If you are a newbie entrepreneur looking at starting up a venture with aims of developing smart models for society, then it becomes imminent that the societal sectors which could get disrupted to the maximum through your smart models are listed.
In this regard, Entrepreneur India interacted with a multitude of industry individuals to decode on potentially disruptive sectors so that you could look at developing solutions by harnessing disruptive technology.
Healthcare is Numero-uno
“Healthcare has got a large opening now as far as the potential for accepting next-gen technology-driven solutions are concerned,” states Dr Harish Kalathil who is Director of Operations at Suvitas which is a Bengaluru-based startup offering transitional care facilities.
“There would be lot of involvement of technology like AI, and ML. The amount of technology involvement in healthcare would be immense,” he informs.
Undoubtedly, Indian healthcare now deserves a much required shot-in-the-arm as far as making facilities accessible and affordable to people across geographies and financial backgrounds are concerned. Here is where your startups could come in to leverage technology like Blockchain, the Internet-of-Things (“IoT), Artificial Intelligence (AI), and Predictive Analytics.
Dr Kalathil’s statement is echoed by Manish Singhal ( Founding partner at Pi Ventures) who states that the key investment criteria he seeks is technology leverage by entrepreneurial models to potentially result in 10x better solutions than the currently available ones.
“We have kept the theme around three main pillars – AI, IoT and Blockchain,” states Singhal.
Hence, if you are a healthcare entrepreneur, the key is to have firm focus on the [present as well as near future and to look beyond of the incremental innovations. You either adapt with changing times or perish.
““Healthcare provides the right setting for big data analytics with enormous patient data in the form of diagnostic reports, radiological images, clinical observations, and so on,” adds Yogish Bhatt who is Vice-President at Manipal Prolearn.
If you are a startup owner with expertise in disruptive technology, you could potentially analyze the Indian healthcare scenario.
Next 5 years would represent a paradigm shift
With startups today engaged in actually researching on smart models for healthcare, industry insiders believe that the next 5 years would be worth waiting for with respect to working with real-time scientific models that could potentially change Indian healthcare for the good.
“The use of Electronic Health Records (EHRs) helps maintain a consolidated report of a patient’s health that can be referred to by hospitals and caregivers without any physical movement of the actual reports. It opens up the possibility of a seamless continuation in caregiving during cases when a new doctor or nurse has to step in and provide the services,” infers Gururaja Yellapur – Vice President of Software and Product Development at Omega Healthcare Management Services.
Yellapur’s statement indicates the possibility of using data-driven models; considering that data generated in any healthcare setup is immense; if crunched properly with analytics run; could lead to predictive solutions as well. In summary, a ready-reckoner of patient’s condition could be made available for medical professionals and doctors to attend to, along with empowering patients with information so that they are not stranded when it comes to making critical choices.
“Artificial Intelligence (AI) and automation have a far reaching impact in hard-to-reach, remote sections of the country where availability of high-quality medical equipment and qualified personnel is very scarce,” adds Yellapur.
“I think the appetite of investors has increased as far as healthcare investment is concerned and I feel it will continue to increase in the near foreseeable future. In my view investment will flow in the entire healthcare pyramid; however the focus on preventive health will increase significantly,” says Rohit Kumar Pandey who is Co-Founder and CEO at SigTuple (a HealthcareTech startup).
The key takeaway here is that if you have smart models for bettering healthcare in India, with a scalable business, you hold good stead in obtaining investments and mentorship from the biggies.