The life sciences industry is rapidly evolving with the integration of cutting-edge technologies such as AI, machine learning, GenAI, and ChatGPT. To gain insights into the impact of these trends in the coming years, BioSpectrum had a conversation with Pratap Khedkar, Chief Executive Officer of ZS.
Looking ahead to 2024, Khedkar highlighted three key trends that will shape the industry landscape. Firstly, health system reforms, particularly in terms of pricing pressure, are expected to drive significant changes. Additionally, demographic shifts, with an aging population in many parts of the world, will necessitate a focus on healthcare solutions for the elderly. Lastly, the growing importance of patient experience and expectations will require healthcare providers to bridge the gap between what patients want and what they receive.
In the context of the Indian market, Khedkar emphasized the potential for AI and Gen AI to revolutionize healthcare. He praised India’s approach of fostering innovation without excessive regulation, allowing for rapid progress in leveraging data and AI technologies to address healthcare challenges.
When discussing the role of tech startups in India, Khedkar highlighted the importance of talent and a mindset of frugal innovation. He cited initiatives like the ZS PRIZE, which supports startups in the healthcare AI space, as examples of fostering innovation and scaling impactful solutions.
In terms of government support, Khedkar stressed the need for a framework that values both clinical impact and affordability in healthcare. By creating a conducive environment for innovation and collaboration, the government can enhance the growth of the life sciences sector and drive positive outcomes for patients and providers alike.