Tech Integrated healthcare showing way forward
With the introduction of Health2.0 in the mid-2000s and the germination of digital healthcare startups, the sector has undergone new milestones in last 5 years. About 90 percent of the startups evaluated in 2015 were working on preventive healthcare and monitoring solutions, revealed an InnAccel’s report.
The demand for healthcare has been increasing at twice the rate of the national economy. The government aims to increase the current healthcare spending from 1.2 % of the GDP to 3 percent by 2022. Much of this will be executed through public private partnerships and technological support to increase the reach and impact of healthcare services.
Healthcare industry has many options which are available for entrepreneurs to explore and venture. The E-healthcare sector is growing fast that the industry is projected to expand upto $280 billion by 2020 as quoted in the FICCI KPMG report. With the increased usage of Internet & Smartphone’s, healthcare market in India is poised to grow from $100bn in 2016 to $280bn in 2020, hence creating opportunities for Healthcare & Healthtech companies & Startups.
Over the past few years, various business models have been witnessed in preventive healthcare, analytics, pathology, emergency services, among others. Major categories in which India Healthcare start – ups are innovating are Doctor Discovery/Networking Platform, Online Pharmacy & E commerce, Home Healthcare, Health Records & Data Analytics and Emergency & Panic Button Services. These startup models are largely focused on the mass market and enabling access to sections of the population that are far away from reach.
Doctors Discovery/Networking Platform
Currently, India has just 0.7 doctors and 1.1 beds for every 1,000 of its citizens. From the patient’s point of view, sometimes it is difficult to find the right doctor for the particular health issue. Either the issue has to be discussed with near or dear ones who can recommend doctors or patient left with no other option except trying hands on different doctors.
There are more than 900,000 doctors in India and most of them do not have online presence. However, communicating with doctors is difficult either due to their non- availability, or because of time constraint people have or they do not want to spend hours in traffic and waiting queues at clinics to consult them.
To address such issues, apps like Practo, Lybrate, DailyRounds, Docplexus, Medikoe, Livehealth etc are operating and covering major area of the country. Key drivers in this sector are an increasing online population and doctors’ need for higher visibility.
Benefits to the users:
• Provides you with largest network of Doctors
• Help you find right doctor instantly and book appointment online.
• Help you share your medical records with doctors online.
• Direct communication with doctors.
The Indian Pharmacy market is heavily scattered & disorganized with small & local pharmacies, most of which are accessible in urban areas. Online retail forms only a tiny part of the Indian pharmacy market. The Indian securities company Microsec Financial Services predicts it will grow at a CAGR of 14% to 2020. Key drivers for online pharmacies in India are the dearth of pharmacies in rural areas and tier-2 and tier-3 cities, and the relative unavailability of medicines and medical products at physical stores. Also, because of time constraint people have or they do not want to spend hours in traffic and waiting queues at shops to purchase medicines.
Startups like Netmeds, 1mg, PharmEasy etc are catering to the needs of people. Jaipur based MeraPatient App is an aggregrator app for chemists shop & Diagnostics Labs which offers combination of availability, price-discounts and home delivery options from nearby chemists shops & labs.
Benefits to the users:
• Users can conveniently order prescription medicines online & get them delivered at doorstep.
• Consumers privately and conveniently order for medicines from online chemist stores as well as get to avail free delivery.
• Due to competition, numerous discounts are offered to user, which can help them save money.
• Ordering through such stores cater to the needs of people living far from the pharmacy.
• Helps in identify certified Diagnostics labs.