The healthcare sector in India is one of the fastest growing sectors and has exhibited significant growth in the last 18 months. By 2023, the healthcare market will potentially be worth of $370 billion, promising returns up to 35-40% and is expected to generate 40 million jobs by 2030. According to Traxcn data, in 2018 India’s investments in health-tech reached a whopping $571 million. Technologies like machine-learning, robotic surgery, telemedicine, nanotech, IoT, AI, robotics, 3D printing as just a few examples that have applications of paramount importance in the healthcare industry. The prevailing pandemic situation has provided a further boost to rise of several health-tech startups.
There are about 2,975 startups in India that focus on health-tech. Here are some of the leaders in this space which are climbing to become the pioneers in innovation helping to enhance patient safety, healthcare outcomes and quality of care:
Qure.ai: Qure.ai dvelops deep learning algorithms that interpret radiology images. The company repurposed its product to detect for Covid-19 and quantify the proportion of lungs affected due to lesions, generating reports in less than a minute. It also developed an app for frontline health care providers for contact monitoring and remote triaging of Covid-19 patients.
Mfine: Mfine is an AI-driven healthcare network offering online doctor consultations. The company has launched a Covid-19 self-assessment tool, along with the option of a video consultation service, which has been used by over 60,000 people. It also offers services for infected patients in home quarantine.
HealthPlix: HealthPlix provides clinical software for doctors. It has developed an Electronic Medical Record (EMR) software, and provides Clinical Decision Support (CDS) to doctors and helps them generate e-prescriptions under 30 seconds.
Remedo: Remedo runs a telemedicine platform connecting over a lakh patients with doctors on its platform. The startup is expanding to other specialities like cardiovascular, neuro, and respirators. Remedo, connects doctors with patients, offering customised care plans, including consultation, follow-up visit reminders, tests, medicine reminders, and detailed answers to patient FAQs.
MyLab: MyLab is a biotechnology company that produces molecular diagnostic detection kits. It became the first Indian firm to receive commercial approval from the Central Drugs Standard Control Organization to manufacture Covid-19 test kits.
MedGenome: MedGenome is a genomics and clincal-data driven diagnostics and drug discovery research company. It has partnered with Xcyton Diagnostocs to undertake the Covid-19 testing at its Bengaluru lab. It has also tied up with US-based SciGenom Research Foundation to analyse DNA sequences and variation data from over 300,000 individuals to predict susceptibility to coronavirus.
1mg: 1mg is an online healthcare provider offering e-pharmacy, online consultation and diagnostic services. It was among the first companies to introduce mobile Covid-19 testing vans. It has worked with enterprises to build a standard operating procedure to deal with employees testing positive for Covid-19 and has stepped up efforts to deliver medicines homes through its e-pharma unit. It faces stiff competition in the e-pharma space by many startups such as pharmeasy, medlife, netmeds etc. The e-pharmacy market in India is estimated to grow at a CAGR of 63% to reach US $3,657 million (~Rs.25,000 crore) by 2022.
An estimated 4,800 healthtech startups are leveraging cutting-edge technologies to help fight the pandemic in India. The rapid rise of these start-ups exhibits that India is strongly advocating the use of technology to strengthen its healthcare ecosystem and provide much needed quality care to its citizens.