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healthcare business 29 Oct 2017

5 top healthcare business ideas for entrepreneurs in 2017

This industry is doubling its economy every year and is expected to reach $280 Billion by the end of the fiscal year 2020

By Madhusree Chowdhury Feature Writer

In India, healthcare is one of the most flourishing industries with great promises of growth in the future. This industry is doubling its economy every year and is expected to reach $280 Billion by the end of the fiscal year 2020. The steady progress is primarily focused on the betterment of the healthcare provisions by tackling the population problem. The introduction of digitalization, automation, and innovations in this aspect has given birth to various healthcare business ideas for the budding entrepreneurs. Here are 5 of the most promising ideas to chalk out a business plan.

  • Mobile medical screening

When we are talking about a new healthcare business idea then mobile medical screening is one that requires a minimum investment. This is nothing but eh simpler version of booking doctor’s appointments, vaccination shot scheduling, ordering medicines, etc via the use of digitized technology. It means a person can do all these things without standing in a queue or spending hours before his turn comes up. The building of specific mobile applications that helps a person to find a platform to find medicines, medical devices, respective doctors, etc will be of huge contribution to the growth of the vast healthcare industry.

  • Fitness center

This is not a new concept for sure but it can be revolutionized and morphed into a new format so as to come up with a more efficient one. The contemporary fitness centers will have all types of equipment and fitness solutions a person needs. It can also be morphed into a venue where a specialized service is provided to a seeker. Adding fitness programs, dance classes, cross-fit training, endurance training, and other latest concepts along with a nutrition consultation section will be a very fruitful idea to work with.

The fitness industry is a vast one with a huge potential that can be easily tapped as the number of enthusiasts are increasing geometrically. The increase in disposable income and a CAGR of almost 22% every year promise a bright future if you are indulging in opening a modern-day fitness center.

  • Home health service

This segment of the healthcare industry was previously ignored as the number of participants was a handful. These days, a simple infrastructure and a proper training course can easily provide you with a good team of home care service to take care of patients at their homes. This business idea will be well-perceived and accepted by the society when people will find saving hospital bills when they can bring the patient home and take good care. In fact, this idea will also not need a huge investment. A simple promotion in the locality might add up potential leads and you can start with a small team of dedicated and trained workers. From newborns to old patients, this idea is applicable to any patient. You can start with a particular segment and then go forward with another idea.

  • Health supplement business

This is a typical healthcare business idea that can be done with any range of investment. Starting with a couple of thousands to millions, it can be taken to any level wanted. Health supplements have become a part and parcel of the nutritional aspect of our daily life. Due to lack of nutrients in the choice of food, people often opt for health supplements to meet the specific needs of a working body. The idea can be initiated with popular products from reputed brands. Supplements for vitamins, protein, etc can also be started both offline and online. Depending on the need of the market, you can progress to the next step and keep the meter running.

  • Polyclinic

This is a concept where the medicine shops will be merged with diagnostic facilities. It is a simple amalgamation of two old concepts where a patient will find everything under a single roof. A single venue, where every diagnostic procedure is done and even every medicine is available, will be the ideal choice for all the patients. This business idea will need a good investment but is surely going to attract a high volume of footfall as it will let people save time and other resources.

In a nutshell, the growing health awareness, elevated income, and introduction of innovations in the healthcare industry will play an important role to make a business idea highly successful. These ideas are good to go with as the market is pretty new with less competition.

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