJAN Director, Molbio WHAT Diagnostics MAKES A UNICORN

Leaders Thursday With Thought HARBINDER NARULA An exclusive series featuring POWERFUL LEADERS POWERFUL THOUGHTS and their neoteric visions for the industry Top Business Leaders in Healthcare 1. SANJIV NAVANGUL, MD & CEO, Bharat Serums & Vaccines Ltd 2. DR. SHRIRAM NENE, Healthcare Innovator and Cardiovascular Surgeon 3. ANAND K, CEO, SRL Diagnostics 4. DR. TARANG GIANCHANDANI, CEO, Sir H.N. Reliance Foundation Hospital 5. DR. SANGEETA REDDY, Joint MD, Apollo Hospitals 6. CHANDRA GANJOO, Group Chief Executive Officer, Trivitron Healthcare 7. GIRISH KRISHNAMURTHY, MD & CEO, Tata Medical and Diagnostics 8. REKHA DUBEY, CEO – Aditya Birla Memorial Hospital 9. DR. MAHIPAL S. SACHDEV, Chairman – Centre for Sight 10. AMEERA SHAH, Managing Director, Metropolis Healthcare 11. DR. NITIZ MURDIA, Co-Founder and Managing Director, Indira IVF 12. DR. VAIBHAV KAPOOR, Co-Founder - Pristyn Care 13. D.A. PRASANNA, Managing Partner, Acunova Life Sciences LLP 14. MOHIT NIRULA, CEO, Columbia Pacific Communities 15. MEENA GANESH, Co-Founder & Chairperson, Portea 16. BHAWNA SIKKA, Category Head, Oral Healthcare, Haleon 17. HARI SUBRAMANIAM, Founder & Director of Lifesigns 18. DR. SIDDHANT BHARGAVA, Celebrity Nutritionist, Founder - Food Darzee Subscribe to YouTube Channel: BWBusinessworld For Speaking Opportunities and Partnerships: SMRIDHI SHARMA [email protected] +91 98715 98343

4 BW H E A LT H CA R E APRIL-MAY 2023 WWW.BWHEALTHCAREWORLD.COM CELEBRATING PROGRESS EDITOR-IN-CHIEF’S NOTE Dear reader, The healthtech sector in India is estimated to be at US$ 1.9 billion with a huge potential to grow. According to reports, post pandemic the healthtech sector is set to grow at a CAGR of 35 to 45 per cent over the next five to ten years. The industry is poised to touch US$ 9-12 billion GMV by 2025. The rising focus on preventive care, and increased penetration of digital technology across the country has given a boost to the sector. Experts believe that although the progress of the healthtech sector is noteworthy, it is producing fewer unicorns than other sectors. A push from the government, in terms of funding and helping establish research facilities will help give the sector a boost. Further, since it is an industry heavily reliant on trust, it might be worthwhile for healthtech startups to partner with established healthcare providers to offer better outcomes in healthcare. This issue carries a special report on what it takes to be a unicorn in the healthtech space. Our cover feature celebrates women leaders who are adding value to and creating a positive impact in the healthcare sector. BW Healthcare World’s‘25 Most Influential Women 2023’ is an initiative that spotlights the most impactful women in the healthcare space and acknowledges their contribution. In order to arrive at this year’s influential names, BW Healthcare World and BW Businessworld drew upon the expertise of an eminent advisory board. The advisory comprised Anjan Bose, former President of Philips Healthcare & Philips Consumer Lifestyle; Jyotsna Govil, Chairperson, Indian Cancer Society (Delhi); and Rajiv Nath, Forum Coordinator, AiMeD, among others. In the pages ahead, you will read about these inspirational women and get their views on gender parity and aspects such as improving women labour participation in healthcare. Additionally, we spotlight the BW Healthcare World Oncology Summit. In India, the number of cancer-related deaths are on the rise, with stress, lifestyle, and environmental factors all playing a part in its development. The Oncology Summit 2023 brought up some interesting insights about cancer treatment and prevention. Specialist doctors, Padma awardees and authorities from apex government bodies from across the healthcare industry came together to share their knowledge. Happy reading. “I am a slow walker, but I never walk back.” Abraham Lincoln [email protected] ANNURAG BATRA

WWW.BWHEALTHCAREWORLD.COM B W EDUCATION APRIL-MAY 202 3 5 Making women a part of the healthcare workforce FROM THE CEO’s D E S K Dear reader, Hope you have been enjoying reading BW Healthcare World magazine on the business of healthcare. Based on my interactions with the leaders in the Indian healthcare industry, I can safely assume that healthcare is one of the fastest growing sectors in India. The pandemic did draw some attention to the challenges and gaps that existed, but the industry responded by expediting its efforts to fill these gaps. The three things that proved to be vital were –one, technology must play a pivotal role (which it is already doing, but the efforts need to be accelerated); secondly, apart from technical training, a positive attitude and behavioural role came to the forefront. Words like empathy, multitasking, inclusive approach, motivators and good communicators are no more fancy words, but the need of the hour for medical practitioners. To a woman, these come relatively more naturally. Thirdly, audit of need gaps must go beyond the immediate need and must include what is required in case of disasters and rare emergency situations, which otherwise were assumed to not happen in reality. The first two points bring out the need for more women to be included in our healthcare workforce. They are empathetic, analytical and make choices by striking a balance between the head and the heart.We have already seen the contribution of “Women Impact Makers” making positive impact in policy-making, hospital infrastructure, diagnostics chains, pharmaceuticals and many other areas. You will read about a few of them in this edition. Another viewpoint I wish to emphasise on is to make healthcare accessible to women.Last but not the least, even entrepreneurship among women in healthcare needs attention. Crossing the line of gender bias is not that we need to think about bringing women to the forefront. We must aim to become a society where when it comes to professional opportunities, the question of gender must not even cross our mind. It must always be about whether or not the person has the ability, training and the right attitude to perform the duty well. The second area you will find covered in this issue is about the making of a healthcare unicorn in India. We currently have seven healthcare unicorns in India – Pristyn Care, Molbio, PharmEasy, Tata 1mg, Innovaccer, CureFit and CitiusTech. Despite challenges like healthcare being a need based highly regulated sector where building trust and reliability are the first steps to success, you will read about how they paved the way for themselves to become unicorns. These seven unicorns for sure will be an inspiration for others in the making. I do hope you will enjoy reading this issue. Do feel free to write back to me if you any suggestions or feedback to make this magazine even better. Happy reading. Harbinder Narula CEO, BW Healthcare World & BW Wellbeing World [email protected]

6 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM BW Businessworld does not accept responsibility for returning unsolicited manuscripts and photographs. All unsolicited material should be accompanied by self-addressed envelopes and sufficient postage. Published and printed by Annurag Batra for and on behalf of the owners, BW Businessworld Media Private Limited. Published at 74-75 Amrit Chamber Scindia house CP New Delhi 110001, and printed at Infinity Advertising Services Private Limited. Editor : Annurag Batra. © Reproduction in whole or in part without written permission of the publisher is prohibited. All rights reserved. BW Businessworld Media Private Limited EDITORIAL OFFICES BW Businessworld Media Pvt. Ltd. 74-75, Scindia House, Connaught Place, New Delhi-110001 Phone: 9818063325 ADVERTISEMENT/CIRCULATION / SUBSCRIPTION ENQUIRIES BW Businessworld Media Pvt. Ltd. 74-75, Scindia House, Connaught Place, New Delhi-110001 Phone: 9818063325 SUBSCRIPTION SERVICE Vinod Kumar +91 9810961195, [email protected], [email protected] Subscription rates: ONE YEAR - Rs 2,899 TWO YEARS - Rs 5,599 THREE YEARS - Rs 8,199 HUMAN RESOURCES: Namrata Tripathi ([email protected]) LEGAL ADVISOR: Sudhir Mishra (Trust Legal) APRIL - MAY 2023 GROUP CHAIRMAN & EDITOR-IN-CHIEF: Dr. ANNURAG BATRA CEO, BW COMMUNITIES Bhuvanesh Khanna CEO & CHIEF INNOVATION OFFICER Hoshie Ghaswalla (CEO-BW Engage) GROUP EDITORIAL DIRECTOR Noor Fathima Warsia BW HEALTHCARE WORLD: Sr. Associate Editor: Jyotsna Sharma Editorial Lead: Shivam Tyagi Industry Interactions: Smridhi Sharma Jr Correspondent: Bhupendra Paintola Art Director: Shivaji Sengupta EXECUTIVE EDITOR: Suman K. Jha EDITORIAL TEAM Sr. Associate Editors: Ashish Sinha, Meha Mathur Sr. Correspondents: Rohit Chintapali, Deep Majumdar Correspondents: Abhishek Sharma, Arjun Yadav DESK TEAM Deputy Editor: Mukul Rai Associate Editors: Madhumita Chakraborty; Smita Kulshreshth ART TEAM Art Directors: Dinesh Banduni, Shiv Kumar Assistant Art Director: Rajinder Kumar Infographics & Data Visualiser: Arun Kumar Assistant Images Editor: Sanjay Jakhmola PHOTO TEAM Sr. Photo Researcher: Kamal Kumar BW ONLINE: Assistant Editor: Poonam Singh VIDEO EDITORIAL TEAM Video Team: Anurag Giri, Pappu Kumar Singh, Sunny Kumar Paswan Sr. Cameraperson: Ratneshwar Kumar Singh BW APPLAUSE & EVERYTHING EXPERIENTIAL: Ruhail Amin BW AUTO WORLD: Utkarsh Agarwal BW DISRUPT: Resham Suhail BW EDUCATION: Vasudha Mukherjee, Upasana BW HOTELIER: Editor: Saurabh Tankha Editorial Lead: Bulbul Dhawan Operations Controller: Ajith Kumar LR BW LEGAL WORLD: Editorial Lead: Kaustubh Mehta BW MARKETING WORLD: Soumya Sehgal BW PEOPLE: Sugandh Bahl Vij, Krishnendra Joshi, Himanshu Ojha, Shruti Tripathi BW WELLBEING: Kavi Bhandari, Sanjana Deb VC WORLD: Anisha Aditya BW SECURITYWORLD: Shilpa Chandel BW POLICE WORLD: Ujjawala Nayudu DIRECTOR: Prasar Sharma GROUP SR. VICE PRESIDENT - STRATEGY, OPERATIONS & MARKETING Tanvie Ahuja ([email protected]) CEO, BW HEALTHCARE WORLD & BW WELLBEING WORLD: Harbinder Narula DIRECTOR, ADVERTISING & REVENUE: Aparna Sengupta DIRECTOR, PROJECTS & COMMUNITIES: Talees Rizvi VICE PRESIDENT STRATEGIC PROJECTS: Uday Laroia MARKETING & DESIGN TEAM: Kartikay Koomar, Mohd. Salman Ali, Moksha Khimasiya, Shweta Boyal, Alka Rawat, Arti Chhipa, Sunny Anand, Himanshu Khube Asst Manager - Design: Kuldeep Kumar EVENTS TEAM: Tarun Ahuja, Devika Kundu Sengupta, Pawan Sharma, Preksha Jain, Akash Kumar Pandey, Mohd. Arshad Reza, Sneha Sinha, Nandni Sharma, Nivish Singh, Mahek Surti, Atul Joshi, Mir Salika, Biren Singho, Abhishek Verma, Neeraj Verma, Prashant Kumar, Mayank Kumar SALES TEAM NORTH: Ravi Khatri, Anjeet Trivedi, Rajeev Chauhan, Amit Bhasin, Somyajit Sengupta, Priyanshi Khandelwal, Sajjad Mohammad WEST: Kiran Dedhia, Nilesh Argekar SOUTH: C S Rajaraman BW COMMUNITIES BUSINESS LEADS Priya Saraf (BW Education), Gareema Ahuja (BW LegalWorld), Chetan Mehra (BW Disrupt) CIRCULATION TEAM General Manager - Circulation, Subscription & Sales: Vinod Kumar ([email protected]) NORTH-EAST: Shiv Singh, Mukhtadir Malik, Kamlesh Prasad WEST: Arvind Patil, Gorakshanath Sanap SOUTH: Sarvothama Nayak K FINANCE TEAM Ankit Kumar, Ishwar Sharma, Shrikant Sharma, Vijay Jangra IT SUPPORT: Brijender Wahal ADMIN SUPPORT: Assistant to Chairman & Editor-in-Chief: Aman Mishra ([email protected])

