Healthcare is still a very challenging industry in India. The current healthcare service providers are taking steps to improve their services, but the demand for good healthcare services remains very high and only a small portion of that demand is covered. There are a lot of opportunities to grab as well as challenges to overcome.
Today, several healthcare startups are aiming to solve some of the challenges and bring healthcare services closer to those who need them. Other startups such as Spectral Insights focus more on supporting the industry. What do these new healthcare startups mean for the healthcare industry in India?
The Need to Improve
There is no doubt that hospitals, medical institutions, and other players in the healthcare sector are being pushed forward by new competitors, growing demand, and an improving healthcare landscape. Top medical institutions are reforming their business approaches in several ways.
In recent years, an increasing number of people have pursued advanced degrees in healthcare, including the healthcare MBA online. The goal is to be more prepared for the business side of the industry. Thanks to top universities, particularly US-based universities such as the George Washington University, more people have the opportunity to earn their online healthcare MBA degrees while still working in the industry.
The same need to improve has also sparked many advancements in other departments. Doctors and nurses are enjoying a stream of new technologies and services designed to make them more effective in performing diagnoses and delivering treatments.
A Booming Business
The latest research by Deloitte Touche Tohmatsu India showed that there is a lot of untapped potential in India’s healthcare industry. Healthcare is currently India’s largest sector, valued at around $160 million this year. The size of the industry will grow to around double that size by 2020.
The business side of the industry becomes very important if the healthcare sector is going to be able to serve India’s massive population. There are 1.3 billion people living in the country and the demand for healthcare services continues to soar.
When the business of healthcare is done correctly, this industry can sustain its level of growth while financing new products, research programs, and developments in various departments across the industry itself. The results are better care for patients and improved services in general.
The Role of Startups
Considering the lucrative market and the size of the healthcare industry, seeing new startups focusing on healthcare products and services isn’t really surprising. What’s interesting is how they are helping the industry change for the better with their agile nature and closeness to the consumers.
The startup mentioned earlier, Spectral Insights, is helping doctors digitalize slides more efficiently. It is a simple service, but it is a service that helps the medical imaging department perform better and faster in many situations.
Practo took a different approach with their solution. The startup provides a comprehensive, cloud-based practice management solution that allows doctors to focus more on patient treatment rather than paperwork and documentation.
It is a growing market indeed. Mira Rehab, DocPlexus, Daily Rounds, and other startups are bringing positive changes and driving the healthcare industry forward. The patients are the ones benefiting the most from these positive changes.