Investments 2017-10-15

Prospects of Investing in Digital health and wellness startups

There are many beauty, health and wellness startups today which are devoting their time, money and mind into the digital space. Why is this happening? Let’s read through…

By Feature Writer
Prospects of Investing in Digital health and wellness startups

The healthcare industry is moving ahead at a great pace with the aid of the technological advancements and digitization. Many companies are introducing their innovations in the market. Just two years ago in 2015, almost 90% of the healthcare startups focused on the preventive part and worked in monitoring solutions.

A report published in 2005-06 by the National Family health Service depicted that almost 70% of the urban households and 63% of the rural households preferred private healthcare services rather than public ones due to lack of good infrastructure. In fact, 80% of the increase in bed volumes took place in the private hospitals.

The introduction of smart phones and internet in our lives are seriously transforming every important phase, making them easier to access and convenient to achieve. The healthcare system is the industry that has been perfectly digitized over the years. From accessing medical records or booking an appointment has become a lot easier than before.

Back in 2014, two innovators, Sunil Motaparti and Kiran Kalakuntha initiated eKincare, a platform where the individuals can upload their medical records in a cloud system. Patients or doctors can access the updated dashboard anywhere anytime. This step aids the diagnostic process of the doctors as they can refer to the history of the patient by just using a smart device. Currently, the setup has 21 employees and is looking forward for better investments. Sooner or later, the entire healthcare industry will be totally digitized, which means that the patient profiles will be digitized too. This is a unique startup and willed finitely go miles ahead to bring a chain reaction. People are adopting this innovative measure to keep their records safe on the internet. Eventually, the healthcare provider, insurance companies, and healthcare personnel will be included in the system to make the process smoother.

Medibox Technologies is a bootstrap startup that is serving individuals with the information regarding medicines, shops, hospitals, blood banks, and other addresses. The startup has its own application which can be accessed with smart phones. Till date, this venture has enlisted 1.7 Lac retailers, 20,000 product suppliers and more than 1 Lac healthcare marketing brands. This small startup has only 20 employees, yet shows a huge potential.

In the same context, Medical Unique Identity is a startup that aids the users to manage their personal health information. This startup aims to deliver a smoother healthcare service to the users by introducing lifetime profile management in the cloud-based system. The healthcare quality can be seriously escalated by the introduction of such profile management startups. This is the future of the healthcare where every data related to a patient will be uploaded in the cloud-based storage system and linked with a unique identity code. The extraction of proper data from the cloud system will be very convenient. It will definitely speed up the medical treatment process. Loss of information or mismanagement will not be a threat to this system.

MedikaBazaar is a prospective name in this field which is eyeing to raise an investment of INR 300 Crore. This initiative aims to set up a market where the buyers will meet the sellers of medical needs. The system will be a common meeting platform for B2B sales, as well as, B2C transactions. Currently, this startup has managed to attract 5000 medical establishments and over 5000 hospitals. In fact, over 26,000 products are enlisted on this platform. Surely, this startup is going to be the Alibaba or Amazon in the healthcare industry in future.

As you can see how prospective these ideas are, entrepreneurs have way more foresights and are using their superpower for greater good. The transformation of the healthcare industry is surely going to happen very soon which means these digital startups are the future. Now is the right time to tap the huge potential offered by the digital health and wellness startups.

There are many names emerging in the market with unique ideas to cater in the digital aspect of the healthcare industry. Investing in the prospective names might seem risky. Although, health and wellness industry will surely rise to a bigger dimension every year which means that the risk is less. Find the most promising digital startup in this aspect and increase your ROI manifold within few years.

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