AbstractHealthcare is one of the areas, gaininggradual importance in India. People are becoming more and more health consciousand are seeking quality services throughout. Indian healthcare industry hasseen a paradigm shift in terms of demand from all over the world for medicalcare in India. Medical tourism rate is increasing in India.
Due to which thereis constant need to revitalize the health care industry in order to optimize long-termhealth of the society. But it requires flexible and innovative thinking, whichwill deal with existing problems at their roots. This lead to the emergence of Start-upsin healthcare sector. Entrepreneurs having analytical minds have tried to tapthe vast, undiscovered potential in this market through various innovations. Thisinnovative thinking, hard work and patience, guided by the right investors andtheir business expertise, and proper support from the government are helpingthese start-ups grow at an increasing rate.
The Indian startup ecosystem isgrowing faster than in any other country, Pune is also not behind. The encouragementby the government, their policies, technology business incubations inengineering colleges, startup innovation cells at management colleges, andprivate players providing startup ecosystems at nominal costs, etc has createda ecosystem suitable for start-ups in Pune.This research paper aims to studythe revolution happened in the Indian healthcare Industry focusing onstart-ups, through secondary sources of data.KeyWords: Healthcare industry,innovation, start ups, funding, Pune IntroductionInnovation is need of the hour todayand is directly linked with excellent business prospect. Since ages healthcare industryhas evolved a lot due to various reasons such as government policies,introduction of private players and increase of health consciousness. Due towhich Healthcare sector has become a lucrative business opportunity. This needis tackled successfully by various Entrepreneurs by starting their startups.Health care start-ups are helpingdoctors and their patients, to unite the existing unsystematic health care structurein India.
There is a huge supply demand gap in the sector, which is tried tobridge by various potential entrepreneurs and has hence embarked a journey torevolutionize itand make a long-term, ineffaceable impact on the society.(TOI, 2017) According toNIMA National Integrated Medical Association idealas prescribed by WHO is 1:400,where as in India its 1:1,700.This is really depressing. Not only this there islack of proper infrastructure to promote growth in the sector, low publicinvestments in preventive health facilities, lack of transparency in Hospitals’data related to registration and other healthcare facilities.All these limitation has resulted into creating a spark of innovation in the minds of entrepreneurs to broadenedthe healthcare network and focus on technology aspect as well. Digital Indiamission has contributed in a significant way towards this and hasenlightenedthe tech start-ups to renovate the concept of wellness and turn it into a systematicdata oriented and efficient structure.
Business houses have now entered intomedical care, and are trying to transfer treatment, from disease-care topatient-care, in order to transform India into a consumer-driven healthcare. Digitization of healthcare sector isthe recent mania and most of the start-ups have focused and succeeded in this. Thereis lot of scope of growth in the areas such as life sciences and stem cells.The producers of this digitized health care globally also are moving forward ataincredible pace. Investors have also begun to recognize the potential whichthis market has and are competing to add healthcare sector to their portfolios,as new investment avenues.The innovators or entrepreneurs are effortlessly attracting the consumerstowards their product by providing digital and right information beneficial tothem. This research paper is focused on exploring the innovations in healthcareindustry that has resulted in to bridging the gap between patients and doctorsand has made the sector digital and technology driven.
Objective· To illustratethe various transformations or innovations happened in the Indian healthcaresector in recent years.· To highlightefforts for promoting start-ups in Indian healthcare sector through funding inthe year 2017.Literaturereview(Mr.
Avishek Ghosal*, 2012)This researchpaperdeals with the innovations in business model healthcare providers and itsimpact of their work and theentire sector. The research is qualitativedescribing four case studies in order to find out the changes in the way firmsoperate in healthcare sector.(Kurhekar, 2010)The paper illustrates varioustechnological innovation happened in the Indian healthcare industry. Itintroduces a methodology called as Technology Innovation management (TIM) toevaluate the proper level of innovation, its usage, technological and processimpact.
This methodology offers phase by phase process to foster technological advancesand address risk, issues and uncertainties as a regular process.(KPMG, 2016)Thisreport explores the scope of healthcare startups in India and identifies thechallenges it faces along with measures to overcome it. It also includes thestrategies to attract investor and collaboration with them for sustainablegrowth.
