Backed by India’s rising income, health awareness, and access to insurance, the healthcare industry in India is one of the fastest-growing sectors. Offering healthcare services to a population of more than 1.3 billion is not easy. Trying to minimise supply-demand imbalance, the healthcare resources & delivery chains in India usually find themselves overburdened.
In the past decade, Indian Healthcare startups have emerged as a real savior catering to the needs of people 24 by seven and reducing the burden on overutilized healthcare services. Improving efficiencies and bridging gaps in the healthcare delivery chain, they are enhancing access, affordability, and quality of Indian health care in the form of online pharmacies, telemedicine, personal health management, home healthcare, fitness & wellness, diagnostics, healthcare IT.
Working on new technologies and cutting-edge innovation, startups are making a difference to the Indian economy. Through technology penetration and adoption, they are helping to create a more efficient healthcare ecosystem by offering targeted & effective solutions. Data analytics and predictive healthcare through digital startups is another area of contribution. Efforts are afoot to make this more accurate and representative through wider inclusion of populations. Improvement in the accuracy of predictions will increase the personalization aspect of fitness and wellness products, eventually reducing the costs and the time taken to treat patients.
According to a report by Mckinsey, just by adapting to telemedicine services alone, India could save up to $10 billion in 2025.
Make in India
Make in India, Stand Up India & Startup India are a few initiatives by the current government in promoting entrepreneurship, providing handholding assistance & financial support to startups through domestic & foreign investments aimed at transforming India into a global manufacturing hub. Most recently, the government announced its Pradhan Mantri Jan Arogya Yojana (PMJAY), offering health insurance to over 100 Mn families annually, creating further opportunities for growth in the Indian health sector.
Cloud computing, open software and hardware, social networks, and global payment platforms, have also made it convenient to establish a startup with fewer physical resources and personnel.
A Hybrid model, a combination of technology and traditional approach, is the future of the health industry in India, where the patients and doctors can connect better and in an efficient manner. This will enable the provision of high-quality cost-effective solutions to meet the challenges of the health care sector in the country. By adapting to the Hybrid model, Healthcare startups can help in the better management of chronic illnesses, medical records, and doctor prescriptions thereby creating a virtuous continuum of superior care.
By leveraging the health startups, India can develop a robust ecosystem where health care providers can actively engage with healthcare startups to provide easier and trouble-free access to patients.