Why HealthTech Startups in India Are Growing At A Tremendous Rate!
HealthTech Startups In India?
A clear definition of the word healthtech is not plausible, healthtech as a sector is a dynamic one! However, the use of technology to improve certain metrics in the end user’s life could certainly be a good explanation.
From operation to services, healthtech as a sector has shown major advancements and continues to showcase seemingly great growth through the use of digital technologies.
Why HealthTech Is Attracting Investments!
The rise in investments in the healthtech sector can be attributed to a new way of solving problems in the healthcare industry in India.
Healthtech startups in India are now focused on mental health, well-being, consumer lifestyle and digital solutions.
Launched in 2007, Practo has managed to brand itself as the №1 healthcare platform in India. With 4 funding rounds and a total valuation of around $500 Million, Practo certainly looks to make the most of the digital transformation in the Indian healthcare sector.
1. Bridging The Gap
Startups such as Practo, Livehealth & Niramai are trying to bridge the gap between medical practitioners and patients by providing an apt platform in form of smartphone applications or websites.
With the active government initiative of Digital India & Startup India, the Indian startup ecosystem has certainly matured.
The main focus has shifted to providing a better service or a better product.
2. Digital Growth
From delivery solutions to digital appointments system and apps, healthtech now tries to bridge the literal gap between end-customers and medical professionals through digital solutions.
Healthtech startups in India aren’t just limited to enterprise solutions anymore.
i) HomeGrown Startups To Established Networks — This is also evident from the growth of a lot of homegrown startups such as Practo and Livehealth. However, it isn’t limited to just startups, established networks of healthcare providers have also taken measures to make their presence felt online.
ii) Fostering Startup Ecosystem — Such growth in the healthtech sector in India is also helpful in fostering a unique ecosystem of better healthcare environment in India.
Few Challenges On The Way!
1. Data Protection:
- From Aadhar breach to privacy protection, data protection has been a hot topic for a while in India. Inducing trust among enterprises and users is a challenging task.
- Preventing unwanted access to sensitive data or redistribution of data is a major roadblock to healthtech development.
2. Digital Adoption:
- With such a low density of skilled health workers, it is challenging task for startups to train workers to adapt to a new way of working which heavily relies on technology and digital inclusion.
By focusing on accessibility and technology integration in the healthcare sector, healthtech startups in India are playing a crucial role in improving the well–being and health of over a billion Indians.