Techade REDEFINING FUTURE OF life sciences industry

Digital transformation is the topmost priority for global corporations and in a highly connected world that will remain largely contactless for an extended period, there are shifts in business models, customer experience, operations, and employee experience. With technology adoption accelerating across sectors, 2021 is likely to put the spotlight on the emergence of growth verticals in the life sciences sector namely healthcare, pharma, medical devices, diagnostics etc. India is now standing at the cusp of a re-imagined decade of technology, commonly being referred to as ‘Techade’. While we anticipate a significantly better global economic growth this year as compared to 2020, we are also very much looking forward to the enhancement being brought to the Indian life sciences industry as it continues its transformation journey in this redefined techade.

- Dr Manbeena Chawla

At a time when global output is estimated to have shrunk by 3.2 per cent, led by the ongoing pandemic, the technology sector in India rallied around to grow at 2.3 per cent year on year on the back of rapid acceleration in digital transformation and tech adoption. COVID -19 has indeed accelerated digital adoption across industries and technology service providers are witnessing a sharp growth in digital deals.

According to the National Association of Software & Services Companies (NASSCOM), the consolidated revenues of top listed technology companies recorded a growth of 5.3 per cent in the second half (H2) of 2020 over the first half (H1) of 2020. Further, with an increase in focus on digital upskilling initiatives, revenue per employee grew at 5.5 per cent in H2 2020 as compared to H1 2020.

Sharing his views, U.B. Pravin Rao, Chairman, NASSCOM, Bengaluru, says “Resonating with the overarching call-to-action for Atmanirbhar Bharat, domestic digital adoption intensified in 2020. With an increased focus on innovation, India witnessed more than 115,000 tech patents filed by companies in India in the last 5 years. The technology industry witnessed 146 M&A deals in 2020, 90 per cent of which were digitally focused. Also, companies saw a significant rise of 80 per cent in cloud adoption in second-half of 2020 compared to the first half.”