Abstract the health care industry in order to

Abstract

Healthcare is one of the areas, gaining
gradual importance in India. People are becoming more and more health conscious
and are seeking quality services throughout. Indian healthcare industry has
seen a paradigm shift in terms of demand from all over the world for medical
care in India. Medical tourism rate is increasing in India. Due to which there
is constant need to revitalize the health care industry in order to optimize long-term
health of the society. But it requires flexible and innovative thinking, which
will deal with existing problems at their roots. This lead to the emergence of Start-ups
in healthcare sector. Entrepreneurs having analytical minds have tried to tap
the vast, undiscovered potential in this market through various innovations. This
innovative thinking, hard work and patience, guided by the right investors and
their business expertise, and proper support from the government are helping
these start-ups grow at an increasing rate.

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The Indian startup ecosystem is
growing faster than in any other country, Pune is also not behind. The encouragement
by the government, their policies, technology business incubations in
engineering colleges, startup innovation cells at management colleges, and
private players providing startup ecosystems at nominal costs, etc has created
a ecosystem suitable for start-ups in Pune.

This research paper aims to study
the revolution happened in the Indian healthcare Industry focusing on
start-ups, through secondary sources of data.

Key
Words: Healthcare industry,
innovation, start ups, funding, Pune

Introduction

Innovation is need of the hour today
and is directly linked with excellent business prospect. Since ages healthcare industry
has evolved a lot due to various reasons such as government policies,
introduction of private players and increase of health consciousness. Due to
which Healthcare sector has become a lucrative business opportunity. This need
is tackled successfully by various Entrepreneurs by starting their startups.

Health care start-ups are helping
doctors and their patients, to unite the existing unsystematic health care structure
in India. There is a huge supply demand gap in the sector, which is tried to
bridge by various potential entrepreneurs and has hence embarked a journey to
revolutionize itand make a long-term, ineffaceable impact on the society.

(TOI, 2017) According to
NIMA National Integrated Medical Association idealas prescribed by WHO is 1:400,
where as in India its 1:1,700.This is really depressing. Not only this there is
lack of proper infrastructure to promote growth in the sector, low public
investments in preventive health facilities, lack of transparency in Hospitals’
data related to registration and other healthcare facilities.

All these limitation has resulted in
to creating a spark of innovation in the minds of entrepreneurs to broadened
the healthcare network and focus on technology aspect as well. Digital India
mission has contributed in a significant way towards this and hasenlightened
the tech start-ups to renovate the concept of wellness and turn it into a systematic
data oriented and efficient structure.Business houses have now entered into
medical care, and are trying to transfer treatment, from disease-care to
patient-care, in order to transform India into a consumer-driven healthcare.

Digitization of healthcare sector is
the recent mania and most of the start-ups have focused and succeeded in this. There
is lot of scope of growth in the areas such as life sciences and stem cells.
The producers of this digitized health care globally also are moving forward at
aincredible pace. Investors have also begun to recognize the potential which
this market has and are competing to add healthcare sector to their portfolios,
as new investment avenues.

The innovators or entrepreneurs are effortlessly attracting the consumers
towards their product by providing digital and right information beneficial to
them. This research paper is focused on exploring the innovations in healthcare
industry that has resulted in to bridging the gap between patients and doctors
and has made the sector digital and technology driven.

Objective

·        
To illustrate
the various transformations or innovations happened in the Indian healthcare
sector in recent years.

·        
To highlight
efforts for promoting start-ups in Indian healthcare sector through funding in
the year 2017.

Literature
review

(Mr.Avishek Ghosal*, 2012)This research
paperdeals with the innovations in business model healthcare providers and its
impact of their work and theentire sector. The research is qualitative
describing four case studies in order to find out the changes in the way firms
operate in healthcare sector.

(Kurhekar, 2010)The paper illustrates various
technological innovation happened in the Indian healthcare industry. It
introduces a methodology called as Technology Innovation management (TIM) to
evaluate the proper level of innovation, its usage, technological and process
impact. This methodology offers phase by phase process to foster technological advances
and address risk, issues and uncertainties as a regular process.

(KPMG, 2016)This
report explores the scope of healthcare startups in India and identifies the
challenges it faces along with measures to overcome it. It also includes the
strategies to attract investor and collaboration with them for sustainable
growth. The author has studied success stories of healthcare start-ups and it
was concluded that there is immense potential for strong growth in this sector
and if a conducive eco system is established then the sector will flourish even
globally.

­(Sengupta, 2012)According to the author healthcare sector
in India is undergoing a stage of transformationboosted by speedy economic
growth. There is increase in amount of investment in emerging markets such as
diagnostic chains and medical device manufacturers. The paper focuses on
innovations based on technology and ICT.

