India’s vibrant startup culture and the city’s adoption of advanced technologies such as cloud computing and artificial intelligence have led to an explosion in the number of health-tech startups in the country. By delving into the debates, Hari SubramanianInteracted with the founder and CEO of LifeSigns Kaanchi Chawla of Elets News Network (ENN). Edited excerpts:
Where do you think Indian healthcare startups currently stand and how are they doing?
During the epidemic, when patients and doctors could not go to hospitals in the traditional sense, virtual treatment and data collection became essential.
Healthcare technology companies in India have exploded in popularity due to the country’s dynamic startup culture and the city’s adoption of advanced technologies such as cloud computing and artificial intelligence. These new facilities combine tried-and-true methods with cutting-edge technology to help medical procedures go more smoothly. Telemedicine and the delivery of healthcare services over the internet are helping to increase the popularity of such facilities in India.
By 2020, India’s healthcare technology industry was estimated to be worth US$1.9 billion. Consultants predict this will reach $5 billion by 2023 and a staggering $50 billion by 2033. India’s healthcare system has a bright future with 7,500 health IT startups already accelerating growth and thousands more to take root in the coming years. .
Healthcare has undergone a dramatic evolution over the past few years. New developments and trends in the healthcare sector are being developed by startups in that sector. Do you think the healthcare services provided by startups to patients are of high quality?
India’s healthcare system is being transformed by three forces: expanding patient awareness, widespread technological advancements, and increasing demand for medical services. You can’t just rely on health insurance to help them. However, there is help from several startups that are trying to reduce the cost of healthcare by using technology and thinking “outside the box”.
These startups are doing it all, whether it’s integrating health data with electronic discount cards, offering home and preventive care services, or bringing together multiple healthcare providers like doctors, hospitals, clinics, diagnostic centers and other healthcare facilities on one platform. pharmacists. Because of this, it has become much easier to get access to affordable healthcare. The level of service provided by the new businesses is unparalleled.
Do you think AI is contributing enough to the expansion of startup healthcare companies in India?
The delivery of medical care in India has seen significant change in the last decade. From providing low-cost insurance to creating technology-based treatments that save lives, the quality of healthcare is rapidly improving as a result of the innovation and creativity brought about by health tech startups.
By combining AI-based technologies with portable screening equipment, the screening procedure can be accelerated and early diagnosis can be made. This is especially useful in more remote areas.
The process of developing new drugs also involves the use of predictive analytics powered by artificial intelligence. The early stage of drug development can be accelerated by the application of artificial intelligence, which can provide more precise information about the therapeutic target. This can be beneficial for the pharmaceutical industry. Because it offers more ways to connect and share data, as well as the operational advantages that accompany them. Artificial intelligence (AI) and the Internet of Things (IoT) have become a pervasive force in business. This is especially true in recent years. This is a great idea for the medical field as it evolves in tandem with the Internet of Things (IoT) and Remote Patient Monitoring (RPM) in healthcare. The use of biosensor technology has the potential to revolutionize both medical treatment and people’s daily lives. In the future, biosensors will be able to help you make more informed choices and monitor your health.
Hospitals and doctors can streamline operations, engage patients, streamline procurement processes, and more with the help of digital care ecosystems provided by health tech startups. What are your thoughts on this?
The situation that currently exists and still exists today is that each hospital uses its own software for all its procedures and operations, which is both difficult and inconvenient. Several other technologies are now being created based on the Internet of Things. For each of these technologies, data must flow to the primary system. Indian healthcare business is evolving towards more technologies based on relatively sophisticated and efficient software platform, digital technologies and Internet of Things (IoT). These efforts are being made to ensure more efficient information flow and to provide clinicians with access to information that may be related to each other.
When the doctor examines the patient on a daily basis, all of the patient’s vital signs are recorded and analyzed manually. The problem escalates until the patient’s vital signs reach a “disturbing” level and is brought to the attention of the doctor on duty. This surgery allows a short window of opportunity to initiate potentially life-saving therapy. LifeSigns was created to serve healthcare professionals who can monitor patients’ vital signs 24×7 and ultimately save lives.
What opportunities and threats do you think startups in the Indian healthcare industry face?
The current healthcare system in India does not have the necessary infrastructure to meet the needs of the entire nation in terms of medical treatment. Inadequate health infrastructure has resulted in an imbalance between supply and demand, making it difficult for all people to pay for and access health care.
Before COVID came out, the only brands that could be considered reliable as medical grade were those made by major manufacturers. The tide has changed, and today even lesser-known companies with game-changing discoveries are being forced to test and deliver medical products that represent major breakthroughs.
These businesses have significant competitors that challenge the high prices they charge for their goods and services. Startups can tackle the same problem because they can answer the same problems at a lower and more affordable cost. The most significant threat comes mostly from China, but it is now under control as the government is closely monitoring the situation. Chinese medical equipment pouring into India’s healthcare system has been found to be unapproved. Another challenge that new businesses face in today’s environment is obtaining credit, funds or capital.
In the case of LifeSigns, we are LifeSignals, Inc., a highly trusted US-based organization that has spent more than a decade developing world-class biosensors. and we have adopted and interfaced with a comprehensive active patient monitoring software platform approved by the FDA. CE, HSA and many other regulatory bodies.
We are the first to bring this solution to India, the first to integrate other medical devices into our solution and the first to integrate the entire solution with the electronic medical record systems of India’s first hospital systems. Another challenge that slows down healthcare industry initiatives is the time it takes to pay for it. As for payments and investments, the state should provide some kind of assistance to entrepreneurs.
How has this year been for Indian healthcare startups? What are their expectations for the future and where do they see themselves as 2023 approaches?
2022 is off to an incredible start with new services and products being introduced. Indian businesses have reached a mature stage and the system is starting to get help. Health tourism is expected to grow rapidly, with Westerners traveling to India for medical treatment and surgical procedures.
Hospitals in India these days are at par with their western counterparts in every way. In another five years, the quality of care provided by India’s healthcare system would have improved significantly.
What do you think about your organization’s current state and prospects in the digitally driven healthcare ecosystem?
The field of wireless patient monitoring will continue to thrive for the next few years. Digitization and automation will eventually eliminate the need for nurses to be involved and the manual recording of vital signs by patients. If there is dependence on medical personnel to perform routine tasks, efficiency is reduced. All of this can be automated, freeing up hospital staff time so they can provide superior patient care.
LifeSignsiMS is an intelligent monitoring system designed to compile and report real-time patient vital data in both community and clinical settings to facilitate informed next step decisions. Feedback from clinicians using our system indicates more efficient use of staff and lower overall operating costs.
Implementation of an iMS system can reduce patient anxiety and the likelihood of deterioration, as well as the amount of stress experienced by nurses, resulting in improvements to the entire health care system, benefiting both patients and nurses. The fact that clinicians have easier access to real data can also result in faster and more informed choices, demonstrating the benefits of the iMS Dashboard to society as a whole.