The author has studied success stories of healthcare start-ups and itwas concluded that there is immense potential for strong growth in this sectorand if a conducive eco system is established then the sector will flourish evenglobally.(Sengupta, 2012)According to the author healthcare sectorin India is undergoing a stage of transformationboosted by speedy economicgrowth. There is increase in amount of investment in emerging markets such asdiagnostic chains and medical device manufacturers. The paper focuses oninnovations based on technology and ICT.
(Jallifier, 2010) This paper focuses on India’s growth inthe healthcare sector, its structure, medical tourism, innovations,telemedicine and governments’ initiatives. It was concluded that growth in the healthcaresector coupled with the purchasing power of the Indian Rupee has lead to theavailability of low cost medical treatment. This development has lead toforeign tourist seeking inexpensive quality care in India, or what is known asMedical Tourism and other points mentioned above has contributed towards thegrowth of the healthcare sector despite some of the systemic limitations.ResearchMethodology This paper highlights entrepreneurialinnovations happened in the recent years in India by using secondary sources ofdata.HealthcareIndustry through Porter’s five forces analysisSource: IBEFHealthcare December 2017Innovationsin the healthcare sectorEntrepreneurialInnovation – Start ups from all over the country1.
Healers at HomeThis startup has a core team ofprofessionals from IIT and YIF with a good amount of experience in thehealthcare sector. The genesis of the idea arose when the founder Mr. KshitijGargsuffered from severe back pain and was hunting for quality physiotherapy services.This led to the founding of Healers at Home which provides on-callphysiotherapy and yoga professionals to patients.Besides that, they also providenursing, attendant and childcare services right at doorstep. This is of greathelp to working professionals who have a patient or a child at home and need atrustworthy caregiver to be on call and help with taking care of their lovedones.2. ZozzWhen someone moves to a new city or neighborhood,finding a new doctor is always a challenge.
This can be extremely significantincases of emergency.Zozz, a Hyderabad-based startup, facilitatesto find an orthopedic specialist in the vicinity. The company was founded inFebruary 2016 by Jaydeep Reddy and has arranged at least 30-40 specialistdoctors’ home visits in just a month. Along with doctor visits, the companyalso provides on-demand physiotherapy and elderly care services at home.
3. PorteaPortea, a healthcare startup inIndia, provides medical equipment on rent across 25 cities in India.The companyprovides hospital-quality medical care at home of a patient. It was founded in2013, and has now expanded its services internationally to countries likeMalaysia. The company also provides doctors and medical professionals on calland its procedures have been developed in consultation with leading medicalpractitioners from the US.4.
MedGenomeMedGenome is an Indian startup thatworks with international pharmaceutical companies to improve the quality ofmedicines that they make. MedGenome handles the research aspect in thecollaboration and provides information and analysis on different geneticsamples to help make medicines better and more efficient.5.GoqiiGoqii, founded by entrepreneurVishal Gondal, manufactures smart wearable fitness devices at very affordableprice.
This device helps to maintain daily fitness goals by tracking youractivity, sleep quality and other health parameters. This Health and fitnesssmart wearables making startup has become a case study at the Harvard BusinessPublishing platform, a subsidiary of Harvard University.6. WelcomeCureWelcomeCure, headquartered in Mumbaiprovides services in the field of homeopathy. Using Skype, this startup helpsset up video calls between patients and medical professionals so that you canhave a consultation directly from home.
7. 1mg1mg Gurgaon-based startup aims tomake purchase of medicines convenient and hassle-free. Thislets order medicinesonline for generic as well as prescription drugs. They tie up with localpharmacies in the neighborhood and ensure that the order is delivered to theconcerned person within a committed time-frame.8. SurgericaThis start up deals with theproblems of patients related to the surgery.
In case if they want to go secondopinion related to surgery they can find solution through this start up. Thecompanyenables you to share medical reports, different doctors, and hospitals andcompare prices to connect with doctors across various hospitals. 9.HealthKartHealthKart is an e-commerce companythat makes available a varied range of dietary supplements and fitness devices.This startup is India’s largest online health and fitness store. Consumer canaccess any dietary supplement you need from the comfort of your smartphone orcomputer.10.PractoPracto is a platform where databaseof doctors is available as per their specialty.
