The paper also assesses the future of these start-ups, highlights some of the challenges being faced by them and suggests a way forward
The road ahead for India's healthcare sector is set to be revolutionized with the rising base of healthcare start-ups that recognize the need for making quality healthcare accessible to India's billion plus population, according to a joint study by FICCI and KPMG in India titled - ‘Indian healthcare start-ups - An inside look into funding'.
Launched at FICCI's annual healthcare conference - FICCI HEAL 2016, the knowledge paper evaluates the role and need for healthcare start-ups in India, their evolution in the sector and the funding scenario. It also assesses the future of these start-ups, highlights some of the challenges being faced by them and suggests a way forward.
Dr Nandakumar Jairam, Chair, FICCI Health Services Committee; Chairman, NABH and Chairman and Group Medical Director, Columbia Asia Hospitals India said, "What we need today is a unified approach for long-term solutions that would help in optimizing disease-care to preventive and promotive care as well as patient centricity though data - driven efficient technologies. Fostering Start-ups and Entrepreneurship will provide the requisite innovative approach for achieving these reforms."
Vishal Bali Chair, FICCI HEAL 2016 Organizing Committee; Co-Chair, FICCI Health Services Committee & Co-founder & Chairman, Medwell Ventures said, "Start-ups are already disrupting the way healthcare is delivered in India. According to the NASSCOM Start-up Ecosystem Report 2015, India serves as the fastest growing start-up-base worldwide and 6-8% of the recent B2C Start-ups in India have been in the Health-tech sector. This means that the sector has already secured ample traction from investors owing to its huge potential."
Nilaya Varma, Partner and Head, Government and Healthcare, KPMG in India, said, "Healthcare start-ups in India have potential to emerge as new enabler of accessible and affordable healthcare services. Many start-ups have moved away from traditional healthcare delivery models to asset light, technology based and enabling platforms for patients & healthcare providers. However, start-up continue to face some encounters in terms of funding, incubation and regulatory environment. The government's Start-up India initiative intends to bridge some of the challenges and provides encouraging ecosystem for start-ups. In the recent past increasing number of HNIs, seed funds, incubators and other private investors have extended support to start-ups. The creation of conducive ecosystem for healthcare start-ups will be boon for the healthcare sector."