(Jallifier, 2010) This paper focuses on India’s growth in
the healthcare sector, its structure, medical tourism, innovations,
telemedicine and governments’ initiatives.  It was concluded that growth in the healthcare
sector coupled with the purchasing power of the Indian Rupee has lead to the
availability of low cost medical treatment. This development has lead to
foreign tourist seeking inexpensive quality care in India, or what is known as
Medical Tourism and other points mentioned above has contributed towards the
growth of the healthcare sector despite some of the systemic limitations.

Research
Methodology

This paper highlights entrepreneurial
innovations happened in the recent years in India by using secondary sources of
data.

Healthcare
Industry through Porter’s five forces analysis

Source: IBEF
Healthcare December 2017

Innovations
in the healthcare sector

Entrepreneurial
Innovation – Start ups from all over the country

1. Healers at Home

This startup has a core team of
professionals from IIT and YIF with a good amount of experience in the
healthcare sector. The genesis of the idea arose when the founder Mr. KshitijGarg
suffered from severe back pain and was hunting for quality physiotherapy services.
This led to the founding of Healers at Home which provides on-call
physiotherapy and yoga professionals to patients.

Besides that, they also provide
nursing, attendant and childcare services right at doorstep. This is of great
help to working professionals who have a patient or a child at home and need a
trustworthy caregiver to be on call and help with taking care of their loved
ones.

2. Zozz

When someone moves to a new city or neighborhood,
finding a new doctor is always a challenge. This can be extremely significantin
cases of emergency.

Zozz, a Hyderabad-based startup, facilitates
to find an orthopedic specialist in the vicinity. The company was founded in
February 2016 by Jaydeep Reddy and has arranged at least 30-40 specialist
doctors’ home visits in just a month. Along with doctor visits, the company
also provides on-demand physiotherapy and elderly care services at home.

3. Portea

Portea, a healthcare startup in
India, provides medical equipment on rent across 25 cities in India.The company
provides hospital-quality medical care at home of a patient. It was founded in
2013, and has now expanded its services internationally to countries like
Malaysia. The company also provides doctors and medical professionals on call
and its procedures have been developed in consultation with leading medical
practitioners from the US.

4.MedGenome

MedGenome is an Indian startup that
works with international pharmaceutical companies to improve the quality of
medicines that they make. MedGenome handles the research aspect in the
collaboration and provides information and analysis on different genetic
samples to help make medicines better and more efficient.

5.Goqii

Goqii, founded by entrepreneur
Vishal Gondal, manufactures smart wearable fitness devices at very affordable
price.This device helps to maintain daily fitness goals by tracking your
activity, sleep quality and other health parameters. This Health and fitness
smart wearables making startup has become a case study at the Harvard Business
Publishing platform, a subsidiary of Harvard University.

6. WelcomeCure

WelcomeCure, headquartered in Mumbai
provides services in the field of homeopathy. Using Skype, this startup helps
set up video calls between patients and medical professionals so that you can
have a consultation directly from home.

7. 1mg

1mg Gurgaon-based startup aims to
make purchase of medicines convenient and hassle-free. Thislets order medicines
online for generic as well as prescription drugs. They tie up with local
pharmacies in the neighborhood and ensure that the order is delivered to the
concerned person within a committed time-frame.

8. Surgerica

This start up deals with the
problems of patients related to the surgery. In case if they want to go second
opinion related to surgery they can find solution through this start up. The
companyenables you to share medical reports, different doctors, and hospitals and
compare prices to connect with doctors across various hospitals.

9.HealthKart

HealthKart is an e-commerce company
that makes available a varied range of dietary supplements and fitness devices.
This startup is India’s largest online health and fitness store. Consumer can
access any dietary supplement you need from the comfort of your smartphone or
computer.

10.Practo

Practo is a platform where database
of doctors is available as per their specialty. Their app lets you to look
fordoctors across cities, get other patients’ feedback and also book an
appointment.

They have new added feature in the
app for online consultation with a specialist doctor.

Entrepreneurial
Innovation –Healthtech Startups from Pune

(Jain, 2016)Punefrom
Maharashtra has become next start-up hub after bangluru.The city is known for
various reasons starting from culture, education, IT center and now
entrepreneurial talent. There are number of health tech start-ups, started by talented
entrepreneurs who are designing and creating innovative products to change the
face of India’s healthcare. 

Following are some of the innovative
healthtech startups those have marked their presence

PlanMyMedicalTrip.com

A
mobile app launched in the year 2012 created for searching affordable treatment
cost across various countries. The start-up has1500 tie-ups with reputed hospitals
and doctors in India and Turkey, to provide the best service to international
patients. This
portal provides end-to-end medical assistance to the users and acts as a
patient-friendly app.

