With 13 health tech companies at various stages of product development, the T hub is now looking at increasing the presence of health tech in the innovation space. As health tech companies typically need more gestation time, it has led to less innovation in the sector. Speaking to TOI, T hub CEO Ravi Narayan said the center has a good base of customers to help connect these startups with customers and hand hold them to get relevant data, and support with pricing and technology. Health tech is an emerging sector in the country that projects massive possibility of developing technology-driven products for patients, doctors, diagnosis, hospitals as well as healthcare planning.
“The sector is important, especially with lot of corporates looking at India as a possibility, the element that we can bring to the table is startups. Although we see a lot of good ideas, these startups need incubation help as well as the luxury of time and space. For instance, a lot of data gets generated across platforms and access to the data is possible. T-hub can play a part in helping with technology like Artificial Intelligence and Internet of Things as well as help in getting access to the data ethically,” said Narayan, adding that T-hub will focus much more on health tech in the near future.
Majority of health tech startups at T-Hub were launched one to two years ago. “The gestation time for health tech startups is typically 20 to 30 percent more. In case of pure life sciences related startups it can be 100-200 percent more when compared to other startups. While this escalates the pressure on these enterprises, they also need help with the pricing aspect,” he said. Market access is another area where the T-hub hopes to play a significant role. “A lot of corporates come to us saying they want to do a certain type of work. On the other hand, startups, and in particular health tech startups, do not know how to access the market. Usually a chunk of workforce in these startups are from the medical field and hence fall short on market access,” added Narayan. – TOI