5 Ways to Become a Healthcare Entrepreneur in India
The market is expected to become USD billion 372 billion by 2022 according to Government sources
We live in a golden age of entrepreneurship in India and across the globe. While we hear a lot of success stories in India on the tech world, healthcare and life sciences success at global scale still seems to be elusive except for a few organizations who have a healthcare silo.
We don’t have a lot of pureplay healthcare players catering to the 8.7 trillion USD healthcare industry ( Deloitte-2018 Global health care outlook - The evolution of smart health care )
Here are some of the ways one could think of kick-starting this exciting journey
One of the most critical healthcare issues is the availability of quality care and healthcare professionals in the right numbers, we still have less than 1 Doctor per 1000 people in India. Any solution which increases the availability of quality healthcare has a high probability of success in India. We have several players in this area who have secured series A funding. It makes sense to capture the wave and be focussed on addressing a single challenge than trying to address the vast spectrum of this universe
Content development and management of digital marketing solutions for pharmaceutical promotion is an attractive and lucrative area with an annual spend of USD 29.9 billion in the US alone. India has a vast talent pool of Doctors and allied Healthcare providers, technology developers, new age creative designers like 3D, animations, gaming developers, etc who can create cutting edge medical and promotional content for the pharmaceutical industry. A sample in the case is the large investments made by pharma companies like GSK, Novartis, Eli Lilly, Novo Nordisk etc to set up offshore development facilities to support they're marketing and medical teams worldwide
Development of patient support solutions which is focussed on addressing a specific disease like Neurological disorders, Infertility, Psychiatry, metabolic disorders like diabetes etc could be a good opportunity to develop chatbot based patient support solutions which offer unbiased and qualified medical education to patients. There is a high probability of success in this since 80per cent of our country is covered with mobile data which is cheap
Data & Analytics is a big theme in our world with the cost of drug discovery and other healthcare challenges becoming steep every day. Big pharma like Roche, Novartis and Merck has already made several investments in data management and analytics or bought companies who are into this. Predictive analytics in pharma drug discovery uses a mathematical model to narrow down on the molecules which are more likely to become drug candidates which save millions of dollars of research money and time. This surely is an exciting space to be in today’s world. 2018 & 2019 saw several acquisitions minimizing by big pharma in this space which surely makes it an interesting area for us since we have thousands of statisticians, mathematicians and analysts who could be trained in healthcare/life science practice.
Use of new technologies like AR and VR in disease areas like stroke and other complex medical concepts can help manage diseases better. The same technologies can be used MedTech industry and to simplify surgical procedures. There are examples of MR being used for learning medical aesthetic procedures and anatomy education which has huge implications across the globe.
Overall the easy availability of quality talent with global exposure in our country makes India an ideal destination and a cradle of cutting edge healthcare solutions to the world.
Vimal Narayanan is the Founder and CEO. Since its inception in 2012, Vimal has led MedTrix’s global expansion, and today the agency is a partner to many of the top 20 global pharmaceutical companies. Vimal funded MedTrix Healthcare with his humble background of savings and from there the company has grown to become one of the top three medical and digital communications companies in India, servicing global clients.