Sunil Khurana Managing Director & CEO BPL Technologies Aakash Sachdev Director of ASG Hospital (ASG) and Managing Director Foundation Holdings Gautam Khanna CEO, PD Hinduja Hospital & Medical Research Centre, Mumbai Dr. Mohit Gupta Professor of Cardiology, GB Pant Hospital, New Delhi Dr. Annurag Batra Chairman & Editor-in-Chief, BW Businessworld & Founder, Exchange4Media Harbinder Narula CEO, BW Healthcare World and Wellbeing World J U R Y M E M B E R S For Nominations & Speaking Opportunities: Smridhi Sharma [email protected] +91 98715 98343 For Sponsorships & Partnerships: Somyajit Sengupta [email protected] +91 98182 47444 Kiran Dedhia [email protected] +91 98333 99009 CS Rajaraman [email protected] +91 93422 62859 THIRTY UNDER #Healthcare30under30 NOMINATE NOW MAY 2023 EVENT PARTNERS ASSOCIATE PARTNERS ORGANIZED BY

8 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM APRIL-MAY 2023 20 10 CONT ENTS COVER STORY COLUMNS HEALTH BULLETIN MOST INFLUENTIAL WOMEN IN HEALTHCARE Celebrating leaders who are adding value to the healthcare industry DR RANDEEP GULERIA On The Rising Air Pollution APRIL-MAY 2023 | Rs 300 | RNI WOMEN CHANGEMAKERS Leaders who are adding value and transforming the healthcare industry ABHINAV SHASHANK Co-founder & CEO, Innovaccer HARSIMARBIR SINGH Co-founder, Pristyn Care SRIRAM NATARAJAN Director, Molbio Diagnostics WHAT MAKES A UNICORN Ameera Shah Arushi Jain Dr. Bharti Pawar Chandra Ganjoo Dr. Devlina Chakravarty Deepshika Sharma Dr. Garima Sawhney Kiran Mazumdar Shaw Meena Ganesh Minnie Bodhanwala Preetha Reddy Dr. Priya Abraham Dr. Sangita Reddy Shobna Kamineni Samina Hamied Suchitra Ella Dr. Soumya Swaminathan Suneeta Reddy Swati A Piramal S Aparna Samara Mahindra Tara Singh Vachani Dr. Tarang Gianchandani Urvashi Prasad Vinita Gupta 30 38 43 52 92 94 96 Sandeep Shah Executive Director Neuberg Diagnostics Sanjiv Navngul MD & CEO Bharat Serums and Vaccines Deepti Pathak Founder & CEO Deepti Pathak Company Acharya Vinod Kumar Vedic Astrologer Anjan Bose Founding Secretary General, NATHEALTH, Former President, Philips Healthcare & Consumer Lifestyle, Chief Advisor, India Accelerator Healthtech Dr. Mahesh Bhalgat COO Syngene International Dr. Vikram Vora Medical Director International SOS

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 9 The pages in BW Businessworld that are labelled BWi or Promotions contain sponsored content. They are entirely generated by an advertiser or the marketing department of BW Businessworld. Also, the inserts being distributed along with some copies of the magazine are advertorials /advertisements.These pages should not be confused with BW Businessworld’s editorial content. Cover design by SHIVAJI SENGUPTA 32 72 88 98 TOTAL NO. OF PAGES INCLUDING COVER 100 CONT ENTS In Conversation: 56 Rekha Dubey, CEO, Aditya Birla Memorial Hospital 58 Dr. Umang Mathur CEO,Dr.Shroff’sCharity Eye Hospital 62 Dr. Shashank Joshi Chair, International Diabetic Federation 64 Dr. Vikas Gupta India Rx Head, Cipla 66 Dr. Sameer Parikh Director Mental Health and Behavioural Sciences, Fortis Vasant Kunj 68 Narendra Varde MD, Roshe Diagnostics India 82 RK Baheti CFO, Alembic Pharmaceuticals 84 Dr. Vinoth Kumar Group Head, Supply Chain Management, Jehangir Hospital SPECIAL PACKAGE What makes a Unicorn? Currently the healthtech in India is a US$ 1.9 billion industry with a huge headroom available for the healthtechfirmstogrowintimestocome. SPOTLIGHT BW Healthcare World Oncology Summit 2023 Rethinking Procurement Strategy of Healthcare Institutions LAST WORD Dr. Randeep Guleria Chairman, Institute of Internal and Respiratory and Sleep Medicine, Medanta Hospitals

10 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM Three Priorities In G20 For Health Democratised Access To Digital Health I n the second G20 Health Working Group in Panaji, India has put forward three priorities for the healthcare sector and has received support from participating members, the Union Health Secretary Rajesh Bhushan has informed the press. The three priorities subsume health emergency prevention, preparedness and response with prime focus on one’s health and antimicrobial resistance (AMR). The focus will also be on the pharma sector to ensure access to safe, efficacious, quality and affordable medical countermeasures such as vacBy Shivam Tyagi By Bhupendra Paintola HEALTH BULLETIN cines, diagnostics and therapeutics. While also looking at digital health innovations to aid universal health coverage. A draft of these declarations has been shared with the participating members and initial thoughts of the members have been received, informed Bhushan. He said that it I ndia believes in democratised access to all digital health solutions, promoting a culture of global public goods, said Union Minister of Health and Family Welfare, Mansukh Mandaviya, commenting on exploring the transformative potential of digital health and innovations that can help achieve universal health coverage. Mandaviya has asked participants to work together to improve digital public goods and infrastructure through the global initiative on digital health, concentrating on developing a complete digital health ecosystem. In order to further the use of technology in the provision of health services globally, he reiterated India’s willingness to offer technical assistance and to bridge the digital divide. He added, “To break the silos of data, India is moving from an ‘Egosystem approach’ to an ‘Eco-system’ approach in digital health, thus focusing on creating a comprehensive digital health ecosystem.” Mandaviya cited a number of instances of digital interventions that benefited citizens while highlighting how data-driven insights were used to reinforce Covid management throughout the nation. It also enables digital healthcare service delivery during the Covid-19 pandemic, he added. Digital interventions, according to Mandaviya, have become the cornerstones of many important health initiatives, including the TB control programme, Ni-kshay, the integrated disease surveillance system, the hospital information system and numerous others. will be further worked upon before being passed in the G20 ministerial meeting to be held in August in Gujarat’s Gandhinagar. The second meeting in Goa saw participation from more than 180 delegates from 19 G20 member countries, 10 invited states and 22 international organisations. MANSUKH MANDAVIYA Union Minister of Health and Family Welfare

Hospital Revenue To Grow By 10-11% In FY-24 WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 11 90% Of India In Heatwave Danger Zones A new peer reviewed study published in PLOS Climate journal has revealed that more than 90 per cent of India is facing extremely dangerous levels of heat which will adversely impact adaptive livelihood capacity, food grains yield, vector-borne disease spread and urban sustainability of the country. The study has evaluated Climate Vulnerability Index and Heat Index data to say that heat risk of the country will critically hamper SDG progress at the urban scale. The study’s analysis says that while Andhra Pradesh and West Bengal fall in the extremely dangerous category for heatwaves, Haryana, Punjab and Delhi are also areas which show a temperature increase of more than 4 degrees which make them most prone to future heatwaves. The study says that April 2022 was the hottest in 122 years and followed the hottest March on record, reportedly killing at least 25 people. In a more recent example in Maharashtra, the government organised an award ceremony in which 14 people have died due to a sunstroke while 600 others have been seeking medical treatment. The report estimates a 15 per cent decrease in outdoor working capacity during daylight hours due to extreme heat by 2050. Furthermore, it says that heatwaves will intensify from these 2050 baseline estimates, affecting around 600 million Indians by 2100. The increased heat is expected to cost India 2.8 per cent, and 8.7 per cent of its Gross Domestic Product (GDP) and depressed living standards by 2050 and 2100, respectively. By Team BW Revenues of private hospitals are set to grow 10-11 per cent in fiscals 2023 and 2024 on the back of healthy bed occupancy and sustenance of high average revenue per occupied bed (ARPOB), supported by increasing domestic demand and pick-up in medical tourism, market intelligence and data analytics firm CRISIL said in a report. The report stated that the operating margin of private hospitals will continue to remain healthy at 16-17 per cent until fiscal 2024, although moderating by 200-250 basis points on-year due to an increase By Shivam Tyagi in employee expenses and pre-operative costs given sizeable bed addition, and rising competition. As per CRISIL’s analysis in fiscal 2022, private hospitals reported an all-time high operating profitability of 19 per cent due to a surge in treatment during the second wave of the Covid-19 pandemic. “Healthy cash generation, leading to limited reliance on external borrowing to fund higher capex (both greenfield and brownfield) will in turn help private hospitals maintain adequate debt protection metrics and keep credit risk profiles stable,” the report said.

