Pandemic Is A ‘unexpected Catalyst For Healthtech Startups

Pandemic is a ‘unexpected catalyst for healthtech startups

Rachel V.Thomas New Delhi 12 December : .The Covid-19 epidemic caused havoc in the world’s economy and human health.The Covid-induced social distancing and lockdowns in India proved to be a boon and driver for growth for Indian healthtech startups.

 Pandemic Is A ‘unexpected Catalyst For Healthtech Startups-TeluguStop.com

Pandemics exposed gaps in healthcare.India’s crumbling healthcare system was exposed — poor infrastructure in hospitals, shortages of nurses and staff, and specialist treatment facilities in rural areas.

A widening disparity between healthcare providers and patients has highlighted the importance of digital technology in making healthcare accessible, affordable and available for all.

The pandemic prompted increased acceptance for online medication delivery, remote monitoring of patients, and digital health.This allowed healthcare startups to establish a foothold.

The Internet and Mobile Association of India-Praxis Global Alliance estimates that India’s 2020 healthtech industry was worth $1.9 billion.This is less than 1% of India’s overall healthcare sector.

It is home to over 5,000 startups in healthtech and will grow at a compound annual rate of 39% to reach $5 billion by 2023.

The healthcare industry was traditionally one of the hardest sectors to start a business in because it required a long time for startup development, a longer strategy, and had high barriers to entry.

But, the marketplace has moved 5-8 years in the past two years,” Mudit Dwate, cofounder and CEO of Dozee told IANS.

Bengaluru-based company is offering a contactless system for monitoring patient vitals and an early warning system.

It converts beds into step-down ICUs at fractions of the cost.

The last two years were a pivotal year for Indian healthcare tech sector.

Prasad Kompalli (CEO and cofounder of MFine, an AI-powered on-demand healthcare service) said that the Covid-19 epidemic was an unanticipated catalyst.

Pradhan Mantri Janaya Yojana (PMJAY), eHospitals, and eSanjeevani telemedicine services were all part of the government’s healthcare mission.

They also gave a boost for healthtech startups.

In the past two years, startups that focus on online medicine delivery and tele-consulting and technology solutions for physicians and hospitals have gained significant traction.

These include epharmacies such as Flipkart SastaSundar, Tata Group 1MG, and Reliance Retail Netmeds.There is also AI-based diagnostic technology Qure.

ai, Niramai, and fitness providers HealthifyMe, and DocsApp telemedicine.

“Covid-19 outbreak was a huge wake-up call for the Indian healthcare system.

From providing innovative healthcare equipment to facilitating effective patient care, health tech startups in the country are evolving drastically,” Satish Kannan, Co-founder and CEO, MediBuddy, told IANS.

MediBuddy is a digital healthcare platform for inpatient, outpatient, wellness and fitness needs.

Can the growth achieved by healthtech startups during the pandemic be sustained in the future?

According to Pavan Choudary, Chairman, Medical Technology Association of India (MTaI), as startups find acceptability of their healthcare offerings in the market, one of the most crucial factors for their sustainability and growth is maintaining the quality of product and services.

“Startups should seek to comply with globally harmonised certifications like USFDA, CE which give them the mark of quality and also allow them to find greater acceptability of their products in the global markets.This will also further the image of ‘Brand India'” he told IANS.

In addition, adoption of “more technology-led business models driven by AI/machine learning, will help consumers have an even faster and better care delivery” and help in the next wave of growth, Kompalli added.

A report by advisory firm RBSA Advisors said that e-pharmacies were the largest segment in the Indian health-tech market in 2020 with $700 million revenue, followed by B2B health tech market ($60.2 million), B2B medical supplies ($28.8 million), other health tech services ($100 million), e-diagnostics ($70 million) and teleconsultation ($45 million).

Vivek Tiwari, CEO and Founder of healthtech platform Medikabazaar said that in order to sustain the growth, the healthtech sector must not just target personal health and well-being, “but also strengthen medical infrastructure, providing a more effective response to emergency care and closing the delivery gap between tier-I and tier-II, III and IV cities”.

Technology to improve outpatient care for patients and optimise consulting time for doctors, along with enhanced on-demand pathology diagnostics and accessibility to home healthcare services can also be the way forward, the industry players noted.

(Rachel V.Thomas can be contacted at [email protected])


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Disclaimer : TeluguStop.com Editorial Team not involved in creation of this article & holds no responsibility for its content..This Article is Provided by IANS, Please contact IANS if any issues in Article .


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