How are the Healthcare Startups Revolutionizing the Indian Healthcare Industry?

The technology today is emerging as a game changer in the healthcare services delivery, improving consumer access and reducing healthcare costs. Data-driven efficient technologies are leading the forefront in offering quality healthcare services and bringing in the potential for long-term patient-centric solutions. As a result, it is necessary that public and private healthcare organizations innovate, adapt, learn, and evolve with the new technologies to sustain and grow in the sector. While the established organizations are in the phase of adapting to the change, the immediate need for out-of-the-box, tech-driven, low-cost solutionsis readily being met by the growing start-up culture.

No doubt, the recent technological breakthroughs are ushering in the much-needed change and growth for the Indian Healthcare sector. With the growing need for accessibility and affordability of healthcare services, innovative and scalable tech solutions are in demand. Moreover, the high patient-doctor ratio, healthcare cost variations, and the need for faster diagnosis and interventions have all contributed to the surge in consumer-driven healthcare startups.As a result, there is a steep rise of healthcare startups in the past few years, such that, in the year 2015 alone, more than 300 healthcare start-ups have emerged within the sector. These healthcare start-ups emerging across the domain are filling the gap between consumers and healthcare service providers throughmobile applications, social networks, AI/MI bots, and other state-of-the-art tech devices. They are offering sustainable business models and differentiated products that would catch up with the evolving tech-based change in the sector.

The Rise of Technology-Driven Healthcare Startups

In this information age, where digitization and technology are ruling the healthcare sector, new startups are leveraging the use of technology to meet the needs of consumers and healthcare providers as well as facilitating them to get healthcare services delivered with ease. As of now, 6-8 percent of the Indian B2C startups are in the health-tech segment and as a result of which, the Indian health tech market is poised to reach a whopping $280 billion by the year 2020.

The healthcare startups are transforming the sector by offering innovative hospital management solutions, medicines, and healthcare delivery, and home healthcare services that make healthcare services more accessible and affordable. Whether it is innovative operating models or drug delivery or innovative medical equipment, startups are leading the segment.The tech-backed industry is providing immense scope for innovation through which cloud-based healthcare information systems and data-driven mobile apps are on the rise. The emergence of cloud-based telemedicine, artificial intelligence, machine learning, robotics, nanotechnology, 3D printing, and IoMT are letting the sector enter a new phase of change. This increasing growth of healthcare technology in the recent years has spurred the market for healthcare startups in the health-tech space to sufficiently address the challenges and make an impact within the sector.

New startups in the sector cater to everything from care deliveryand diagnostic devices to digitizing, tracking, and e-commerce. Some of the known healthcare startups in the sector include Medibox – that digitally connectspharmacies to medical suppliers; Lybrate – that allows consumers to have a consultation with doctors;Portea – that focuses on accessible healthcare through in-home healthcare programs;MedIndia that offers validated health information and services online. Some of the other startups in the space include Practo, HealthKart, and DocEngagethat are conquering the healthcare market through their innovative services.

More and More Consumer-Driven Startups Coming to Life

The new-age startup companies focus on consumer-centric solutions, providing consumers with quality and affordable access to diagnostics and doctor consultations across the country and even worldwide. With the effective use of tech and network-based models, startups are enabling the country’s rural population to have better access to healthcare, regardless of their location. Moreover, many healthcare IT innovations in the form of wearables and mobile apps are paving the way for new startups to revolutionize the user experience, improving the efficiency of healthcare services and delivery. As a result, healthcare records are moving online, and patients and doctors are shifting to mobilesolutions, allowing cloud-based healthcare solutions to offer convenience and affordability.

Besides, the government interventions and policies encouraging startups havealso supported fledgling enterprises in bringing their innovative path-breaking ideas to life. They are allowed to develop health-tech solutions with government funding, taxation exemption, and insurance coverage, thus indirectly boosting the healthcare sector’s growth in future.

As the health-tech boom is all set to revolutionize the quality of healthcare, there is an immense need for well-trained and efficient professionals to propel the industry further ahead. On those lines, the current scenario in healthcare management education is getting greatly improved and IIHMR is making its way forward.

IIHMR, one of the leading healthcare management institutions in India, is preparing its students for the modern digital era with industry-relevant digital and technology knowledge. IIHMR has been transforming its students’ learning experience by bringing constant updates to the curriculum and by offering special workshops and training sessions. The Institute disseminatesnot just academics-based knowledge but practical hands-on experience that give rise to innovative, productive ideas that can be brought to life. Thestudents are well-prepared and trained to compete with the changing trends and are acquainted with the upcoming advancements in technology.

As the healthcare startups are geared up to harness the power of technology and overturn the healthcare industry, it is pertinent, therefore, that the future healthcare professionals are equipped with the requisite knowledge and skills to serve the needs of the industry. IIHMR is embracing innovative ideas and offering the right platform for students to learn and grow with innovation.