Their app lets you to lookfordoctors across cities, get other patients’ feedback and also book anappointment.They have new added feature in theapp for online consultation with a specialist doctor.EntrepreneurialInnovation –Healthtech Startups from Pune(Jain, 2016)PunefromMaharashtra has become next start-up hub after bangluru.The city is known forvarious reasons starting from culture, education, IT center and nowentrepreneurial talent. There are number of health tech start-ups, started by talentedentrepreneurs who are designing and creating innovative products to change theface of India’s healthcare. Following are some of the innovativehealthtech startups those have marked their presencePlanMyMedicalTrip.
comAmobile app launched in the year 2012 created for searching affordable treatmentcost across various countries. The start-up has1500 tie-ups with reputed hospitalsand doctors in India and Turkey, to provide the best service to internationalpatients. Thisportal provides end-to-end medical assistance to the users and acts as apatient-friendly app.”Healthcare start-ups are revolutionizingthe way people approach medical institutions. We are not only encouraging theseinstitutions to maintain competitive costs, but also driving them to improvethe quality of services by generating stiff competition in the industry,”said AnuravRane – CEO – PlanMyMedicalTrip.com.LivehealthThis is also a mobile app of astart-up based in Pune provides delivery of medical records on mobile andfacilitates comparison of it by connecting with various health providers.It isfounded by Abhimanyu Bhosale and Mukund Malani.
Through this app doctors andpatients connection becomes smooth and hassle free.AllizhealthFounded by Chinmoy Mishra, GauravVijand Dhairya Gupta, a preventive care platform for consumers betterdetection of healthrisk or condition and solving it.It is a warehouse of consolidatedhealth information with the vigorouscooperation of users and limited dependencyon healthcare suppliers. This start-up allows unifiedincorporation of labs,hospitals and expert doctors to providetailored care. Users can identify andmanage their risk, consult an expert doctor and even book a health package.
PraxifyPraxify is a cloud-based physicianpractice management solution with electronic medical record (EMR) suite ofproducts and services, catering to the needs of doctors and clinics. This isfounded by Abhijit Gupta and Ram Sahasranam.Indian StartupFunding & Investment Chart in the year 2017 Sr.No. Date (dd/mm/yyyy) Startup Name Sub Vertical City / Location Investors’ Name Investment Type Amount (In USD) 1. 7/12/2017 Cygnus Hospitals Super specialty hospital Gurgaon Somerset Indus Capital Ventures Seed/Angel Funding 750,000 2.
15/11/2017 ElderAid Wellness Social Healthcare Enterprise Bangalore RugminiMenon Angel Funding N/A 3. 21/11/2017 Portea Healthcare facilities at doorstep Bangalore Sabre Partners, MEMG CDC Private Equity 26,000,000 4. 28/11/2017 MobieFit Health and fitness based mobile App Goa NB Ventures, MediAssist Seed/Angel Funding 1,350,000 5.
06/09/2017 OncoStem Medical Diagnostic Solutions Bangalore Sequoia Capital India, Artiman Ventures Private Equity 6,000,000 6. 02/08/2017 Click2Clinic healthcare service aggregator Hyderabad NarottamThudi, ShireeshPalle Seed Funding 850,000 7. 03/08/2017 Zoctr Health Products & Services Aggregator Mumbai SIDBI Private Equity NA 8. 11/09/2017 Call Health Healthcare Services Aggregator Hyderabad Sachin Tendulkar, P.V SIndhu, PullelaGopichand Private Equity 6,200,000 9. 12/09/2017 Sattviko Health Food etailer New Delhi Raman Roy, ArvindUppal, SonuBhasin, G Ravishankar Seed Funding N/A 10.
12/09/2017 3HCare Healthcare services portal New Delhi Undisclosed Investor Seed Funding 100,000 11. 20/09/2017 HWell24 Plus Technology-Empowered Healthcare Solutions Mumbai Undisclosed Investors Seed Funding N/A 27/09/2017 MyUpchar Local Language Health Information portal New Delhi LetsVenture Seed Funding 300,000 02/08/2017 Click2Clinic healthcare service aggregator Hyderabad NarottamThudi, ShireeshPalle Seed Funding 850,000 03/08/2017 Zoctr Health Products & Services Aggregator Mumbai SIDBI Private Equity N/A 05/08/2017 Curatio Skincare Speciality services Chennai Anicut Capital Private Equity N/A 29/08/2017 CureFit End to End health and wellness platform. Bangalore Accel Partners, IDG Ventures, Kalaari Capital, UC-RNT fund Private Equity 25,000,000 29/08/2017 Doxper HealthtechIoT platform Mumbai idal Health, growx ventures, Capier Investments, Globevestor& others Seed Funding 750,000 27/07/2017 1mg Online Pharmacy Gurgaon HBM Healthcare Investments, Maverick Capital Ventures, Sequoia India, Omidyar Network and Kae Capital Private Equity 15,000,000 06/06/2017 Healthbuds Healthcare Discovery & booking platform Kolkata ArunPatodia, Bharat Kedia Seed Funding N/A 20. 08/06/2017 Multiplier Solutions CRM Software for Healthcare space Hyderabad Norwest Venture Partners Private Equity 1,500,000 21. 12/06/2017 PeeSafe.
