{"id":1597,"date":"2021-04-16T10:00:41","date_gmt":"2021-04-16T10:00:41","guid":{"rendered":"http:\/\/3.6.159.88\/?p=1597"},"modified":"2023-02-18T05:42:07","modified_gmt":"2023-02-18T05:42:07","slug":"get-ready-to-surf-indias-health-tech-wave","status":"publish","type":"post","link":"https:\/\/trica.co\/capital\/blog\/get-ready-to-surf-indias-health-tech-wave\/","title":{"rendered":"Get ready to surf India\u2019s health tech wave"},"content":{"rendered":"

At the height of the first wave of the pandemic last year, a friend was stuck in her home town far away from the nearest big city and had a complication linked to a chronic health condition. This in itself wasn\u2019t new but she needed to consult her doctor for a prescription and due to the restrictions and the pandemic going to the hospital was too risky. Her daughter used an online consultation app and she was able to do a video call with her regular doctor whose <\/span>practice<\/b> was two hours away and she got the right treatment. What is exceptional about this anecdote is that it is not exceptional anymore in India. Stuck at home and worried about visiting hospitals or medical shops, millions of Indians have turned to online platforms to consult with doctors, order medicines and get diagnostic tests done in the past year. <\/span>E-pharmacies<\/b> saw a 200% increase in the number of orders in 2020, while consultations on tele-consultation platforms increased by 300%, according to a recent <\/span>health tech<\/b> report by IAMAI-Praxis. It has been a transformational year for Indian healthcare, specifically <\/span>health tech<\/b>.<\/span><\/p>\n

PICTURE ABHI BAKI HAI!\u00a0<\/strong><\/p>\n

We are just scratching the surface when it comes to exploring the possibilities that the intersection of health and tech can come up with. Why do I say this? Solving demand supply gaps within the existing ecosystem is always the first stage in any sector that tech transforms. At this stage the innovation or the tech intervention is in discovery and delivery. We have seen this with e-commerce and even to a large extent with <\/span>edtech<\/b>. The business models in <\/span>health tech<\/b> that have gained traction and have scaled are in segments like online medicine delivery, tele-consulting, and tech solutions for doctors and hospitals and other healthcare service providers. 1mg, <\/span>PharmEasy<\/b>, and Practo are some of the best known examples that fall in this category. Startups <\/span>focussing<\/b> on preventive healthcare, fitness, and lifestyle-linked health solutions with the use of wearables and nutrition have also come up, primarily targeted at the top 1% of Indians, which is still a significant population.<\/span><\/p>\n

\"\"<\/p>\n

Startups like CureFit are in this segment. Much of the $3.4 billion that has flown into <\/span>health tech<\/b> between 2014 and 2020 has been cornered by such startups. Earlier this year, <\/span>Innovaccer<\/b> became India\u2019s first <\/span>health tech<\/b> unicorn. It analyses healthcare data to offer actionable insights to doctors, hospitals, and insurance companies. So far we have seen tech-enabled innovations; the next phase will be tech-led and there are multiple global examples of this trend.<\/strong> Like genetic testing company <\/span>23andMe<\/b>, which Richard Branson is trying to take public through a SPAC reverse merger. <\/span>23andMe<\/b> has started co-developing drugs using its massive genetic database and has also partnered with a hot <\/span>artificial intelligence<\/b> (<\/span>A.I.)<\/b>-based chronic disease management startup <\/span>called <\/b>Lark Health.<\/span><\/p>\n

Another one is <\/span>the U.K.<\/b>-based BenevolentAI, which uses A.I. for drug discovery and has been valued at over $2 billion.<\/span><\/p>\n

\u00a0<\/span>Segments to watch<\/b><\/p>\n

Every link in the healthcare chain in India is plagued by severe infrastructural issues and is ripe for disruption and tech intervention. However, from a startup and investment point of view, it will be in diagnostics, R<\/span>&D, and<\/b> deep science that we will see the most breakthroughs in the near future. To be fair, we have seen startups that have used <\/span>A.I.<\/b>, <\/span>machine learning <\/b>(ML), data analytics, and deep science R&D come up with innovative solutions built for India.<\/span><\/p>\n

\"\"<\/p>\n

However, such examples are few, and fewer have seen growth and scale. But my bet is that we have reached the inflection point and we will see more innovative startups come up and find large markets.<\/span><\/p>\n

What’s the booster shot?<\/b><\/p>\n

There are many factors that support my view.<\/span>\u00a0<\/span><\/p>\n