Why healthtech and telemedicine startups have a bright future ?
There’s been great progress in the Indian Start-up Ecosystem in e-commerce, logistics, and online consumer services since the government asserted structural support to young entrepreneurs through Startup India and other related Initiatives.
Technology nearly touched every aspect of lifestyle in the context of Indian consumer services. Where all key sectors received aid through Start-ups and their unique services, the healthcare sector left lacking in their ability to serve the economy. One obvious reason for this is the availability of qualified healthcare professionals in India, where the number of health experts as compared to other countries is very low. Secondly, those who formed technological modules got no recognition from the investors.
Smashing in the pain of the economic slowdown, the Indian economy is now under a severe medical crisis led by the novel Coronavirus. As soon as the virus panicked top world economies US and China, India too recognized the need of the hour to bring the going economy to a shut. The Indian government as preparatory as well as precautionary measure imposed lockdown, which seems to be moving at success, till the economy led to another crisis of deficiency in medical services.
How did pandemic call for remote medicare?
The corona outbreak throughout the World led to a situation where every person on suspecting even a single symptom of the virus, needed prompt consultation and prescription from the doctor. It was these healthcare startups and Medi-tech ideas that made it possible for people, those stuck at homes amid lockdown to receive consultation via phone, internet, and video call features keeping them away from long queues, appointments, and risks of infections out of their premises.
Some biotech and healthcare startups on perceiving the opportunity also started their test labs for building vaccines for the virus, while some focused on shortening the due time for testing COVID cases through their virtual solutions.
Besides this, the government admired the power of private health startups in remotely providing medicare to people and told states to take the help of these Startups to curb the spread of the virus.
Why remote healthcare and telemedicine startups seem to be on a brighter spot?
Remote healthcare and telemedicine essentially help patients to receive consultation on varied locations through apps, web-based applications or AI(Artificial Intelligence). Usually, these startups are looking for sufficing the need of specialized doctors and unreached medicare. Simply, these startups work on an e-commerce approach targeting segments of medicare and bringing healthcare services to the comfort of patients.
Healthcare is a sector which has a no-end when it comes to business, it continues to grow with pandemics like COVID-19 and reveals more opportunities for those who are using overarching technology to tackle medical problems.
In the scenario, entrepreneurs of India can avail the option to choose from any of Medi-Tech options without much restrictions with requisite permission from the government – online pharmacy, personal health management, home healthcare, telemedicine, fitness & wellness, diagnostics, medical devices, healthcare IT, preventive healthcare, biopharma and genomics, biotech and R&D.
Further, during fighting a medical crisis led by coronavirus, the ripple effect on demand for medical solutions served by these Medi-Tech startups shall be observed rising.
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