HealthTech: The next frontier for innovation

No power on earth can stop an idea that the time has come? Dr. Manmohan Singh, then Finance Minister, recalled Victor Hugo when he announced India’s economic liberalization plan in 1991. Since then, India’s GDP has grown on average by 7%. ready to become the world’s largest economy by 2030. Despite this extraordinary growth, health care is a late field. Healthy Economy The correlation between a country’s health and its impact on the economy is also noted. Improving quality and providing care not only improves people’s quality of life, but also improves productivity and facilitates faster economic growth. In 2014, according to World Bank data, India’s public health expenditure accounted for only 1.4% of its GDP. Compared with Chinaare 3.1% and the United States 8.3%. India currently has only 0.7 doctors and 1.1 beds per 1,000 of its citizens. However, after looking at private sector participation, total health expenditure accounted for 4.7% of GDP. This is not surprising since the private sector accounts for 74% of total health expenditure in the country. However, compared to 5.5% of China’s and the United States’ GDP of 17% of GDP, it is clear that India must catch up to provide quality and affordable health care to its people. Everything is about to change. In his 12th annual plan, Govt. India is expected to spend $ 55 billion, or 2.5 percent of GDP, on health care, nearly three times more than the previous period. There is also a significant increase in FDI inflows and increased investor interest in the sector. Venture capital and private equity transactions represent less than $ 1.2 billion in 2016. This is more encouraging as the lion’s share of health spending comes from the private sector. human. The health care market in India is expected to grow from $ 100 billion in 2016 to $ 280 billion in 2016. by 2020. This explosive growth is triggered by the broader and deeper penetration of broadband Internet and smartphones. According to some accounts, India has become the second largest smartphone market in the world and the number of smartphone users is only growing at a CAGR of 20-30%. When many Indians have access to broadband Internet and smartphones, they are more likely to use digital services. And health care is no exception. Overall, digital start-ups play an important role in providing unprecedented access to health services. Technologies such as Big Data, IoT, Artificial Intelligence (AI) and Machine Learning (ML) are looking for applications in exciting new areas such as digital intervention, aggregation analysis data and New Age insurance. However, the Indianare digital health ecosystem is still in its infancy; EMR EMR is not widely deployed, health care data security is unknown, big data in the health sector is still in its infancy, and preventive health care solutions lack the needed push. Next unicorn? How are traditional health care providers gearing up for this digital future? What are the health care needs of Indiansn and how do they grow? On July 5, 2017, we co-hosted an “N” with a leading health and fitness provider to help answer these questions. opportunities for health and well-being. As India embarks on its next stage of development, digital start-ups can help revolutionize the healthcare industry. An opportunity to receive invitations to participate in this exclusive event, please enter your information. Note to contributors to this article. Note: “Kalaari is an investor in Curefit Kalaari or Kstart is not an investor in The startups may have been mentioned above. .

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