in Hygiene care product manufacturer New Delhi Venture Catalysts, Alfa Capital, Green Shots Capital, Real Time Ventures Private Equity 1,000,000 16/06/2017 HealthIntel Online Pharmacy New Delhi BLIP Initiatives Seed Funding N/A 04/05/2017 Healthians Online Diagnostics and wellness platform New Delhi Asuka Holdings, YouWeCan Ventures, Beenext, Beenos, M Partners Private Equity N/A 05/05/2017 HealthMir AI-based health content platform New Delhi NimitPanigrahi Seed Funding N/A 05/05/2017 Uactive Health-based social networking & discovery App Mumbai Hinduja family Seed Funding N/A 08/05/2017 CureFit Health-Tech Platform Bangalore Trifecta Capital Advisors LLP, PrathithiInvestment Trust, RNT Capital, GokulRajaram, AdityaAgarwal, RuchiSanghvi& others Private Equity 3,200,000 19/05/2017 HealthSutra Health Food Maker Hyderabad Ankur Capital, Hyderabad Angels Seed Funding N/A 03/04/2017 Healthcare at Home Home Healthcare Provider Noida Quadria Capital Advisors Private Equity 40,000,000 06/04/2017 Medwell Ventures Home-Based Healthcare provider Bangalore Mahindra Partners, Eight Roads Ventures, F-Prime Capital Partners Private Equity 21,000,000 07/04/2017 QorQI Online Healthcare provider Noida Paytm Seed Funding N/A 17/04/2017 CrediHealth Online Medical Assistance platform Gurgaon TolaramInc, Mountain Pine Capital Private Equity 1,500,000 17/04/2017 Navia Life Care Health Technology platform New Delhi Benori Ventures LLP Seed Funding N/A 24/04/2017 Niramai Breast Cancer Screening Solutions Bangalore pi Ventures, AxilorVentures, 500 Startups, BinnyBansal Seed Funding N/A 28/04/2017 Sepalika Healthcare related content platform New Delhi Accel Partners Seed Funding 750,000 02/03/2017 Celes Care Women Healthcare & Information portal Hyderabad Ventureast, Endiya Partners, Eight Roads Ventures, F-Prime Capital Partners Private Equity 1,500,000 04/03/2017 iGenetics Health Diagnostic Solutions Mumbai CDC Group Plc Private Equity 19,500,000 10/03/2017 PeeBuddy Female Hygiene product manufacturer New Delhi Indian Angel Network Seed Funding 443,000 05/01/2017 Yostra Healthcare Technology Solutions Bangalore Marico Innovation Foundation (MIF), Villgro Private Equity N/A 17/01/2017 Practo Online Healthcare platform Bangalore Tencent, ru-Net, RSI Fund, Thrive Capital Private Equity 55,000,000 26/01/2017 AirMed Labs Health Tests Booking platform Ahmedabad Brand Capital Private Equity 1,400,000 30/01/2017 YOLO Health Online Healthcare platform Mumbai Chandigarh Angels Network (CAN) Seed Funding N/A Source: http://trak.in/india-startup-funding-investment-2017/ConclusionHealthcare industry in India has undergone a rapidchange in recent years. High potential of entrepreneurs and skills has createda hub of startups in India and in Pune also. Various start-ups like Practo,Portea, healthcart and so on has contributed in a significant manner inbridging the gap between healthcare providers and consumers. This has becomepossible due to the willingness, hard work, skills, and knowledge of theentrepreneurs. Government policies and funding agencies from all over thecountry have revolutionsed the industry.
(Ahuja, 2018) In the year 2017 thehealthcare industry has seen lot of changes but it is yet to flourish more inthe coming years. Startups are supposed to getinnovation while renovate the sector by bringing in the technologies like AI(Artificial Intelligence) and machine learning with conventional practices inthe healthcare. In the upcoming years, the innovativetechnologies will revamp patient’s understandings and will begin using theirexperiences to differentiate markets.