There are two components to a medical device. One is the actual R&D engineering and intellectual property. In a developed market, the first part and the second part are largely separated. Just like in pharma there’ll be companies that will be doing drug R&D, but they will get it manufactured by a contract manufacturer. So we have to understand the whole value of manufacturing. One very easy way for us to reduce that import bill is to subsidise large manufacturing of high-volume items. So getting manufacturing done is a reasonably easy problem to solve by throwing money at it.We do research and engineering to create new technologies so that we can launch them in the Indian and global market settings. Unlike a lot of med-tech companies in India, our goal is to find gaps that existing technologies are not addressing today and create new technologies.
We intend to find problems that are causing a lot of death or morbidity in India, also globally, that are not today adequately addressed by any technology, and then create new technology platforms to solve these.The potential of technology is huge in India’s healthcare, and the potential is completely untapped. We say there’s a product fetish. For example, we have made a non-invasive ventilation system for babies. It is groundbreaking, but it’s not something completely new. The point is to make technology that works in every scenario. That is really the big gap that we are trying to solve here in India.I think the government is becoming pretty serious about healthcare in terms of expenditure, especially after COVID. Beyond infrastructure and investment, I think India has a big gap in the quality of human resources, something that is very important. These are long-term problems that require longer-term structural solutions.(IT) and technology employers are exhibiting the strongest hiring intent across 11 sectors for the July-September 2022 quarter, according to the latest ManpowerGroup Employment Outlook Survey.
Following the IT and technology sector is the Banking, Finance, Insurance and Real Estate sector at 60 per cent of hiring outlook. Overall, at 51 per cent, the net employment outlook is at a record high in eight years, the global workforce solutions company's quarterly survey shows.
The net employment outlook for the third quarter of the calendar year 2022 includes 63 per cent of employers expecting to increase their staffing levels. Twelve per cent anticipated a decrease in hiring intent while 24 per cent did not anticipate any change.whencompared to the same period last year, hiring sentiment has improved by a staggering 46 percentage points while there is a 13-percentage-point growth over the last quarter.
According to the ManpowerGroup Survey, hiring markets in India are ranked first in the region and third globally, 19 points above the regional average. India’s year-on-year increase is ranked first globally, outperforming the 40-country average spike since Q3 2021 by 28-points. The beginning of the year had seen four new industries, including primary production, IT and technology, not-for-profit and restaurants & hotels being added in the survey.
Of these, the hiring forecast was least optimistic in the primary production and not-for-profit sectors with an outlook of 25 per cent and 35 per cent, respectively. Such has been the vacancy levels, that over 80 per cent of employers surveyed are finding it difficult to fill open positions with the biggest impact being felt in the construction sector at 85 per cent.
In terms of skills, organizations are facing difficulty finding talent for the likes of creativity and originality, critical thinking and analysis, reasoning and problem solving, leadership and social influence and Initiative taking.
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