“Healthcare start-ups are revolutionizing
the way people approach medical institutions. We are not only encouraging these
institutions to maintain competitive costs, but also driving them to improve
the quality of services by generating stiff competition in the industry,”
said AnuravRane – CEO – PlanMyMedicalTrip.com.

Livehealth

This is also a mobile app of a
start-up based in Pune provides delivery of medical records on mobile and
facilitates comparison of it by connecting with various health providers.It is
founded by Abhimanyu Bhosale and Mukund Malani. Through this app doctors and
patients connection becomes smooth and hassle free.

Allizhealth

Founded by Chinmoy Mishra, GauravVij
and Dhairya Gupta, a preventive care platform for consumers betterdetection of health
risk or condition and solving it.It is a warehouse of consolidated
health information with the vigorouscooperation of users and limited dependency
on healthcare suppliers. This start-up allows unifiedincorporation of labs,
hospitals and expert doctors to providetailored care. Users can identify and
manage their risk, consult an expert doctor and even book a health package.

Praxify

Praxify is a cloud-based physician
practice management solution with electronic medical record (EMR) suite of
products and services, catering to the needs of doctors and clinics. This is
founded by Abhijit Gupta and Ram Sahasranam.

Indian Startup
Funding & Investment Chart in the year 2017

Sr.No.

Date (dd/mm/yyyy)

Startup Name

Sub Vertical

City / Location

Investors’ Name

Investment Type

Amount (In USD)

1.       

7/12/2017

Cygnus Hospitals

Super specialty hospital

Gurgaon

Somerset Indus Capital Ventures

Seed/Angel Funding

750,000

2.       

15/11/2017

ElderAid Wellness

Social Healthcare Enterprise

Bangalore

RugminiMenon

Angel Funding

N/A

3.     
 

21/11/2017

Portea

Healthcare facilities at doorstep

Bangalore

Sabre Partners, MEMG CDC

Private Equity

26,000,000

4.     
 

28/11/2017

MobieFit

Health and fitness based mobile App

Goa

NB Ventures, MediAssist

Seed/Angel Funding

1,350,000

5.       

06/09/2017

OncoStem

Medical Diagnostic Solutions

Bangalore

Sequoia Capital India, Artiman Ventures

Private Equity

6,000,000

6.       

02/08/2017

Click2Clinic

healthcare service aggregator

Hyderabad

NarottamThudi, ShireeshPalle

Seed Funding

850,000

7.       

03/08/2017

Zoctr

Health Products & Services Aggregator

Mumbai

SIDBI

Private Equity

NA

8.     
 

11/09/2017

Call Health

Healthcare Services Aggregator

Hyderabad

Sachin Tendulkar, P.V SIndhu, PullelaGopichand

Private Equity

6,200,000

9.     
 

12/09/2017

Sattviko

Health Food etailer

New Delhi

Raman Roy, ArvindUppal, SonuBhasin, G Ravishankar

Seed Funding

N/A

10.   

12/09/2017

3HCare

Healthcare services portal

New Delhi

Undisclosed Investor

Seed Funding

100,000

11.   

20/09/2017

HWell24 Plus

Technology-Empowered Healthcare Solutions

Mumbai

Undisclosed Investors

Seed Funding

N/A

27/09/2017

MyUpchar

Local Language Health Information portal

New Delhi

LetsVenture

Seed Funding

300,000

02/08/2017

Click2Clinic

healthcare service aggregator

Hyderabad

NarottamThudi, ShireeshPalle

Seed Funding

850,000

03/08/2017

Zoctr

Health Products & Services Aggregator

Mumbai

SIDBI

Private Equity

N/A

05/08/2017

Curatio

Skincare Speciality services

Chennai

Anicut Capital

Private Equity

N/A

29/08/2017

CureFit

End to End health and wellness platform.

Bangalore

Accel Partners, IDG Ventures, Kalaari Capital, 
UC-RNT fund

Private Equity

25,000,000

29/08/2017

Doxper

HealthtechIoT platform

Mumbai

idal Health, growx ventures, Capier Investments,
Globevestor& others

Seed Funding

750,000

27/07/2017

1mg

Online
Pharmacy

Gurgaon

HBM
Healthcare Investments, Maverick Capital Ventures, Sequoia India, Omidyar
Network and Kae Capital

Private
Equity

15,000,000

06/06/2017

Healthbuds

Healthcare
Discovery & booking platform

Kolkata

ArunPatodia,
Bharat Kedia

Seed
Funding

N/A

20.   

