Frugal innovation in medical devices: Key to growth in emerging economies

Abstract

The study discusses the need and importance of frugal innovation in Indian medical devices industry in the backdrop of present healthcare infrastructure and need to expand it beyond top 20 cities. Medical devices have a widespread role, but are usually underutilized due to many factors, most important being affordability and limited market penetration. In order to ensure their optimal utilization, they need to be tailored to the needs of Tier 2 cities and beyond, which present lucrative opportunity and high market potential. The study discusses various frugal innovations and their contribution in revolutionizing the Indian healthcare sector, but the need is to promote their accessibility, awareness and availability. It concludes by recommending few initiatives to bridge the massive healthcare gap by promoting widespread adoption and usage of frugally engineered medical devices.