Why Indian Healthcare Represents the Best Opportunity for Entrepreneurs Today?
Entrepreneur's New Year’s Guide
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Today’s entrepreneurship is about everything smart in terms of developing solutions that could mitigate at least a layer of the inherent societal issues. It is undoubtedly imminent that disruptive technology is being harnessed to the maximum to bring out models that make lives of people easier; the sectors targeted are also generic and important ones.
One sector, which experts readily believe to accept maximum disruption from smart entrepreneurial models, is Indian healthcare. In this regard, Entrepreneur India analyzes why this sector is hot now as far as opening up opportunities for new-gen entrepreneurs and startups owners is concerned.
Opportunity to create smart impacts
“Today, medical equipments with in-built technologies like IoT, AI, etc are solving complex global problems.,” states Gauri Angrish who is Founder and CEO at Caredose.
In this regard, entrepreneurs could harness micro smart technology aspects such as Automation and AI to create models which could automate a layer of the cumbersome manual processes involved in taking top-class healtchare facilities to the masses in India.
Illustrations of the above include aspects such as automating patient data tracking and report generation so that manual intervention of doctors is minimized and restricted to only verifying and attesting reports; thereby making them more accessible to patients.
“ From devices that can do early detection of lifestyle ailments and dispensers that can help you manage your medication to wearables that can help keep a track of your vitals, new and exciting devices are being built to solve the challenges and give better services to patients.,” adds Angrish.
“A health entrepreneur not only brings a focused approach to his work but also applies his domain expertise which differentiates the business from a system-driven model,” said Dr BS Ajaikumar who is Chairman and CEO at HealthCare Global Enterprises.
Now, the key takeaway here is for entrepreneurs to develop early detection (of threatening disorders) models.
Harnessing new technology
With technology being a key component for “potential” smart healthcare models, a micro aspect to look at here would be data; with any healthcare setup generating immense data, the potential for development of smart solutions is generally on the higher side. ‘
“If you think you’re one of these bold thinkers, we want to hear your great ideas,” states Bill Gates on his official blog post while announcing a new USD 30 Million fund towards promoting research to diagnose Alzheimer’s disease early.
The key takeaway here is the opportunity that data sciences offers to tech-savvy entrepreneurs looking at doing their bit for Indian society.
In fact, data sciences in tandem with disruptive technology should potentially ensure more of precision in medicine.
Apart from data scientists and industry experts, there are even venture capitalists looking at smart healtchare models; to back businesses that offer value additions in terms of products and services which are both smart and cost effective simultaneously.
For health care tech, one of the other criteria we like to see is the 10x factor – meaning are they doing something (using AI) that gives a 10x better solution than the current state of the art?,” informs Manish Singhal – Founding Partner at Pi Ventures.