12 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM BW Businessworld in association with BW Healthcare World in its third edition of ‘Most Influential Women In Healthcare’ celebrated women leaders who are making a positive impact on the industry, prompting us to call them the rising captains and industry stalwarts. By Shivam Tyagi MOST INFLUENTIAL WOMEN IN 2023 CELEBRATING INSPIRING WOMEN IN HEALTHCARE

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 13 WOMEN LEADERS in the healthcare industry play a major role in transforming organisations with a different, broader and more inclusive lens, they also educate society to understand their health and nutrition needs better. But the paucity of women leaders in top management positions in the healthcare sector is a burning issue and matters of diversity, equity and inclusion stand at just the tip of this iceberg. Experts contend that female leaders may fall behind in acquiring leadership roles due to several issues which range from social burdens and conditioning to not getting enough opportunities compared with men. The issue may also come at the expense of patient care and financial stability. Industry pundits say that empowering women professionals and providing them managerial exposure at all levels are required for different ideas and solutions which can improve the state of the health and nutrition structure in India. BW Businessworld in association with BW Healthcare World in its third edition of ‘Most Influential Women In Healthcare’ celebrated women leaders who are making a positive impact on the industry, prompting us to call them the rising captains and industry stalwarts. BW Healthcare World’s ‘25 Most Influential Women 2023’ is an initiative that applauded the most impactful women in the healthcare space and acknowledged the powerhouses who are leading the industry undeterred since many years. In order to arrive at this year’s influential names, BW Healthcare World and BW Businessworld had appointed an eminent advisory board, whose experience and expertise helped us in compiling our final list. The advisory for this year comprised the editorial boards of BW Businessworld, BW Healthcare World and editors from BW’s sibling brands in addition to community representation from names such as Anjan Bose, Former President of Philips Healthcare & Philips Consumer Lifestyle; Jyotsna Govil, Chairperson, Indian Cancer Society (Delhi); and Rajiv Nath, Forum Coordinator, AiMeD, among others. Ameera Shah Promoter & MD Metropolis Healthcare Tara Singh Vachani Executive Chairperson Antara Senior Living Swati A.Piramal Vice-Chairperson Piramal Group Arushi Jain Director, Akums Drugs and Pharmaceuticals Dr Devlina Chakravarty MD & CEO Artemis Hospital Dr Garima Sawhney Co-Founder Pristyn Care Minnie Bodhanwala CEO Wadia Hospitals Deepshika Sharma CEO Sharp Sight Eye Hospitals Samara Mahindra Founder & CEO CARER LISTING

14 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM THE POWERHOUSES Dr Preetha Reddy The Padma Shri Award recipient Dr Preetha Reddy is a prominent businesswoman and the Executive Vice-Chairperson of Apollo Hospitals, a leading healthcare organisation in India. She leads Apollo Hospitals’ thrust on continuous quality improvement processes and has championed its endeavour to be accredited by the Joint Commission International (JCI), the global gold standard for quality and patient safety. She began her career in the healthcare industry in 1989, working at the family-owned Apollo Hospitals. Over the years, she has held various leadership positions in the organisation, including managing director, executive vice-chairperson, and member of the Board of directors. She has been instrumental in introducing several new initiatives in the healthcare industry, including telemedicine, e-pharmacy, and Apollo Clinics, which provide primary healthcare services in smaller towns and rural areas. She launched India’s first-of-its-kind PG Medical Simulation Centre, purpose-designed to address the acute paucity of training infrastructure in the country. In 2010, she was awarded the Padma Shri, India’s highest civilian honour. She has also been recognised by Forbes Asia as one of “Asia’s Most Powerful Women” and was listed among Fortune India’s “50 Most Powerful Women in Business” in 2018. She is also actively involved in various philanthropic activities, supporting education, healthcare, and women’s empowerment initiatives. Dr Suneeta Reddy Dr Suneeta Reddy is a businesswoman and the Managing Director of Apollo Hospitals Enterprise Limited (AHEL), one of the largest healthcare providers in Asia. She is the daughter of Prathap C. Reddy, the founder of AHEL, and has been actively involved in the company’s operations for over three decades. Dr Suneeta Reddy is also a member of various industry associations and serves on the Boards of several companies, including the Confederation of Indian Industry (CII), the Indian School of Business (ISB), and the Public Health Foundation of India (PHFI). She is known for her passion for healthcare and her commitment to improving access to quality healthcare services in India and beyond. Going forward, she will lead the corporate strategy, corporate finance, funding, and investments and will leverage M&As to achieve the organisational objectives. She will be steering the hospital vertical of the Group as well as overseeing the branding and marketing portfolio. MOST INFLUENTIAL WOMEN IN 2023

of 14 million and a growth rate of 500 per cent plus in terms of gross merchandise value (GMV) during the last financial year. Shobana Kamineni showed agility in serving the country during the lockdown. During the pandemic, over 1 million people from across the country opted for digital healthcare services for medicines, diagnostics, and doctor consultations through the Apollo 24/7 platform. Shobana Kamineni Shobana Kamineni is an Indian business executive and the executive Vice-Chairperson of Apollo Hospitals. In addition, she is Vice-Chairperson of the KEI Group, a diversified logistics, leisure & infrastructure business founded with her husband. Kamineni is married to Anil Kamineni, a businessman and wildlife conservationist. She is an Independent Director on the Boards of Blue Star Limited and Hero Moto Corp. She also serves as an Advisor to CISCO India’s External Board. As an active member of the Confederation of Indian Industry (CII), Shobana Kamineni was elected as VicePresident for the year 2015. She also serves on the Advisory Council of the National Cadet Corps (NCC). She helmed the Apollo Pharmacy team that showed the spirit of service, courage and commitment to go beyond the call of duty in caring for customers during the Covid-19 pandemic. Shobana Kamineni pivoted swiftly online to create the fastest growing digital healthcare company i.e. Apollo 24/7. She incubated and scaled Apollo 24/7 to make it the largest omni-channel digital healthcare company in India. Apollo 24/7 has now become one of the largest digital healthcare platforms in India with a user base WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 15 Dr Sangita Reddy As an influential policy maker and reformist, Dr Sangita Reddy is actively engaged with governments and industry bodies on aspects of public health and policy development. She is the Joint Managing Director of Apollo Hospitals, which is one of the largest healthcare groups in Asia. She is a member of the World Economic Forum (WEF). In December 2019, she became the President of the industry chamber, FICCI for 2019-2020. Dr Sangita Reddy has been nominated by the Government of India (GoI) as a Member of the Technology Development Board, Department of Science and Technology. She is an executive member at the National Association of Software and Service Companies (NASSCOM) and was on the Board of the Development Institute, USA, and GAVI.org. She was elected member of the Steering Committee on Health for the 12th Five-Year Plan (2012–2017) by the Planning Commission, GoI. Dr Sangita Reddy has worked closely with the government of Telangana, and NITI Aayog in implementing the first pilot of the “Medicines from the Sky” project in the state of Telangana. This will help reach remote places for delivery of medicines and emergency supplies. She introduced the “Total Health Programme,” which brings forth the “total well-being” of an individual, inclusive of medical, physical, mental, ecological, and spiritual health.

16 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM Suchitra Ella Suchitra Ella is the Joint Managing Director of Bharat Biotech, which she co-founded with her husband Dr Krishna Ella in 1996. She is a strong pillar of support at Bharat Biotech with her experience in customer operations, finance, marketing and business development. She is also supervising a variety of operations in the firm. Suchitra Ella’s work experience spans more than three decades, including over 10 years of experience in US companies. When she decided to take the entrepreneurial plunge she was equipped with all the right tools – enthusiasm, self-confidence, training, and most importantly, her husband’s passion for developing new IPRs (intellectual property rights) and technology platforms in vaccine development. Suchitra Ella and Dr Krishna Ella are hailed as global superheroes who have formulated the Covid-19 vaccine – Covaxin and have put India on the map yet again. Suchitra Ella is also the Chairperson of CII Indian Women Network. She serves on the Boards of ISB Well Wisher’s Trust and United Way Hyderabad—an International Charity Partner focused on social empowerment in local communities with focus on livelihoods, health and education. She strongly believes in corporate citizenship and social responsibility. MOST INFLUENTIAL WOMEN IN 2023 Dr Soumya Swaminathan I ndian paediatrician and clinical scientist Dr Soumya Swaminathan has made significant contributions to the study of HIV and tuberculosis. The Padma Shri Award recipient has held several prestigious positions in her career, including Director General of the ICMR, Secretary in the Department of Health Research, and Director of the National Institute for Research in Tuberculosis. She has also served as a member of various international committees and organisations, including the World Health Organisation’s Strategic and Technical Advisory Group on Tuberculosis (STAG-TB). She has also been instrumental in developing India’s national policy for tuberculosis control and has played a leading role in the development of the Revised National Tuberculosis Control Programme.

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 17 THE GUARDIANS Dr Bharati Pravin Pawar Dr Bharati Pravin Pawar is an Indian politician currently serving as the Minister of State for Health and Family Welfare of India from July 7, 2021. She was elected to the 17th Lok Sabha from Dindori Lok Sabha constituency in Maharashtra in the 2019 Indian general election as member of the Bharatiya Janata Party. She has been a recipient of the Lokmat Media Group’s Best Woman Parliamentarian award in December 2019. Dr Pawar has worked as a scientist at the Indian Institute of Chemical Technology, Hyderabad and has been associated with several prestigious institutes like the Indian Institute of Science, Bangalore and the University of Manchester. She has made significant contributions to the development of microbial processes for the production of biopolymers and biofuels. S. Aparna S. Aparna, an IAS officer from Gujarat cadre,was appointed in October 2020 as Secretary in the Department of Pharmaceuticals. She held her own as the Union pharma secretary and sailed through the supply chain issues brought on by the pandemic. She has actively designed and implemented e-governance solutions for improved delivery of citizen services, effective financial management, application of Geographic Information Systems (GIS) tools for decision support and policy support. S. Aparna was appointed to the post of Executive Director, World Bank in 2017, representing the constituency of India, Bangladesh and Sri Lanka. In 2019, she was promoted as Additional Chief Secretary (ACS) while she was on deputation in Washington DC as Executive Director of World Bank. Dr Priya Abraham Dr Priya Abraham is a renowned Indian virologist and microbiologist who currently serves as the Director of the National Institute of Virology (NIV) in Pune. She is renowned for her in-depth studies of viral infections, particularly emerging and re-emerging viruses like SARS-CoV-2, Nipah virus, and Zika virus. In addition to having multiple research papers published in major international scientific journals, Dr Abraham has received various awards for her contributions in the field of virology. She is a member of various international scientific organisations and is a Fellow of the Indian Academy of Sciences.

