Healthcare spending in India is very low as compared to US or even China .The government aims to increase this healthcare spending. Much of this will be done through public private partnerships and using tech to increase the reach and multitude of healthcare services.
With a fast-growing middle class and increased usage of Internet and mobile broadband, there is a high demand for quality and affordable healthcare in India. Healthcare market in India is growing, creating huge opportunity for healthcare and healthtech companies and startups.
There are larger trends emerging in preventive healthcare, analytics, pathology, emergency services, among other things.
Entrepreneurs are hopeful that the benefits of the Ayushman Bharat scheme launched by the government will also trickle down to their fraternity in the times to come. An increased partnership with the government in the near future for innovations and more people coming into the ambit of professional healthcare are being looked at as key benefits for the startup ecosystem.
The Government of Telangana also successfully hosted its flagship life-sciences and healthcare forum, BioAsia 2019, in Hyderabad where the Startup Stage featured 76 startups from over 300 entries, focused on providing cutting edge solutions like innovative pharma and bio-tech solutions, remote diagnostic mechanisms, heath therapeutic innovations, m-health technologies, wearable devices, among others that are instrumental in transforming life sciences and healthcare sectors.
However one should keep care that healthcare industry now has a smarter, more sophisticated customer base. So one should never
- Lose track of what matters more to their customers.
- Spend too much money before identifying a market and product market fit.
- Be too optimistic of their ability to gain market share as sales cycle is incredibly long.