The COVID-19 pandemic has thrown the spotlight on our inefficient healthcare system. Underfunded and overburdened, healthcare globally has become a major challenge. To respond to that crisis, HealthTech startups have come in. Their unique, digital-first solutions have allowed people around the globe to access quality healthcare at economical costs.
From doctor teleconsultations to medicine delivery, and health insurance to ventilators, every step of the healthcare system has seen a revolution thanks to HealthTech startups. An Inc 42 report estimated India’s healthcare market to be valued at $372Bn by 2022. That large number is mainly because of the more than 4,000 HealthTech startups in the market.
Not only have they been driving a healthcare revolution, but also the money. A Nasdaq report found that while investments fell across industries like AI and data between 2019 and 2020, they increased in healthcare.
Such has been the power of HealthTech, that Microsoft in partnership with Social Alpha has launched a special program to nurture HealthTech startups in India. With that, we should see more innovative ideas come out of India very soon.
We wish we could cover all the great HealthTech startups, but that would be impossible. Here are just five of the biggest startups that are booming thanks to demand driven by COVID-19. Let’s begin with Onsurity that is helping startups provide the best in terms of healthcare to their employees.
Onsurity provides employee healthcare benefits for startups and SMEs. The company has comprehensive wellness membership plans with benefits like doctor consultations, discounted health check-ups and medicine delivery, fitness tracking and group health insurance. All these benefits are provided in a single mobile app making it easy for employees to access healthcare at any time and any place.
Onsurity’s monthly subscription plans also make it a more economical option, allowing businesses to customise their plan based on the number of employees and their needs. Their vision is to “create simplified healthcare products for those with limited access to them.”
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1mg is an all-in-one consumer healthcare platform. Users can order medicines, consult doctors, and even book lab tests at labs near them. The platform even has access to AYUSH products, making it a comprehensive healthcare platform.
The platform is currently present in over 1,000 cities all over India, giving millions access to affordable and quality healthcare at their fingertips. They also provide in-depth information about all the medication on the platform, so users can make an informed choice about what they are ordering.
HealthTech startups like Lybrate have not just made it easier for patients to seek care, but for doctors to manage their clinics. Lybrate allows doctors to manage their practice, provide information and connect with patients no matter where they are. Doctors can also recommend their peers, helping increase their visibility on the platform.
Patients not only benefit from easy and economical access but also a host of other data. Lybrate has videos explaining complex medical terms and issues, and health tips from medical professionals. That way, users have access to more comprehensive data about their health.
Leveraging the subscription model, Fitternity is one of the many HealthTech startups providing access to fitness. Users have access to a wide range of partnered gyms, fitness studios, MMA, swimming, Pilates and even dance studios.
There’s also an online membership, with access to video on demand, personal training sessions, nutrition and mental wellness consultations. Ideal for the pandemic, Fitternity has plenty of options for everyone, whether they are a pro or just getting started.
Artificial Intelligence for Radiology is a company that has created Artificial Intelligence (AI) algorithms for medical imaging. The company has tools that work on X-rays, CT scans and MRI scans. With it, doctors can better identify and diagnose critical abnormalities like bleeds, fractures and even tuberculosis.
The company has also created a set of tools especially for COVID-19, including a progression monitor and response care platform. Not only is Artificial Intelligence for Radiology making healthcare more affordable, but it is also making it smarter and easier. Giving doctors vital information about the power of AI.
These are just five of the many HealthTech startups in India making a massive difference. Together, they have not only allowed millions to access vital healthcare tools for the first time, but also at very reasonable costs. Using the latest digital tools, these HealthTech startups have scaled healthcare in a way we have never seen before.
There are also plenty of other startups that have pivoted to providing healthcare solutions during the pandemic. From PPE kits to disinfectant, and masks to contact tracing, India’s response to COVID-19 has been driven by startups and their innovative solutions.