18 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM Samina Hamied Recognised as the promoter face of Cipla, Hamied has been felicitated for her diverse work experience and business knowledge. In 2021, Indian Pharmaceutical Alliance appointed her as Vice-President of the Board. In 2021, she was also appointed as an esteemed member of the International Generic and Biosimilar medicines Association (IGBA) CEO Advisory Committee Hamied earned an MSc in International Accounting and Finance from the London School of Economics and Political Science. She worked in the UK and the US with the leading global firm Goldman Sachs before joining the Cipla leadership team in 2011 as a member of the management team. In 2013, she was designated as ‘Head Strategic Projects – Cipla New Ventures.’ She was then appointed as an Executive Director of the Company with effect from July 10, 2015 and subsequently she was elevated as the Executive Vice-Chairperson of the Company, with effect from September 1, 2016. Vinita Gupta Vinita Gupta is the CEO of the pharmaceutical firm Lupin Ltd. Gupta, who was born in Mumbai, India, left India for the United States to further her studies. She did her MBA from Northwestern University’s Kellogg School of Management. She began working for Lupin Limited in 1992, and became the CEO in 2013, becoming the first woman to lead a large Indian pharmaceutical company. With operations in more than 100 nations, Lupin has developed into a market leader in the production of generic medicines under her leadership. Gupta has received various awards and accolades during her career in appreciation of her business acumen and leadership. MOST INFLUENTIAL WOMEN IN 2023

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20 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM Chandra Ganjoo,Group Chief Executive Officer, Trivitron Healthcare on the growing women labour participation in healthcare By Shivam Tyagi INTERVIEW “I have always loved the challenges, the work, the people, the values, the thrill, and one of the most collaborative cultures that make us different” How do you think we can improve women labour participation in healthcare? What advice would you like to give to the government and industry captains to ensure the same? To improve the participation of women in the workforce and senior leadership positions, one should prioritise diversity and inclusion as a core value in their organisations. This involves actively seeking out and recruiting women from diverse backgrounds, providing equal opportunities for career advancement, and creating a supportive work environment that encourages women to succeed. To achieve this goal, it is essential to implement policies that promote flexible work arrangements, including remote work and flexible schedules, to support women in balancing their work and personal responsibilities. Additionally, providing leadership training and mentorship programmes to women in the organisation can help to build their skills and confidence, preparing them for senior leadership positions. How would you define your journey, and any learnings you would like to share? Being a part of the Trivitron family for more than two decades has been extremely exciting and satisfying. Reflecting on my past 24 years with Trivitron, I am proud of my amazing team, and an evergrowing global healthcare organisation. I have always loved the challenges, the work, the people, the values, the thrill, and one of the most collaborative cultures that make us different. Being one of the founding members of Trivitron, I was lucky to have worked in various roles and capacities that gave me immense exposure and helped me “IF WE DON’T FIGHT FOR OUR RIGHTS NO ONE ELSE WILL DO IT FOR US” demonstrate and upgrade the best version of myself. How do you think gender bias can be addressed? By fostering awareness and education, gender bias can be addressed. This can involve training programmes that teach employees about prejudice and how to overcome it, as well as providing a workplace where employees can speak about their concerns regarding gender equality. Overall, addressing gender bias in the workplace requires a concerted effort from both organisations and individuals. By working together, we can create a more equitable and inclusive workplace where everyone has an equal opportunity to succeed. If you aim at something with positivity, belief, and commitment, you will achieve it 100 per cent. For my female counterparts, if we don’t fight for our rights no one else will do it for us.

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 2023 21 Dr Tarang Gianchandani, CEO, Sir HN Reliance Foundation Hospital speaks on gender parity issues and what can be done to tackle them By Shivam Tyagi “I think it’s how you stand for what is right and do your best that finally makes people understand your calibre. Sometimes, I feel women have to work a bit harder to do the same but once you have proven yourself then the sky’s the limit” Several reports say that gender equality might be changing for the worse in India. What is your view on this? Building an organisation for teams across departments fosters an environment where gender parity is not just a social issue, but a crucial institutional imperative. It is essential that we create a work environment that is inclusive, diverse, and safe for everyone, regardless of gender identity. The reports suggesting that gender parity is changing for the worse in India are deeply concerning, and as leaders, it is our responsibility to work towards reversing this trend. We need to address the root causes of gender inequality, such as discrimination, bias, and stereotyping, and create policies and initiatives that promote gender equality. “GENDER PARITY IS A CRUCIAL INSTITUTIONAL IMPERATIVE” It is only by working together that we can create a world that is truly equal and inclusive for all. As far as my personal experience is concerned, I think it’s how you stand for what is right and do your best that finally makes people understand your calibre. Sometimes, I feel women have to work a bit harder to do the same but once you have proven yourself then the sky’s the limit. How do you think we can tackle gender parity issues in the healthcare sector? I believe that increasing gender diversity in the workforce is critical for driving innovation, improving performance, and creating a more equitable society. To achieve this, we need to create an environment where women can thrive and reach their full potential. My advice to regulators, decision-makers, and industry captains is to prioritise gender diversity and inclusion as a key strategic objective. This can be achieved through a variety of initiatives, such as mentorship and sponsorship programmes, diverse hiring and by creating an inclusive culture. We need to also as an employer be sensitive to the needs of women as a mother, as a wife, and as a daughter. The organisation culture should have flexibility to enable competent female employees to balance work and life in crucial stages of their lives. We should have flexible working hours. A supportive attitude towards work from home policy, maternity leaves, crèche facility at workplaces and many such initiatives will make employees happy and encourage them to contribute towards the success and productiveness of the organisation.

22 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM “WE NEED POLICIES THAT MANDATE DIVERSITY OF GENDER” In an exclusive interview with BW Healthcare World, Meena Ganesh, Co-founder and Chairperson, Portea Medical, speaks on the evolving presence of women in the workplace and what more can be done to increase their holistic participation Studies conclude that gender parity might be changing for the worse in India. How do you read this? According to a recent report released by the World Economic Forum (WEF), India stands at the 135th place out of 146 countries in terms of gender parity. While the ranking is a cause for concern, the report also highlights many positive aspects which must be considered. For instance, it notes that India has registered the most significant and positive change to its performance on the ‘economic participation and opportunity’ dimension for women. I would say things have changed but not fast enough. I have been an entrepreneur for over 22 years and when I started, there were hardly any women entrepreneurs. Today, there are many startups but the percentage of women therein is low. There is a social issue that we must INTERVIEW consider while addressing the question of gender parity. While women’s entry into the career force is appreciated and encouraged, the focus is still on stability. Startups are not stable and not something that society and families encourage women to get into – it is an unsaid feeling on their part on whether it is really prudent for women to run a large organisation where there is a lot at risk. It is not considered very conducive to a stable life and this thought still exists in the subtext. What is your advice to the government or industry leaders on how to increase women in the labour workforce and senior leadership posts? The number of women in the workforce and senior leadership positions has seen an increase but the numbers are still not very encouraging. Industry leaders have to put in strong policies that mandate diversity of gender as well as other dimensions. Bringing in a few women in leadership roles tends to create a pull for other women to be brought in down the line. In startups, women “Startups are not stable and not something that society and families encourage women to get into – it is an unsaid feeling on their part on whether it is really prudent for women to run a large organisation where there is a lot at risk”

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 23 need to see a lot more role models. Women also tend to lack confidence in areas such as sales or negotiation and fund raise, which are traditionally looked at as male dominated fields. However, with the right mentoring and support, it is possible for them to develop these skills. Currently, there are several governmental policies that support women and their career growth, but I feel that the change must begin at the grassroots level. Right from the time that they are studying, it is important for educational institutions to educate them on the various aspects of starting their own venture and other skills needed in their professional journey. There are definitely more women in the tech industry and in IITs and IIMs today. The need of the hour is to take this momentum from the educational institutions to corporate hierarchy through continued support and opportunities. Can you share some highs of your career that you think have shaped the leader you are today? In the year 2000, I decided to transition from the corporate world and took the entrepreneurial plunge through my first venture called Customer Asset. Starting this journey was a very crucial turning point in my life and gave me a lot of perspective early on in the startup world. This was also a time when there were not many women entrepreneurs in the startup world. Since then, I have not looked back and have been part of building wonderful startups. With each startup, it has been about going back to the MEENA GANESH drawing board and restarting. I have had my share of challenges but ones that every entrepreneur tends to go through. One of my learnings that have been very valuable is the need to keep learning. Especially as an entrepreneur, with businesses in diverse fields, the willingness and ability to learn from any and every source. Is there any challenge that you faced particularly for being a woman working professional or leader? When I started Customer Asset, gender was never on the top of my mind as a concern. This “What worked for me was that I was very clear about my goals and passion” is because I was coming into the startup world after a good number of years of experience behind me. However, investors did have a question in their minds about a woman running a BPO business with a baby in tow. What worked for me was that I was very clear about my goals and passion.

24 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM In an exclusive conversation with BW Healthcare World, Kiran Mazumdar Shaw, Executive Chairperson, Biocon & Biocon Biologics delineates on how Indian pharma can move up the value chain, while also speaking on Biocon’s R&D investments and future plans. By Shivam Tyagi INTERVIEW “India Must Focus on Biopharmaceuticals to Feed the Growth Engine” After leading the world in generics and vaccines, what can India do to move up the value chain in the global pharma sphere? The Indian pharmaceutical industry is searching for its next step to move up the value chain in the global pharma sphere. After leading the world in generics and vaccines, it is now time for India to transition into its next set of growth pathways. And, one of the pathways that could prove fruitful is by focusing on biopharmaceuticals, which are higher up the global pharma value chain. India’s leadership in supplying generic drugs across the globe has driven the domestic pharma industry’s growth up to now and sales of generic drugs have led the Indian pharmaceutical industry to grow Kiran Mazumdar Shaw

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 25 to the world’s third-largest supplier by volume and 14th largest in terms of value. To feed the growth engine of the pharma industry, which is of strategic as well as economic significance to the Indian economy, we need to focus on the next set of opportunities represented by biopharmaceuticals, specifically biologics and biosimilars. By focusing on these advanced, large molecule therapies, which are higher up the pharma value chain, India could capture a significant value share of the global pharma market. To capture the huge opportunity, India will have to act expeditiously and the government will have to play an enabling role by creating a suitable physical, financial, legislative and regulatory infrastructure. It is very important for India to build scale in bio-manufacturing to make biologics. Since 80 per cent of new drugs being approved globally are biologics, the expansion of manufacturing scale should not just aim at catering to the domestic market. Companies need to be able to tap global markets, for which India needs a strong policy that provides incentives for exports. Research-linked incentives can provide the impetus to increase R&D investment, as well as build the much-needed linkages with academia for breakthrough research. India also needs to unleash the huge potential of its entrepreneurial energy by creating a virtuous cycle of invention and innovation that takes ideas to the market. With the right policies and incentives, the Indian biopharmaceuticals industry can give the muchneeded shot in the arm for India to emerge as the next destination for high-quality biologics including With 80 per cent of new drugs being approved globally being biologics, the expansion of manufacturing scale should not just aim at catering to the domestic market. Companies need to be able to tap global markets, for which India needs a strong policy that provides incentives for exports

