India’s healthcare sector is one of the fastest growing, contributing significantly not only in terms of revenue but also in terms of employment. Hospitals, medical devices, health insurance, telemedicine, clinical trials, medical tourism and medical equipment are among them.
For 24 months, health has been at the center of attention. This shift in focus towards healthcare infrastructure caused not just the country, but the entire world, to sit up and notice that the country has a vast opportunity beyond healthcare.
Existing hospitals are expanding their services through technology platforms, investing in next-generation diagnostic tools, forming alliances with insurance companies and expanding geographically, all with the goal of providing world-class medical care at an affordable price.
The health technology sector is growing at the fastest rate in the healthcare ecosystem
The pandemic may have brought many economies and businesses to their knees, but India’s healthcare sector has stood firm during this critical time. The health technology sector is the fastest growing sector in healthcare. health technology refers to the intersection of health care and technology. It is broadly defined as any technology that enables the delivery or consumption of health care outside of a hospital or doctor’s office.
Health technology companies, in addition to providing health products and services outside of hospitals, also provide information technology solutions to improve health care delivery while reducing costs.
Health is one of the most important areas of application of AI. Some of the most important innovations in healthcare today include a strong AI component. For example, AI has helped the recovery from the global impact of the COVID-19 pandemic, which lasted nearly two years. AI has been used in the healthcare industry for a variety of purposes including early detection of COVID-19, patient support, and more.
Lack of access to adequate intensive care in India
One of the most serious flaws in India’s traditional healthcare system is that many patients, especially those living outside metros and Tier 1 cities, do not have access to adequate and critical care. Many health tech start-ups are tackling this problem by bringing health services to patients’ homes.
Home health care in India has evolved from simple tests to care for the elderly, consultations with doctors at home, collection of pathological test samples and delivery of reports, physiotherapy sessions, nursing home and other services.
While technology has touched almost every aspect of urban life in India today, the country still has a long way to go before it can rival the most technologically advanced cities in the Western world as it enters the era of startups. There have been significant advancements in logistics, e-commerce and online consumer services over the past decade, but one area that has lagged behind is healthcare.
Health faces many challenges
In India, health care faces several challenges including limited access and a growing burden of chronic diseases. At the same time, traditional business models, with the exception of a few large vendors, have struggled to demonstrate attractive returns on investment. Injections of technology, along with infrastructure expansion and efficiencies resulting from process improvements, could help improve the accessibility and affordability of healthcare.
Although there are several health tech startups in the Indian ecosystem, technologies such as AI, artificial intelligence have impacted all major industries ranging from agriculture to recruitment, entertainment and transportation, among others. Due to a shortage of skilled healthcare professionals, the healthcare industry presents a huge opportunity for AI to enable more effective and efficient healthcare delivery.
Healthcare startups need an hour
Many startups in India are working to improve access to healthcare and critical care. It is the need of the hour.
The Indian startup community is gradually redefining healthcare delivery through various digital solutions that bridge the patient-provider gap. The development of an ecosystem in the health sector will contribute to the delivery of better, faster and more efficient care.
(Senu Sam is the founder of the full-stack asset-light healthcare chain enabled by Mykare-tech. Opinions are personal.)
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Posted: Saturday, April 2, 2022, 12:31 PM IST