How pandemic gave health tech startups the much-needed push

The Covid-19 pandemic wreaked havoc not only on human health but also on the global economy. However, for health tech startups in India, the Covid-induced lockdowns and social distancing turned out to be a blessing in disguise and a driver of growth.

The pandemic exposed the gaps in the healthcare industry. In India, the crumbling healthcare infrastructure was laid bare — poor hospital infrastructure, acute shortage of doctors, nursing staff and equipment and specialised treatment facilities, particularly in primary healthcare centres, in rural areas.

The widening gap between the number of healthcare providers and patients emphasised the role of digital technology to make healthcare available, accessible and affordable for the masses.

Further, with the pandemic propelling increased acceptance of online delivery of medicines, remote patient monitoring, digital health and tele-health, the healthcare startups began to gain a strong foothold.

According to the Internet and Mobile Association of India (IAMAI)-Praxis Global Alliance, in 2020, India’s health tech Industry was around $1.9 billion, or under 1 per cent of the healthcare industry. With over 5,000 health tech startups, it is estimated to grow at a compound annual growth rate (CAGR) of 39 per cent to touch $5 billion by 2023.

“Traditionally, high incubation time, longer go-to-market strategy and high barriers to entry made the healthcare sector one of the most challenging sectors for startups. However, things have changed drastically over the last two years and catapulted the market 5-8 years ahead,” Mudit Dandwate, CEO and co-founder, Dozee, told IANS.

The Bengaluru-based startup is a contactless patient vitals monitor and early warning system that converts any bed into a step-down ICU at a fraction of cost.

The widening gap between the number of healthcare providers and patients emphasised the role of digital technology to make healthcare available, accessible and affordable for the masses.

Further, with the pandemic propelling increased acceptance of online delivery of medicines, remote patient monitoring, digital health and tele-health, the healthcare startups began to gain a strong foothold.

According to the Internet and Mobile Association of India (IAMAI)-Praxis Global Alliance, in 2020, India’s health tech Industry was around $1.9 billion, or under 1 per cent of the healthcare industry. With over 5,000 health tech startups, it is estimated to grow at a compound annual growth rate (CAGR) of 39 per cent to touch $5 billion by 2023.

“Traditionally, high incubation time, longer go-to-market strategy and high barriers to entry made the healthcare sector one of the most challenging sectors for startups. However, things have changed drastically over the last two years and catapulted the market 5-8 years ahead,” Mudit Dandwate, CEO and co-founder, Dozee, told IANS.

The Bengaluru-based startup is a contactless patient vitals monitor and early warning system that converts any bed into a step-down ICU at a fraction of cost. Free Press Journal