26 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM biosimilars and next generation biotherapeutics, which will go a long way in positioning India as one of the world’s top three economies. Biocon’s R&D investments have been hiked by 144 per cent YoY in the third quarter, what are your thoughts on that? Are there any specific areas or products that Biocon is looking at? We have always believed that R&D is an investment for us as it is crucial for driving future growth. The company’s net R&D investments reached Rs 337 crore in Q3FY23 against Rs 138 crore in the corresponding quarter last year. The bulk of the R&D investments are in the biosimilars business, where we continue to make good progress on our R&D pipeline. We completed patient recruitment for Phase I and Phase III global clinical trials for two of our biosimilars, Denosumab and Ustekinumab. Pertuzumab, an oncology product, entered Phase I of global clinical trials. We also filed regulatory applications for biosimilar Aflibercept in several global markets, including the EU, UK and Japan. Additionally, an interchangeability study was initiated for Adalimumab, which is expected to enable Biocon Biologics to maximise the commercial value of Hulio (Adalimumab) in the US to Rs 280 crore. The R&D investments by the biosimilars business represent 19 per cent of Biocon Biologics’ revenues. We will see R&D investments normalise to around 12 per cent levels of sales, as we accrue full revenues from Viatris’ biosimilar businesses. What do you think is the need of the hour for the R&D industry in India? Which areas do you think research needs to focus on? You have spoken about weighted tax deduction, tell us about its imperatives. R&D is critical for any country’s future growth, for the health and wellness of its people. While we should continue to develop affordable yet high-quality generic medicines, the focus should be on discovering novel drugs for critical and fatal diseases. INTERVIEW R&D is critical for any country’s future growth, for the health and wellness of its people. While we should continue to develop affordable yet high-quality generic medicines, the focus should be on discovering novel drugs for critical and fatal diseases. The pharma industry should increase its investments on R&D, especially on innovative therapies that can address unmet medical needs The pharma industry should increase its investments on R&D, especially on innovative therapies that can address unmet medical needs. India has identified ‘moonshot’ sectors in pharma such as vaccines, orphan drugs, biosimilars, and complex generics. It now needs to incentivise research, encourage industryacademia collaboration, and attract global scientific talent to strengthen its R&D ecosystem. Fiscal incentives, such as the tax credits, enhanced tax deductions and grants can spur the private sector to increase their investments in R&D to create valuable intellectual property (IP). The 200 per cent weighted tax deduction under Section 35 (2AB) on in-house R&D expenditure was available till March 31, 2020. The dilution of this fiscal incentive has coincided with the sharp reduction in R&D spending by Indian pharma companies. In this context, it is important that the government restores the 200 per cent weighted tax deduction on R&D expenses, covering all expenditures pertaining to a product’s ‘lab to market’ journey, including patenting costs.

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28 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM “MANY POSITIVE INDICATORS ON STATUS OF WOMEN” In an exclusive inte r v iew w ith Shivam Tyagi of BW Healthcare World, Urvashi Prasad, Director, Office of Vice Chairman, NITI Aayog, speaks about the growing presence of women in the workplace and what more can be done to increase their holistic participation. Excerpts There are multiple reports which say that gender equality has been regressing in India in recent times. What is your view on this? There are challenges no doubt, but many indicators pertaining to the status of women in the country are moving in the right direction. The Total Fertility Rate has further declined from 2.2 to 2.0 at the naINTERVIEW tional level between the fourth and fifth rounds of the National Family Health Survey. Institutional deliveries have increased substantially from 79 per cent to 89 per cent as per the survey data. Further, menstrual hygiene and sex ratio at birth have shown significant improvement. For the first time, female Infant Mortality Rate (IMR) was equal to male IMR in 2019-21. With respect to educational attainment, analysis of NFHS-5 data indicates that the share of women with more than 10 years of schooling has increased by 5.5 percentage points compared to NFHS-4. More women are enrolling in college as compared to men. Further, India has the fifth highest fraction of STEM (science, technology, engineering, and mathematics) enrolment for women globally, corre-

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 29 sponding to 42 per cent of all female undergraduates, compared to about 30 per cent in the United States. Indicators driving women’s economic participation, such as bank account ownership and mobile phone ownership, have improved by 28 percentage points and 10 percentage points respectively since 2015. Women’s political participation has also been a silent revolution with 294 million women voting in the last parliamentary election, up from 78 million in the first Lok Sabha poll. At the grassroots level, out of the 3 million women globally who are appointed to political offices, 1.4 million women are from India. Do you have any suggestion for healthcare leaders or the government on what they should change to ensure a greater participation of women in the workforce? The government plays a key role in enabling a safe and conducive environment for women which allows them to achieve their full economic potential. Civil society has a critical role to play in changing mindsets through social behaviour change communication. The private sector can do its bit by ensuring transparency in recruitment and promotion policies as well as correcting any biases that might creep in with respect to wages for women. Leveraging technology to develop more part-time and work-fromhome models can also go a long way in enhancing women’s participation in the labour force. Ultimately, investing in women has a strong economic and business rationale too apart from social equity reasons and it is vital that all stakeholders appreciate this fact. What do you think are some of the high points in your healthcare journey? I have had the opportunity to work in different capacities in the public health and development sector -- from grassroots NGOs to philanthropic foundations and now in the policy space working at the Indian government’s premier policy think tank. Growing up, I was blessed with the most progressive and supportive parents who never let me feel that there was anything that I was not capable of achieving because of my gender. I have also had some very supportive mentors and bosses who have encouraged and enabled my growth. Have you ever faced any challenge particularly as a woman professional? I think as a woman professional or even a woman leader you are often outnumbered in a meeting room and you might hesitate to get your opinion across. Over time, one develops the confidence to make one’s presence felt no matter what the circumstances. URVASHI PRASAD Director, Office of Vice Chairman, NITI Aayog “As a woman professional you are often outnumbered in a meeting room and you might hesitate to get your opinion across. Over time, one develops the confidence to make one’s presence felt no matter what the circumstances”

30 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM GENOMICS AND ITS IMPACT ON THE FUTURE OF HEALTHCARE Genomics is the study of an organism’s complete set of genetic material or genome. It is a rapidly advancing field that revolutionises understanding and diagnosing diseases. By Dr Sandip Shah COLUMN By studying the DNA sequences of individuals, researchers can identify genetic variations associated with specific conditions. This knowledge is used to develop new diagnostic tools, treatments, and strategies for preventing and managing diseases. TARGETED/PERSONALISED MEDICINE One of the major ways genomics is expected to impact the future of healthcare is through the use of personalised medicine. Personalised medicine involves using an individual’s genomic data to tailor medical treatment to their specific needs. This approach has the potential to improve treatment outcomes, reduce side effects, and lower healthcare costs. For example, targeted therapy for cancer is a major area where genomics has a major impact. Identifying specific genetic markers in cancer cells makes it possible to create targeted therapies that are much more effective than traditional chemotherapy. These therapies, which can take the form of oral pills or injections, are designed to attack specific cancer cells while leaving healthy cells unharmed. This has led to significant improvements in treating several types of cancer, including breast, lung, and colorectal canDR SANDIP SHAH Executive Director, Neuberg Diagnostics

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 31 cer. In some cases, these therapies have even put cancer into remission, providing hope to patients and their families who may have previously thought there were no treatment options. PHARMACOGENOMICS Another area where genomics is expected to have a significant impact is the development of new drugs and therapies. By understanding the genomic basis of diseases, researchers can design more targeted and effective treatments. This could lead to personalised medicines that are more effective in treating specific conditions. Pharmacogenomics is revolutionising the way we approach medicine. By understanding how an individual’s genetics can affect their response to certain drugs, we can tailor treatment plans to their specific needs. This personalised approach has the potential to improve efficacy, reduce side effects, and prevent adverse drug reactions. Genomics is also expected to play a role in the early detection and diagnosis of diseases. By analysing an individual’s genomic data, doctors can detect the presence of diseases at an early stage, when treatment is most likely to be effective. Overall, pharmacogenomics can significantly improve how we are prescribed medications, which are already being used worldwide in clinical settings. NUTRIGENOMICS Nutrigenomics is an emerging field that studies the relationship between genetics and nutrition. By understanding how genetics can influence an individual’s response to certain foods and nutrients, nutrigenomics aims to provide personalised dietary recommendations that optimise health and prevent disease. One of the key areas of nutrigenomics is the study of how genetics can influence an individual’s risk of developing certain nutritional disorders. For example, some individuals may have a genetic predisposition to nutrient deficiencies, such as a lack of vitamin B12 or iron. By identifying these genetic risk factors, nutrigenomics can help prevent these deficiencies’ development. Nutrigenomics also has the potential to help individuals with rare diseases. For example, some genetic disorders, such as phenylketonuria (PKU), require specific dietary management to prevent serious health complications. By understanding the genetic basis of these disorders, nutrigenomics can help to develop more effective nutritional treatments. TREATMENT OF RARE DISEASES Helping to diagnose and treat rare diseases is another major benefit of genomics. These diseases, which affect a small percentage of the population, are often difficult to diagnose due to their rarity and lack of knowledge about their underlying causes. However, with the advent of genomics, it is becoming increasingly possible to diagnose and treat these conditions accurately. More rare diseases are being diagnosed every year thanks to the increasing affordability of genomics. This is particularly exciting news for patients with rare diseases and their families, who often struggle to find a diagnosis and appropriate treatment due to the lack of knowledge about their condition. With the emergence of new variants and the ongoing threat of the virus, it’s more important than ever to have a plan to tackle this ongoing crisis. Covid-19 has brought the world to its knees and has exposed the importance of being prepared for pandemics. Genomics is the key to unlocking the future of healthcare. Understanding an individual’s genetic makeup can tailor treatment and prevention strategies to their specific needs. This personalised approach to medicine has the potential to improve outcomes, reduce side effects, and lower healthcare costs. With the rapid advancements in genomics, we are on the cusp of a new era of healthcare where the possibilities are endless. One of the key areas of nutrigenomics is the study of how genetics can influence an individual’s risk of developing certain nutritional disorders.

