2 min read
25 May 2021

Outfitting your medical facility with the most updated equipment and devices on a limited budget can be a challenge for clinics, medical facilities, veterinary and dental practices. Regardless of the services you provide, your medical facility will eventually need new equipment.

What is medical technology?

Broadly, any technology that extends and improves life and alleviates pain, injury and handicap fall under medical technology. These healthcare products are used specifically for diagnostic or therapeutic purposes. Medical technology constitutes everything from wheelchairs and MRI machines to insulin pens and surgical instruments.

Medical technology in India

The Indian government has, in recent months, slashed prices of medical devices such as knee implants and heart stents by up to 75% to make them more affordable. But the 37,457.70 crore Indian medical-technology industry has protested these moves, saying they hurt innovation, profits and future investment.

Despite the incredible growth seen in the healthcare industry in India, the spending per capita on medical technology is approximately Rs. 149.83 is much lower than China (Rs. 774.58) or Germany (Rs. 17,305 ). To address the challenge of low penetration, the medical technology industry in India needs to innovate. But because medical equipment developments happen quickly, the cost is an issue. For example, the X-ray viewer can cost approximately Rs. 13,000 for the basic models. A single MRI machine could set you back by about Rs. 1 crore.

Doctors can grow their practice by offering superior medical treatment with the latest equipment and technology. That is where innovative products like a business loan for doctor and a loan against property for doctors comes into play.

Why upgrade?

Faster Treatment, easy to work with
With new technology, you get unique equipment to obtain results faster than with older equipment. This means your patients don’t have to wait as long. New medical equipment is more user-friendly hence easily operated by technicians.

Shows patients that you care
When you upgrade your equipment, you’re sending patients the message that their well-being matters to you. It also communicates your dedication to providing patients with answers to their medical problems.

It allows you to help more patients
Once you’ve obtained your upgraded medical equipment and your current patients start talking to others about it, you may end up with many new patients who are confident in your ability to provide them with the best service.

Patients won’t have to travel
Instead of referring patients to a location where equipment is more up to date, you can instead treat them at your place of business. This not only increases your earning potential but also elevates your reputation as a knowledgeable and competent physician.

Equipment maintenance costs are lower
Having older equipment means more frequent maintenance, which can raise costs. With newer equipment, there’s no need to worry about frequent repairs. Instead, you need to deal with routine maintenance that ensures long equipment life.

Additional Read: 3 things to consider before buying a CT scanner

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