The number of Healthcare startups to have come up in India in the recent past are making sure that India’s healthcare sector has a bright future. This is also required so that quality healthcare can be made 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 on Thursday at FICCI HEAL 2016, the knowledge paper evaluates the role and need for Healthcare Startups in India, their evolution in the sector and the funding scenario. It also assesses the future of these startups, highlights some of the challenges being faced by them and suggests a way forward.
FICCI Health Services Committee chair, Dr. Nandakumar Jairam said, “Fostering startups and entrepreneurship will provide the requisite innovative approach for achieving these reforms.”
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”
India has a poor doctor-patient ratio of 1:1700 (in proportion to the total population), and rural areas, with a low medically insured population, are yet to get proper healthcare facilities. These all reasons provide healthcare start-ups a huge potential.
When we talk of Indian start-ups, healthcare start-ups are yet to receive a steady stream of funding which can help them in supporting their ventures with capital as low as $27 million in the first four months of 2016. They are not able to get funds, which has stopped multiple of their projects.
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