32 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM HEALTHTECH What It Takes TO BE A UNICORN In The Healthtech Space

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 33 According to a 2022 report by consulting firm Red Seer, post pandemic the healthtech sector is set to grow at a CAGR of 35 to 45 per cent over the next five to ten years. The industry is poised to touch US$ 9-12 billion gross merchandise value (GMV) by 2025 and US$ 40 billion GMV by 2040. By Shivam Tyagi The healthtech industry in India is gearing up for exciting times ahead, say industry pundits and several reports as the sector is growing rapidly and exponentially. According to a 2022 report by consulting firm RedSeer, post pandemic the healthtech sector is set to grow at a CAGR of 35 to 45 per cent over the next five to ten years. The industry is poised to touch US$ 9-12 billion gross merchandise value (GMV) by 2025 and US$ 40 billion GMV by 2040. Currently healthtech in India is a US$ 1.9 billion industry with a huge headroom available for the healthtech firms to grow in times to come. Experts believe that the increasing prevalence of chronic diseases and a focus on preventive care along with rising healthcare expenditure are acting as catalysts in the healthtech growth story of India. Namit Chugh, Investment Lead, W Health Ventures states that the healthcare industry in India is a massive US$ 400 billion market and is growing rapidly at 20-25 per cent year-on-year. He says that although technology in healthcare remains at a nascent phase it is gaining importance given the increasing digital penetration among consumers. “There are over 9,000 healthtech startups in India and over 2,500 investors with US$ 16 billion of dry powder among them. These are strong catalysts for a rise in investments in healthtech in the coming years. In the last two years, despite dampened market conditions, healthtech startups raised over US$ 4.2 billion cumulatively. Going forward, we expect this to exponentially increase,” Chugh says. According to a 2021 report by the RBSA Advisors, the healthtech sector accounts for less than one per cent of the overall healthcare industry implying that the sector has an imminent opportunity to scale its growth. Many experts believe that although the progress of the healthtech sector is commendable it is prodcing fewer unicorns than other sectors. As per media reports the healthtech industry currently has seven unicorns of valuation above US$ 1 billion which the industry experts say is lesser than other booming sectors like edtech. 2022 saw two startups wearing the unicorn hat, the online pharmacy Tata 1mg and the molecular diagnostics firm Molbio Diagnostics aided by investments Since the beginning, Innovaccer has aimed for scalable products because we knew they had a use case that could save lives, and we wanted it to reach as far as it could. What sets Innovaccer apart is that it was the first to deliver plug-and-play connectivity with pre-built connectors ABHINAV SHASHANK Co-founder and CEO, Innovaccer

34 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM Since our start, exemplary patient care and service have been pivotal to our business. Initially, while we were also facing challenges in onboarding hospitals to use their empty operation theatre (OT) space, we were able to do this effortlessly by integrating technology with operations HARSIMARBIR SINGH Co-founder, Pristyn Care jobs (direct and indirect) in surgical and non-surgical roles, most of which are in Tier-2 and Tier-3 cities,”informs Singh. “Since our start, exemplary patient care and service have been pivotal to our business. Initially, while we were also facing challenges in onboarding hospitals to use their empty operation theatre (OT) space, we were able to do this effortlessly by integrating technology with operations,” Singh says. For the Goa-based ‘Molbio Diagnostics’ backed by Temasek and Motilal Oswal, it was innovation that brought success, the company innovated a point of care PCR test platform ‘Truenat’ which took almost two decades of R&D to complete in its latest form. “It took almost two decades of research, development and commercialisation efforts to make Truenat the world’s first and only truly pointof-care, multi-disease real-time PCR platform that is completely laboratory independent and that can be deployed in the most remote locations,” says Sriram Natarajan,Director, Molbio Diagnostics. He says that one of the primary challenges that his company faced was steady access to funding to HEALTHTECH from Tata Digital and Temasek respectively. The other unicorns in the healthtech space include Innovaccer, Pristyn Care, Pharmeasy, Citius Tech and Cure Fit. In this rosy picture of the startup world in India remains a hard fact that only a few startups really take off and become multi billionaires grabbing the majority of the market share. So what makes them stand out? S U C C E S S D I E T O F UNICORNS BW Healthcare World got in touch with three healthtech unicorns to understand what works for them to take the lead and garner investment from giant investment firms. Harsimarbir Singh, Co-founder, Pristyn Care says, “We are optimistic about reaching a revenue of Rs 1,000 crore by FY24 and have plans to go international soon. There are almost 44,000 private hospitals in India with only 10 per cent being in the organised sector mostly centered around Tier-1 metros, which prevents people in Tier-2 and Tier3 towns from accessing quality healthcare.” Backed by Hummingbird Ventures and Sequoia Capital among other investors, the elective surgery platform Pristyn Care has over 400 in-house super-speciality surgeons across 42 plus cities and has treated 1 lakh patients successfully. “We have also created 20,000

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 35 sustain through interlude periods of product R&D and subsequent validations. Moreover, Natarajan states that as a company operating since the pre-Covid period tremendous patience and efforts were required to establish the credibility and capabilities of an indigenous manufacturing company. For the data analytics healthtech firm ‘Innovaccer’ it was solving the interoperability challenge by building a cloud platform that would put them in the limelight years later. In 2011, co-founders Abhinav Shashank, and Kanav Hasija, began a data analytics project at Wharton and Harvard University that focused on bringing distributed data sets together and leveraging them through analytical technologies. The project explored how big data can be studied, crunched, and analysed to derive valuable insights. In February 2021, Innovaccer entered the coveted unicorn club after raising US$ 105 million in a Series D funding round led by Tiger Global.“Since the beginning, Innovaccer has aimed for scalable products because we knew they had a use case that could save lives, and we wanted it to reach as far as it could. What sets Innovaccer apart is that it was the first to deliver plug-and-play connectivity with pre-built connectors,” says Abhinav Shashank, Co-founder and CEO, Innovaccer. He further says that this feature ensures that the data platform company’s customers have access to real-time, state-of-the-art analytics, which in turn puts Innovaccer ahead of its competition. CHALLENGES FACED BY THE INDUSTRY Industry leaders say that a healthtech venture is a slow growing business and to get established one needs to first build trust and reliability. “Unlike the e-commerce sector where one can bring in overnight business and customer acquisition through aggressive sales and marketing campaigns, the companies in the healthcare sector need to first build trust and reliability,” states Natarajan. On the current diagnostic industry challenges, he further says that presently innovation and technology development is limited to top medtech companies, and is still significantly reliant on imports. “The Government needs to enable this through the provision of better research facilities and more innovation funds to encourage healthtech startups to build meaningful platforms that deliver quality healthcare,” adds Natarajan. It took almost two decades of research, development and commercialisation efforts to make Truenat the world’s first and only truly point-of-care, multi-disease real-time PCR platform that is completely laboratory independent and that can be deployed in the most remote locations SRIRAM NATARAJAN Director, Molbio Diagnostics

36 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM Industry pundits believe that building platforms in healthcare is hard, given the industry is highly complex. Being a massively trustdriven sector makes it difficult for new brands to acquire clients with multiple stakeholders in the healthcare delivery such as patients, doctors, pharma companies, hospitals, diagnostic providers, etc. which only makes incentive alignment a difficult task. The healthcare sector is heavily regulated. When dealing with people’s lives, innovations need to be validated comprehensively leaving no stone unturned. Although necessary, this increases the difficulty in building new solutions in the healthtech sector. Experts further say that healthtech startups should find solutions to mitigate the complexities by partnering with traditional healthcare providers to leverage their trusted brand, and employ strong clinical protocols leading to substantially better clinical outcomes and patient experiences. To embark upon a scaling journey, startups often require sustained funding in order to gather as much ground as possible. Investment experts state that the time for free money is over, implying that VCs and VC firms are now looking at much broader aspects than just the market cap or the innovation. Chugh explains that the most vital parameters for investors while evaluating startups, especially in the current economic climate are large TAM (Total Addressable Market) ventures obsessed with user delight that have quantifiable metrics depicting 10x better clinical outcomes and patient experience; Product Market Economic Fit (PMeF) and a high ability to scale, startups that demonstrate growth powered by judicious spending and not at obscene costs; and a stellar founding team that comprises synergistic skills across areas like business, technology, and clinical knowledge. LOOKING AHEAD Industry wizards say that promising times await the healthtech sector in the future with 2023 touted as the year of innovation, experts say that innovation will spur in unexplored therapy segments like pain management, weight loss, oncology and respiratory ailments among others. These therapy areas have a large addressable market and comprise patients with high Lifetime Value that investors look at closely while providing funding implying that strong business models solving big problems will find customers and capital. Though the innovations are set to take over, the funding climate may remain restrained, say investment elites, and hence startups will need to focus on other metrics like working on user delight while working towards bettering their experiences and clinical outcomes. And additionally having a strong omnichannel presence will be vital to their holistic growth. Another growing trend that Chugh believes will be taking shape is the Indian healthtech companies building products and services to address the growing global demand for digital solutions from healthcare organisations. These could be nonclinical models or provider-assisting tools, he says. HEALTHTECH There are over 9,000 healthtech startups in India and over 2,500 investors with US$ 16 billion of dry powder among them. These are strong catalysts for a rise in investments in healthtech in the coming years. In the last two years, despite dampened market conditions, healthtech startups raised over US$ 4.2 billion cumulatively. Going forward, we expect this to exponentially increase NAMIT CHUGH Investment Lead, W Health Ventures

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38 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM WHAT HEALTHTECH STARTUPS NEED Often startups get stuck because they don’t have enough in-house knowledge and expertise or sufficient funds to outsource the right partners. All concerned in the ecosystem need to come forward to support our healthtech startups in this “make or break” area. ANJAN BOSE Former President, Philips Healthcare & Chief Advisor, India Accelerator COLUMN

