The Covid-19 pandemic has been an ‘eye-opener’, exposing big gaps and deficiencies in India’s healthcare ecosystem. The first wave was bad enough but when the second surge came two months into 2021, India was literally devastated. With staggering caseloads and gruesome deaths all over the country, both hospitals and medical professionals were overwhelmed. Add to that a scarcity of oxygen cylinders, lack of medicines and the frightening absence of robust, easy-to-access healthcare infrastructure that led to a perfect nightmare.
According to a 2020 report titled India’s Healthtech Landscape In A Post-Covid-19 World, published by Inc42 Plus, the Covid crisis underlined the importance of quality healthcare and its implementation at the earliest. What’s more, technology is already playing a crucial role in today’s healthcare space, be it AI/ML-powered predictive analysis and diagnosis, treatment via teleconsultation, remote health monitoring or complete digitisation of patient data for the sake of convenience and safety. This instantly brings to mind the significance of healthtech and how the Indian startups operating in this space are endeavouring to provide vital support to traditional medical care. It is not surprising, therefore, that the market size of Indian healthtech startups is estimated to reach $21 Bn by 2025, while the total addressable healthcare market is likely to skyrocket to $638 Bn by that time.
The tech-powered solutions mentioned above are bound to play a critical role in mending India’s healthcare ecosystem, especially in pandemic times. The growing fear and uncertainty among doctors, patients and healthcare workers have already led to a huge surge in telemedicine practices, video consultation, home healthcare and remote patient monitoring. In fact, the government’s Telemedicine Practice Guidelines, released in March 2020, has given healthtech a timely boost.
However, with uncertainty looming large over the healthtech sector due to the second wave and debates over a possible third, how will the healthcare ecosystem evolve and progress in India? What will be the new challenges, trends, opportunities, services and solutions?
In this session of The Dialogue, presented by Inc42 and Microsoft, the panellists discuss the current market landscape, trends and opportunities for companies enabling India’s healthcare ecosystem.
The Dialogue: Healthtech Startups Boost Indian Healthcare Ecosystem
Moderated by pi Ventures’ MD, Roopan Aulakh, the discussion has brought together Geeta Manjunath, CEO and CTO of Niramai Health Analytix; Kanav Hasija, Innovaccer’s cofounder and chief customer officer; Dozee’s cofounder and CEO, Mudit Dandwate, and Keren Priyadarshini, general manager healthcare, JAPAC at Microsoft.
Here is a quick summary of what to expect:
- The current healthtech landscape in India and the impact of Covid-19
- The role of healthtech startups in countering the aftermath of the second wave
- How the country’s healthcare policy and the government are enabling the healthtech ecosystem
- Thinking of 2021 and beyond: What’s next for the healthtech startups? A deep dive into the trends and opportunities
- How can healthtech companies ensure patients’ health records/data are secure?
- The impact of AI/ML on prevention, diagnosis and finding cures