Mr Shreekant Pawar, CEO
1. What, in your opinion has been the breakthrough digital health technology in the world?
This ones a tough one because in the recent past, digital health innovation has been growing exponentially not only from the west but also from countries where managing and curbing diseases has been the most difficult.
2. How has this industry mushroomed in the last few years?
Over the past three years, the industry in US has seen a whopping 27 percent increase. According to Research firm, Park Associates, the industry was doing $1.7 billion in 2010 and it predicts to grow to $5.7 billion by next year. The industry has seen massive growth in chronic care monitoring or management, senior citizens care and health and fitness domain.
3. What does the government budget hold for digital health companies?
So far India stands poorly in the Global digital health. The first step taken by the new government is charting the roadmap for inclusive Digital India. The finance minister has set aside Rs 500 crore for the propagation of broadband, IT, hardware manufacturing and special focus is on software development. This indirectly points out to digitalisation and more reach. Of course, keeping this in mind, it would be easier for digital health companies to reach remotest of the population and offer their services, however its will take some time to become reality but atleast there is a start.
4. How stringent are the regulations for this new industry of digital/smart healthcare?
The regulatory bodies have become aware of the rising trend and increase in digital healthcare companies. As a matter of fact, FDA has issued a new guidelines to regulate mobile medical apps. They will apply the same risk-based approach to assure safety and effectiveness for other medical devices.
5. How has your company managed to overcome competition in this space?