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 39 By Anjan Bose Albert Einstein said, “You can’t solve a problem on the same level where it was created. You have to rise above it to the next level.” And here is Peter Drucker’s mantra, “If you want something new, you have to stop doing something old.” To me, these two wise sermons from one of absolutely top scientists and one of the most eminent management gurus, are the pearls of wisdom that can be game-changers for the healthtech players in both mature organisations as well as startups world over and definitely in India, where healthtech is shaping up as one of the biggest enablers and accelerators in the complex metamorphosis of the healthcare sector. In my fascinating journey as the Lead Mentor within the healthtech vertical of “India Accelerator” (named IA Pulse) in the last few years through the unique pandemic period, I have witnessed with both awe and anxiety the journeys of many healthtech startups. “Awe” because of the sheer novelty of the innovative ideas coupled with the diversity of zones that they can address, from supply chain to genomics, from home care to life sciences, from wellness to oncology, from gynaecology to geriatrics, from medtech to diagnostics, from hospital process efficiency to health education. And “anxiety” because of the high probability of these “Archimedes” ideas not going its full length for a host of difficult challenges in these healthtech startups’ sojourn! And challenges are their galore. Some of the key roadblocks and risks that I observe are inadequate pragmatism in plans due to lack of experience, lack of ability to find collaborating and supportive platforms, paucity of funds, insufficient sensitivity to the regulatory needs, need to come forward to support our healthtech startups in this “make or break” area. Just as a thought tickler, it might be a good idea for large private sector companies to keep aside funds and support systems to help in incubation, it will help them in the medium and long run. From the government’s side, there could be thinking on an inter-ministerial senior level task force to drive support for India’s budding talents in this critical healthtech area to help the ongoing efforts. The first Union Budget of “Amrit Kaal” announced in February has been balanced and supportive. India’s stellar performance in Covid vaccine management and G20 Presidency have enhanced global attention. This is perhaps the time for stepping up the gas further to accelerate the Indian healthtech innovation ecosystem to the next level. Lastly, my mantra for Indian healthtech, especially for our startup domain remains “C2I” Commitment, Collaboration, Innovation, one great example of this is the collaboration between NATHEALTH and NASSCOM. self-doubts vis-a-vis the need for strong resilience and survival instincts and last but not least, insufficient supply of structured and motivated mentorship. Very often, the idea seems to be good but the go-to-market plans need to be radically tuned up, which will help these brilliant founders and their teams, often in their 20s and 30s, not having tasted the potholes and quick sands of the business world with much risks and interdependent complexities. They need empathy, they need handholding, they need truly supportive and caring mentorship, to be able to navigate the choppy waters of the tough and demanding business ecosystem. I have seen at close quarters how agonising the experience can be of these young startups and it is sad for a nation to lose the zeal of such talents before they bloom and contribute to the ecosystem. In this context, it is heartening to see the commendable focus and support of the Indian government in recent years. “Startup India” along with “Digital India” and “Skill India” initiatives are great efforts to inspire, enable and accelerate the healthtech ecosystem. And one of the positive outcomes of the unfortunate pandemic is the sharply enhanced awareness in society, business world and overall ecosystem that “health is wealth” after all and only a healthy nation can be a wealthy nation. A word about the connectivity of “digital” and “startup” world, in this age of mind-boggling hi-tech digitisation from Artificial Intelligence to Machine Learning to Internet of Things to Virtual Reality to the latest “thrillers” like Chat GPT, most of the healthtech startups’ key success factor will be to have a clear understanding and smart, effective use of “digital”. Often they get stuck because they don’t have enough in-house knowledge and expertise or sufficient funds to outsource the right partners. All concerned in the ecosystem Very often, the idea seems to be good but the goto-market plans need to be radically tuned up, which will help these brilliant founders and their teams, often in their 20s and 30s, not having tasted the potholes and quick sands of the business world with much risks and interdependent complexities

40 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM The overall budget outlay given to the Ministry of Health and Family Welfare has been hiked by 3.4 per cent against Rs 86,200 crore given in FY2022-23 and by 12.6 per cent when compared with the revised estimate for FY 2022-23 which stood at Rs 76,370 crore. By Shivam Tyagi BUDGET 2023-24 HEALTHCARE BUDGET ADVANCES By 3.4 per cent, Major Schemes See Downfall In Allocation

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 41 The Union Finance Minister, Nirmala Sitharaman unveiled the Union Budget for Financial Year 2023- 24 on February 1, out of which the healthcare sector has garnered Rs 89,155 crore subsuming Rs 86,175 crore provided to the Department of Health and Family Welfare and Rs 2,980 crore given to the Department of Health Research. The overall budget outlay given to the Ministry of Health and Family Welfare has been hiked by 3.4 per cent against Rs 86,200 crore given in FY2022-23 and by 12.6 per cent when compared with the revised estimate for FY 2022-23 which stood at Rs 76,370 crore. The health research allocation on the other hand dipped by 6.8 per cent from Rs 3,200 crore in FY 2022-23, a contraction of Rs 220 crore. The overall allocation to the Department of Pharmaceuticals increased by a whopping 40.8 per cent to Rs 3,160 crore from Rs 2,244 crore, with the pharmaceutical development fund increasing from Rs 1,150 crore this year to Rs 1,250 crore. Whereas the PLI schemes for pharmaceuticals and medical devices have been put on the back burner as the overall PLI corpus reduced by 26.3 per cent from Rs 1,629 crore in FY 2022-23 to Rs 1,200 crore this year. A L L O C AT I O N S T O HEALTHCARE SCHEMES Major healthcare schemes like National Health Mission (NHM), PMSSY (Pradhan Mantri Swasthya Suraksha Yojana) and Human Resources for Health and Medical Education saw major reductions in their allocations. The NHM received Rs 29,085 crore for FY 2023-24, a reduction of Rs 7,915 crore from FY 2022-23 allocation of Rs 37,000 crore. While PMSSY received only Rs 3,365 crore for FY A new programme to promote research and innovation in pharmaceuticals will be taken up through centres of excellence. We shall also encourage industry to invest in research and development in specific priority areas 2023-24, a contraction of 59.3 per cent with the medical education corpus also dipping by Rs 1,000 crore, from Rs 7,500 crore allocated in FY 2022-23 to Rs 6,500 in FY 2023-24. Schemes like PMJAY(Pradhan Mantri Jan Arogya Yojana), PMABHIM (Pradhan Mantri Ayushman Bharat Health Infrastructure Mission), and National AIDS and STD Control Programme among others received slight improvement in the allocations from last year. For instance, the allocation to PMJAY rose by 12.2 per cent to Rs 7,200 crore against Rs 6,412 crore in FY 2022-23. Similarly, the outlay given to PMABHIM increased by 0.57 per cent to Rs 4,200 crore versus Rs 4,176 crore in the previous year’s budget. MAJOR ANNOUNCEMENTS The Finance Minister in her budget speech said that 157 new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014. The Minister further spoke on eliminating sickle cell anaemia, she said, “A mission to eliminate sickle cell anaemia by 2047 will be launched. It will entail awareness creation, universal screening of 7 crore people in the age group of 0-40 years in affected tribal areas, and counselling through collaborative efforts of central ministries and state governments.” In the area of medical research, Sitharaman announced that facilities in select Indian Council of Medical Research (ICMR) labs will be made available for research by public and private medical college faculty members and private sector R&D teams for encouraging collaborative research and innovation. A much-needed push for the pharmaceutical sector through opening of centres of excellence of R&D also found mention in the Finance Minister’s speech. She stated, “A new programme to promote research and innovation NIRMALA SITHARAMAN Union Finance Minister

42 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM in pharmaceuticals will be taken up through centres of excellence. We shall also encourage industry to invest in research and development in specific priority areas.” Sitharaman further announced that dedicated multidisciplinary courses for medical devices will be supported in existing institutions to ensure availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research. INDUSTRY SPEAKS The Union Budget’s allocations for the healthcare sector were largely well received by the industry leaders and experts with a few old pain points which were not given heed to for a third straight year by the Finance Ministry. Rajiv Nath, Forum Coordinator, Association of Indian Medical Device Industry (AiMeD) expressed deep disappointment and anguish over the Union Budget 2023-24 giving a cold shoulder to the Indian medical device industry’s core demands. He said, “It is highly disheartening that against industry’s expectations and assurance by the various government departments, the government has not announced any measures to help end the 80-85 per cent import dependence forced upon India and an ever-increasing import bill of over Rs 63,200 crore.” He further said that medical devices imports continued to grow at an “alarming” level in FY 2022. India imported medical devices worth Rs 63,200 crore in 2021-22, up 41 per cent from Rs 44,708 crore in 2020-21. “It is very painful to see the plight of domestic industry players shutting shop as the local industry cannot compete with cheaper Chinese imports,” he added. Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance (IPA) stated that the Union Budget 2023-24 aims to provide stimulus towards innovation with the announcement of the promotion of research and innovation programmes in pharmaceuticals through centres of excellence. “The government has announced further strengthening of healthcare infrastructure with a focus on increasing nursing colleges, artificial intelligence, digital skilling and sickle cell anaemia elimination mission. The positive thrust on research and innovation is a welcome move to take India to the next level,” he added. Anjan Bose, former President of Philips Healthcare and Philips Consumer Lifestyle, explained that healthcare got its sunshine moments through various initiatives such as 157 new nursing colleges; the mission to eliminate sickle cell anaemia; incentivising pharma R&D; dedicated skill courses for futuristic medical technologies;and high-end manufacturing – these initiatives should have a positive transformational impact across segments in the healthcare sector. “Along with the establishment of nursing colleges, a provision for paramedical workers and ancillary workers should also be considered. The focus on collaboration with the private sector on R&D and innovations is a great move and I hope it marks a new beginning for healthcare and pharma innovations in India. It would have been great if the Union Budget also focused on funding to strengthen India’s health infrastructure system and R&D capacity,” opined Anand K, CEO of SRL Diagnostics. The focus on collaboration with the private sector on R&D and innovations is a great move and I hope it marks a new beginning for healthcare and pharma innovations in India. It would have been great if the Union Budget also focused on funding to strengthen India’s health infrastructure system and R&D capacity ANAND K CEO, SRL Diagnostics BUDGET 2023-24

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 43 With the growth of our economy, the 3S’s of stability, sustainability and self-reliance begin to play a critical role in shaping the future. Rightly so, the key focus areas of skilling, digitalisation and last-mile accessibility become critical in sectors such as health. Along with this, the much-deserved attention on research in life sciences will reaffirm India’s commitment towards delivering sustainable healthcare to all her citizens. We have been the pharmacy of the world as India remains a global leader in the production of vaccines and generics. However, if as a country we need to move up the value chain, it is imperative to create a research-driven life sciences ecosystem that augments our collective vision of ‘Make in India, Innovate in India for India and the World.’ As part of the Union Budget 2023-24, the recent announcement of a new pharma research programme that promotes research and innovation through centres of excellence, appears to be the right step in building a strong scientific temper in the SUSTAINABLE HEALTHCARE FOR INDIA The Union Budget 2023-24 has laid emphasis on stability, sustainability and self-reliance for a good reason. As a country recording a GDP growth rate which is highest amongst all economies, the Indian economy has increased in size from being 10th to 5th largest in the last nine years. By Sanjiv Navangul SANJIV NAVANGUL MD & CEO Bharat Serums and Vaccines COLUMN country. For this to start, we need to focus on a few pillars, viz.: • With research being the DNA of the life sciences industry, we need to create an ecosystem that supports research. Academic collaborations with the Indian Council of Medical Research (ICMR) and other similar institutions will help foster an ecosystem that respects and recognises research and innovation. Such industry-academia collaborations have already begun, but we need much more. • Creation of centres of excellence or innovation hubs will bring together diverse collaborators, encouraging health start-ups and healthtech startups to advance health innovation in the country. • Most importantly, a policy that supports funding of research – akin to the proposed research-linked incentive programme will encourage research in identified focus areas such as biosimilars and complex products and bring breakthrough ideas that push the boundaries of science to help us make a difference to our patients. All of this healthcare innovation and growth is much needed. However, a sustainable healthcare system calls for increased access to healthcare and an integration and smooth functioning of health systems. Bringing healthcare closer to our homes through digitalisation and technology has been one of the key priorities of the government. It has also been one of the driving forces for the emergence of start-ups in health and life sciences that largely focus on data digitisation, prevention and early detection of diseases, non-invasive medical devices, capacity building, diagnostic tools for cardiovascular diseases, cancer, and eye diseases, to name a few. India is at the cusp of healthcare transformation. There is no right time to embark on this journey of healthcare innovation and sustainability. The time is now. There are enormous opportunities that lie ahead for India. Digitalisation, innovation and R&D will play a key role in driving the 3S’s as we continue to reimagine and rethink pharma research for a stable, sustainable and responsive healthcare ecosystem in India.

