Will a healthtech solution revive India?

In the current situation where healthcare workers are at risk and are few in number, contactless health monitoring will enable healthcare providers to provide patients with an enhanced level of care even beyond the pandemic. According to a study licensed by medRxiv, India has an estimated 19 lakh hospital beds and 95,ooo ICU beds. These numbers are too small to combat the rapidly developing covid situation where over four lakh cases are reported in just a day.

The only viable solution to the current situation is through healthtech solutions. The future of medicine is digital health monitoring that is accessible to a patient at home administered by a registered health care provider. Moreover, remote patient monitoring also saves money.

How healthcare startups can support?

As per the latest data, if the healthcare industry could make use of remote patient monitoring technology along with electronic health records (EHR), around $700 billion could be saved in the next 15 to 20 years. Additionally, it has been found to be the most quantifiable return on investment (ROI) for a hospital.

For startups that engage in healthcare, producing healthcare solutions that employ remote patient monitoring technology and are cost-effective is one of the only ways to extend support to the ongoing crisis facing the country.

Product Development Stage

For start-ups at this stage, the government will set up an Innovation Enabler Mechanism (IEM) to address statutory compliance issues or legal hurdles. It will also assist start-ups in enabling legislation or clarification from the government on a fast track-mode.

Commercialization Stage

At this stage, the State will facilitate access to a network of registered angel and venture capital funds through a digital platform. This platform will connect all the eco-system stakeholders, network of support, funding and service providers to enable seamless access.

Incentives

Under the policy, the State will fund expenditure upto Rs. 10 lakhs to colleges in the state to create an Entrepreneurship Development Centre (EDC). It will also create a network of kick-starter funds for sustenance or early stage funding to start-ups and assist them in covering costs for certification and manufacturing pilot devices, etc. A beneficiary can avail up to Rs. One crore with 30% subsidy depending on the scale of their business.

What’s in it for me?

Three rounds of selection of beneficiaries have been conducted so far since 2017-18 and assistance provided to 877 start-ups. At the Manipur Startup Conclave 2020, monetary assistance of Rs 525.09 lakh was handed over to 272 start-up beneficiaries. The state government is planning to provide bank loans to around 20,000 vendors whose business adversely affected by the prolonged lock-down. Aspiring entrepreneurs can volunteer for registration at the official website and apply for the fourth round which the government hopes will provide opportunities to those who have returned from outside the state after leaving their jobs due to the pandemic.

What are the next steps?

Despite the staggering current prices of the vaccines, all is not lost. Several states and union territories have announced that their citizens will be vaccinated free of cost. The list includes Karnataka, Delhi, Odisha, Uttarakhand, Gujarat, Rajasthan, Maharashtra, Ladakh, Assam, Bihar, Madhya Pradesh and Sikkim. Experts have suggested that the central government procuring directly from the manufacturers will be the most beneficial route to ensure equitable pricing. As the sole purchaser, it will have greater bargaining power. Moreover, there are additional legislative options of regulating the price of the vaccine to ensure universal availability like The Patents Act, 1970 and The Epidemic Diseases Act 1897.

The company that developed the device, Allabout Innovations Private Limited is a non-government company that was incorporated in August 2020. Its authorized share capital is ten lakh rupees and its paid up capital is one lakh rupees. It is involved in the manufacture of other electrical equipment like ozone air purifiers. The UAE based Aries Group gave the initial investment support for the Wolf Airmask.

What’s next for the device?

In its current state, the Wolf Airmask can service an area of 1000 square feet. The founder of Allabout Innovations, Krishnan Kurup has said that the company is in the process of developing a cheaper variant that can service spaces as small as 250 square feet. According to reports, a device has been installed in the National Institute of Virology, where mutant strains of the Covid-19 virus is being researched and circulation of the device to hospitals in India will happen in the near future. With the help of this device, enclosed spaces which have to follow covid protocols such as hospitals, laboratories, auditoriums, cafeterias and banks can now be purified at a reduced cost.

Government Incentives and Subsidies

Several schemes are offered by the government to encourage budding entrepreneurs to kick-start their innovative businesses by providing subsidies and loans.

Entrepreneurial Education

E-Cells in universities and colleges have been influential in triggering awareness, interest, desire and action towards entrepreneurship among students from non-business communities.

Impact of Covid-19 on the growth of entrepreneurs

The steady growth of entrepreneurs have been impacted by the pandemic and the resulting lockdown on an international scale. Reduction in demand and employee health concerns forced a large number of small businesses to close down. In the absence of extended emergency credit lines and relief in the form of moratorium, small businesses don’t have enough cash to survive a long shutdown.

However, while some businesses have come to a standstill, there are a few enterprises that have turned the tables on the market downturns. Investors are showing interest in funding potential COVID-19 solutions and also in industries that could thrive in the post-pandemic.

With the increased demand of contactless services, companies had to extend their businesses to online services leading to large-scale elevation in the technology department. Industries like contactless healthcare, education and e-commerce platforms offering basic necessities have seen a massive boom in their business.

What’s in it for me?

So far in 2021, India has seen 11 startups enter the coveted unicorn club. This proves that despite the harsh impacts of the pandemic, small businesses can still ensure growth and productivity. To survive the pandemic, businesses need to adapt to the changing demand and approach it with a different perspective.

Conducting a market-opportunity analysis using data from earlier years, you can determine the category under which your business falls and then execute a plan that is either long-term or cater to specific, urgent and sizable problems. Building a digital presence has almost become an essential step to lead your business towards growth. Since the pandemic is still underway, businesses need to be cautious at every step from idea to execution.