The landscape of Indian healthcare start-ups is evolving, showcasing its ability to craft transformative solutions that serve both national and international markets. A multitude of factors have driven this growth, establishing India as a noteworthy force in global healthcare innovation.
Spanning across digital health, telemedicine, e-pharmacies, AI, and data analytics, these advancements are broadening access to quality healthcare in urban and rural areas alike, addressing India’s healthcare disparities, according to start-ups at the Bengaluru Tech Summit 2024.
Both the Union and state governments have drastically bolstered the start-up ecosystem, especially within the healthcare realm. Programs like the National Digital Health Mission (NDHM), the Ayushman Bharat scheme, and various funding initiatives have laid a firm groundwork for healthcare innovation. These policies provide start-ups with incentives for digital infrastructure and health-tech investments, they remarked.
Sharing experiences of innovation, tackling hurdles, and harnessing technology for expansion, Kavitha Rodrigues, CEO of Theramab Therapeutics, narrated her path from establishing an Indian start-up to transitioning into a Delaware-based entity in 2016. “Initially, moving our operations abroad was crucial for IP protection and investor assurance. Nevertheless, with India’s advancing start-up climate, rich talent, and growing R&D investment, innovating from India for the global market is now a realizable and promising endeavor.”
Rodrigues emphasized the necessity for patient capital when developing groundbreaking therapeutics, remarking that investors need to understand that innovative therapies for critically ill individuals require time and dedication to show impactful outcomes.
Tarun Bhambra, co-founder of Orange Diagnostics, explained how his enterprise sought to revolutionize the traditionally static diagnostics industry. “We identified an opportunity to blend high-quality branded service with localized efficiency, surpassing the standards of mid-sized laboratories and major national firms.”
Vivek Sinha, co-founder of HealthWorks, highlighted the vital yet often underappreciated role of skilled caregivers and support staff in healthcare. Despite a notable focus on doctors, the care team engages with patients considerably more.
HealthWorks aims to habilitate this workforce through collaborations with educational institutions and providers to address labor shortages. Start-ups in healthcare cannot mirror the disruption models of consumer sectors; aligning with current stakeholders is essential,” he concluded.
The healthcare start-ups also explored how technology can boost operational efficiency and enhance customer interaction. While Rodrigues highlighted Theramab’s utilization of gene libraries and antibody platforms for crafting new therapeutics, Bhambra described Orange Diagnostics’ blend of tele-pathology and AI to streamline sample logistics and fast-track diagnostic outcomes.
The consensus among healthcare start-ups is clear: India is surging in global healthcare innovation prominence. With a large reservoir of healthcare professionals, engineers, and tech innovators, many Indian healthcare start-ups are spearheaded by individuals with dual expertise in medicine and technology, enabling them to generate cutting-edge solutions. As globalization progresses, these companies are expanding into international territories like Southeast Asia, Africa, and even developed nations, meeting the rising demand for affordable healthcare solutions. They agreed that with advances in R&D, infrastructure, and investment, India’s ecosystem is ideally positioned for start-ups to create transformative solutions tailored for both national and international markets.