44 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM In the first budget of Amrit Kaal, Finance Minister Nirmala Sitharaman announced a 16 per cent increase in the National Calamity Contingent Duty (NCCD) on cigarettes. However, according to experts the prevailing discrepancies in tobacco taxation have been ignored in the 2023 budget By Bhupendra Paintola By Bhupendra Paintola INDEPTH Are you smoking cigarettes? Or are you being smoked by a cigarette? I know calling cigarettes injurious is no news! But in case you smoke, you probably comprehend that quitting has tremendous health benefits. Even if you’re determined to quit, cravings for nicotine, a highly addictive substance found in tobacco products, can make it challenging to resist the impulse. Nicotine’s dopamine rush accompanied with a stressful lifestyle makes cigarettes a necessity for many. Hence, tobacco taxation is seen as a resort to win the battle against diseases in which tobacco is a major risk factor. In the first budget of Amrit Kaal, Finance Minister Nirmala Sitharaman announced a 16 per cent increase in the NCCD on cigarettes. However, according to experts the prevailing discrepancies in tobacco taxation have been ignored in the 2023 budget. “The 16 per cent NCCD increase on cigarettes will only have the effect of increasing total cigarette taxes by 1.8 per cent and its impact on retail price will be about one per cent,” said Dr Rijo M. John, health economist and Associate Professor at Rajagiri College of Social Sciences, Kochi. Calling the hike a misnomer, he added that it maybe used by the tobacco industry as an excuse to increase cigarette prices. NCCD, a sin tax, is levied on goods and services that can be detrimental to the public. The imposition of NCCD makes such goods and services expensive and discourages consumption. Based on the size of the cigarette, NCCD is assessed. The NCCD is a portion of the overall tax on tobacco and is charged for every 1,000 cigarettes. GST, NCCD, and compensating cess constitute the total tax on cigarettes. India’s Tobacco Taxation: Is Hike In Cigarette Tax A Misnomer?

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 45 India is one of the 182 countries that signed the WHO Framework Convention on Tobacco Control, which recommends at least 75 per cent tax on retail price of all tobacco products. MEASURES TAKEN TO DETER SMOKING AND TOBACCO CONSUMPTION India is one of the 182 countries that signed the WHO Framework Convention on Tobacco Control, which recommends at least 75 per cent tax on retail price of all tobacco products. In India, however, cigarettes are taxed at around 52 per cent, bidis at 22 per cent, and chewing tobacco at 63 per cent. Following the budget announcement, the ministry of finance stated in a statement that the tax on filter cigarettes with a length between 70 and 75 mm will increase from Rs 545 to Rs 630 per 1000 sticks. Filter cigarettes longer than 65 mm up to 70 mm would cost Rs 510 instead of Rs 440 per 1000 sticks, while filter cigarettes shorter than 65 mm will cost Rs 510 instead of Rs 440. In 2022, the Parliamentary Standing Committee on Health and Family Welfare, observing an urgent need to disincentivise the consumption of tobacco and alcohol in the country, stated in its report that the government should institute a ban on the sale of single sticks of cigarettes. The committee suggested that the government should raise tariffs on all tobacco products and use the extra money to promote cancer awareness and preventive measures. Based on the observation that more than 80 per cent of tobacco consumption is in the form of chewing tobacco, the committee sought a ban on gutka and pan masala alongside a prohibition on their direct and indirect advertising. REDUCING THE BURDEN OF DISEASE THROUGH TOBACCO TAXES With a recent Indian Council of Medical Research (ICMR) study indicating that one in every nine people in India is at risk of developing cancer during their lifetime, many experts believe tobacco taxation can play a significant role in protecting the public. As tobacco use is a major risk factor for many chronic diseases, including cancer, lung disease, cardiovascular disease, and stroke.

46 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM WHO reports that tobacco is one of the major causes of death and disease in India and accounts for nearly 1.35 million deaths every year. Moreover, India is the secondlargest consumer and producer of tobacco. According to the Global Adult Tobacco Survey– India, 2016-17, nearly 267 million adults (15 years and older) in India (29 percent of all adults) use tobacco, with smokeless tobacco being the most common type. “With 267 million tobacco users in India, the benefits of raising taxes on tobacco would be overwhelmingly positive for people’s health, preventing many from initiating or continuing tobacco use, and on our healthcare system. Urgent action is needed to tackle the tobacco epidemic and comprehensive taxes on all tobacco products would be a lifesaving measure,” said L. M. Singh, Managing Director – India and Global Head – Partnerships and Innovative Finance, Vital Strategies. Presently, the government imposes the highest tax rate in the tax slab, a GST of 28 per cent on cigarettes and tobacco goods like pan masala. However, additional taxes alongside, brings the overall tax incidence on cigarettes to as much as 50-60 per cent, which is less than what the WHO advises. Raising tobacco’s price through taxation is thought to be the most effective approach to reducing tobacco consumption, as dearer tobacco costs deter youth from smoking and encourage current smokers to give up. However, according to M.S. Mani, Partner, Deloitte India, “The tax on tobacco products has always been high in India and it has been realised over a period of time that high taxes are not necessarily a deterrent to consumption of tobacco products. The increase in the NCCD could lead to an increase in the street price of cigarettes, but cigarettes have demonstrated price inelastic behaviour. Therefore, the demand is unlikely to dip.” Whatever be the case regarding tobacco taxation as a deterrent to diseases, we can’t ignore WHO’s report that the total economic expenses of tobacco use from all diseases in India in 2017–18 for persons (35 years and older) totalled Rs 1,77,341 crore (US$ 27.5 billion). More than 80 per cent of the 1.3 billion tobacco smokers worldwide reside in low- and middle-income nations. Amidst this, the latest change in the NCCD rate in the Union Budget 2023 would have little or no impact on the profitability of the manufacturers, as per Centrum Broking. INDEPTH With a recent Indian Council of Medical Research (ICMR) study indicating that one in every nine people in India is at risk of developing cancer during their lifetime, many experts believe tobacco taxation can play a significant role in protecting the public.

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48 BW HE ALTHCARE A P R I L- M AY 2023 WWW.BWHEALTHCAREWORLD.COM Finance Minister Nirmala Sitharaman allocated Rs 341.02 crore to the Ayushman Bharat National Digital Health Mission (ABDM) in Budget 2023. This allocation is 70.51 per cent up from the FY23 allocation, which was Rs 200 crore. By Bhupendra Paintola INDEPTH The Union Budget 2023, the first in the Amrit Kaal, announced the establishment of 157 new nursing colleges in co-location with the existing 157 medical colleges. “Setting up of 157 new nursing colleges is welcome, in view of the severe shortage of nurses in the country.However, the current state of existing nursing colleges must be evaluated for upgradation and better job opportunities for nurses to be identified to curb international migration,” said Gautam Khanna, CEO, P.D. Hinduja Hospital,and Chairman, FICCI Health Services Committee. COLLABORATIVE RE- SEARCH & INNOVATION The budget also outlined efforts to facilitate the establishment of PPP-based research labs by announcing that facilities in select ICMR labs will be made available for research by public and private medical colleges’ faculty and WHAT BUDGET INHERES FOR HEALTH: From Manpower, R&D To PPP private sector R&D teams, encouraging collaborative research and innovation. This in turn incentivises the pharmaceutical industry to speed up R&D initiatives. “India’s healthcare infrastructure is operated by both public and private initiatives that most often than not, operate in silos. Providing access to facilities in ICMR labs to both private and public institutes to bolster R&D and innovation, is a boost to public-private collaborations; this is imperative to leverage the strengths of both to ensure better healthcare for all,” said Dr Kshitiz Murdia – CEO & Co-founder of Indira IVF.

WWW.BWHEALTHCAREWORLD.COM BW HE ALTHCARE A P R I L- M AY 202 3 49 Union Budget 2023, the first in the Amrit Kaal, announced the establishment of 157 new nursing colleges in co-location with the existing 157 medical colleges. The government announced the setting up of three centres of excellence for artificial intelligence (AI) with the vision of “Make AI in India & Make AI work for India” to have positive transformational impact across segments in the healthcare sector. tribal areas and providing counselling through collaborative efforts. Sickle cell disease (SCD), a genetic condition, is widespread among the tribal population in India, where about 1 in 86 births among STs have SCD, as per the ministry of tribal affairs. SDC affects haemoglobin (responsible for carrying oxygen in the body) in red blood cells, which can result in morbidity and mortality via distinct pathways. “Sickle cell disease has required long-standing attention with the help of government-aided missions, primarily in the Tier-II and rural belts of India. Awareness creation, setting up camps, and screening individuals for the disease is setting up a strong foundation for the Sickle Cell Anaemia Elimination Mission 2047. This will help highlight the severity of this condition which LAST MILE SCREENING Focusing on ‘reaching the last mile,’ a priority amidst seven framework priorities called ‘Saptarishi,’ for the government, Nirmala Sitharaman delineated the government’s new mission to eliminate sickle cell anaemia by 2047. It will entail creating awareness, implementing universal screening for 7 crore people in the age range of 0 to 40 years in affected has long remained unknown and ignored,” added Dr Murdia. NEW-AGE TECH The government announced the setting up of three centres of excellence for artificial intelligence (AI) with the vision of “Make AI in India & Make AI work for India” to have positive transformational impact across segments in the healthcare sector. This is accompanied by the announcement of setting up 100 labs for developing apps using 5G services across sectors, including healthcare. “The main goal of these centres is to further understand and raise public awareness of these new-age technologies. These centres are expected to produce solutions that bring high-quality healthcare facilities to both urban and rural populations. The National Data Governance Policy’s announcement is the right move to improve data security and privacy in healthcare,” said Apurva Sule, Chief Business Officer, Heaps Health. “Investing resources in creating excellence in AI in India will also boost the pharma and healthcare sectors. The healthcare resources can be optimally deployed to provide affordable healthcare to the Indian population ‘making AI work for India.’ Collaboration between industry & academia, visualised by the FM is the need of the hour in the pharma and healthcare sector,” said Dr Bala Prabhakar, Dean, ShobhabenPratapbhai Patel School of Phar-

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