Three eminent entities from the Indian healthcare ecosystem – 2070 Health, a healthcare-focused venture studio, PeerCapital, a prominent Venture Capital firm, and Amazon Web Services (AWS), collaborated to spearhead a closed-door roundtable under the banner of HealthCraze. This initiative brought together healthcare startup founders, operators, academicians, policymakers, and investors for an invite-only discussion. The primary objective of the roundtable was to explore significant developments within the healthcare industry and understand opportunities that could shape the future of healthcare in India.
The underlying sentiment throughout the discussion was that the current climate presents an ideal opportunity for building and investing in healthcare in India. The roundtable underscored the importance of distribution and scalability when it comes to creating healthcare solutions. Significant focus was placed on understanding patient behavior and ideating solutions that are 10x better than the status quo.
During the roundtable, the following key themes emerged as critical factors that will shape the healthcare industry:
The first centered around scalability: The participants emphasized that healthcare is inherently hyperlocal, and companies should focus on dominating specific local markets rather than spreading too thin. Understanding the local dynamics and tailoring solutions to specific regions can lead to better outcomes and market penetration. They also acknowledged that the effective use of technology can then enable companies to achieve scale faster. Leveraging emerging technologies allows them to provide more efficient and accessible healthcare solutions, and lead to better healthcare outcomes over time. Another perspective discussed during the event was the significance of building technology solutions that target pain points of healthcare professionals. By enhancing their workflows and increasing efficiency, startups can gain greater acceptance and adoption by doctors.
Rohit M A, Partner-PeerCapital said, “Scalability in healthcare typically has a longer gestation period and needs patience. And hence building redundancies within the team is essential for sustainable growth. Not everyone can operate solely on adrenaline, so having backup plans and a well-rounded team ensures stability and resilience.”
The second area of the discussion revolved around exciting spaces within the healthcare industry, which include:
The Ayushman Bharat Digital Mission (ABDM) initiative generated considerable discussion. While acknowledging potential political risks, the consensus was that ABDM is here to stay, driven by the needs of the people. It was stressed that involving IT experts and CIOs in hospitals is crucial for successful implementation of digitization.
The power of data in healthcare was recognized, particularly the conversion of unstructured healthcare data into structured formats. As healthcare systems become increasingly digital, leveraging data unlocks valuable insights for improving patient care.
Artificial Intelligence (AI) stood out as a powerful and transformative force that can revolutionize diagnostics, drug discovery, and personalized medicine. AI has the potential to increase productivity, reduce costs, and improve patient outcomes. Encouraging collaboration, fostering awareness, and highlighting the benefits of AI will be pivotal in driving its adoption.
“As we move forward, it is crucial to promote collaboration among diverse healthcare stakeholders who may often operate in siloes. Startups, hospitals, doctors, and insurers are different pieces of the puzzle that must come together to foster innovation to build futuristic patient-centered healthcare companies. HealthCraze is a pioneering initiative in this direction aimed at bringing together these varied stakeholders to form a vibrant and collaborative healthcare community in India,” said Dr. Pankaj Jethwani, CEO at 2070 Health.
HealthCraze provided a platform for robust discussions, ensuring an impactful and actionable session for all participants. The initiative will continue in other cities, including NCR, Mumbai, and Hyderabad in the next few months, to unlock further learning within the ecosystem.
About 2070 Health
2070 Health is India’s first Venture Studio building patient-centric healthcare companies from scratch by bringing together futuristic ideas, exceptional founders, and a powerful innovation platform.
PeerCap Advisors LLP, operating under the brand name “PeerCapital”, is an early-stage, tech VC fund led by 3 peers-Ankur Pahwa, Karthik Prabhakar and Rohit M A who come with immense complementary experience across entrepreneurship, operations, growth and risk advisory management, fund ops, investment, deployment and returns management. The fund looks to invest specifically in Seed to Series A stages across tech sectors – consumer-tech, fin-tech, health-tech and SaaS.