08/06/2017

Multiplier
Solutions

CRM
Software for Healthcare space

Hyderabad

Norwest
Venture Partners

Private
Equity

1,500,000

21.   

12/06/2017

PeeSafe.in

Hygiene
care product manufacturer

New
Delhi

Venture
Catalysts, Alfa Capital, Green Shots Capital, Real Time Ventures

Private
Equity

1,000,000

16/06/2017

HealthIntel

Online
Pharmacy

New
Delhi

BLIP
Initiatives

Seed
Funding

N/A

04/05/2017

Healthians

Online
Diagnostics and wellness platform

New
Delhi

Asuka
Holdings, YouWeCan Ventures, Beenext, Beenos, M Partners

Private
Equity

N/A

05/05/2017

HealthMir

AI-based
health content platform

New
Delhi

NimitPanigrahi

Seed
Funding

N/A

05/05/2017

Uactive

Health-based
social networking & discovery App

Mumbai

Hinduja
family

Seed
Funding

N/A

08/05/2017

CureFit

Health-Tech
Platform

Bangalore

Trifecta
Capital Advisors LLP, PrathithiInvestment Trust, RNT Capital, GokulRajaram,
AdityaAgarwal, RuchiSanghvi& others

Private
Equity

3,200,000

19/05/2017

HealthSutra

Health
Food Maker

Hyderabad

Ankur
Capital, Hyderabad Angels

Seed
Funding

N/A

03/04/2017

Healthcare
at Home

Home
Healthcare Provider

Noida

Quadria
Capital Advisors

Private
Equity

40,000,000

06/04/2017

Medwell
Ventures

Home-Based
Healthcare provider

Bangalore

Mahindra
Partners, Eight Roads Ventures, F-Prime Capital Partners

Private
Equity

21,000,000

07/04/2017

QorQI

Online
Healthcare provider

Noida

Paytm

Seed
Funding

N/A

17/04/2017

CrediHealth

Online
Medical Assistance platform

Gurgaon

TolaramInc,
Mountain Pine Capital

Private
Equity

1,500,000

17/04/2017

Navia
Life Care

Health
Technology platform

New
Delhi

Benori
Ventures LLP

Seed
Funding

N/A

24/04/2017

Niramai

Breast
Cancer Screening Solutions

Bangalore

pi
Ventures, AxilorVentures, 500 Startups, BinnyBansal

Seed
Funding

N/A

28/04/2017

Sepalika

Healthcare
related content platform

New
Delhi

Accel
Partners

Seed
Funding

750,000

02/03/2017

Celes
Care

Women
Healthcare & Information portal

Hyderabad

Ventureast,
Endiya Partners, Eight Roads Ventures, F-Prime Capital Partners

Private
Equity

1,500,000

04/03/2017

iGenetics

Health
Diagnostic Solutions

Mumbai

CDC
Group Plc

Private
Equity

19,500,000

10/03/2017

PeeBuddy

Female
Hygiene product manufacturer

New
Delhi

Indian
Angel Network

Seed
Funding

443,000

05/01/2017

Yostra

Healthcare
Technology Solutions

Bangalore

Marico
Innovation Foundation (MIF), Villgro

Private
Equity

N/A

17/01/2017

Practo

Online
Healthcare platform

Bangalore

Tencent, 
ru-Net, RSI Fund, Thrive Capital

Private
Equity

55,000,000

26/01/2017

AirMed
Labs

Health
Tests Booking platform

Ahmedabad

Brand
Capital

Private
Equity

1,400,000

30/01/2017

YOLO
Health

Online
Healthcare platform

Mumbai

Chandigarh
Angels Network (CAN)

Seed
Funding

N/A

Source: http://trak.in/india-startup-funding-investment-2017/

Conclusion

Healthcare industry in India has undergone a rapid
change in recent years. High potential of entrepreneurs and skills has created
a hub of startups in India and in Pune also. Various start-ups like Practo,
Portea, healthcart and so on has contributed in a significant manner in
bridging the gap between healthcare providers and consumers. This has become
possible due to the willingness, hard work, skills, and knowledge of the
entrepreneurs. Government policies and funding agencies from all over the
country have revolutionsed the industry. (Ahuja, 2018) In the year 2017 the
healthcare industry has seen lot of changes but it is yet to flourish more in
the coming years. Startups are supposed to get
innovation while renovate the sector by bringing in the technologies like AI
(Artificial Intelligence) and machine learning with conventional practices in
the healthcare. In the upcoming years, the innovative
technologies will revamp patient’s understandings and will begin using their
experiences to differentiate markets.

 

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