Tag: digital

Top 5 things on healthcare business in India

FTR4H is in full preparations for MEDICAL FAIR INDIA 2017. Before arrival, we talked to Incubators, Companies, Start-ups, Experts… Here’s what you might find useful if you’re thinking about doing business in India.

 

1. Make good market research

India ranked at 130 out of 189 economies in 2015 according to the World bank. 4% of the GDP go to healthcare; around 60% of expenses for healthcare are out of pocket, according to OECD. Almost a third of the population is supposed to own a smartphone by 2019, claims GSMA report. All this goes in favour to digital health or at least mHealth solutions, but keep in mind plenty of good startups on the ground are busy tackling everyday issues.

The country is extensively working on using all the advantages of digital solutions to improve people’s lives and health. Heard of Aadhar? It’s unique-identity number issued to all Indian residents based on their biometric and demographic data such as eyes and finger prints. Nishal Arvind Singh, Founder NASS & Associates IPR Boutique law firm and Legal policy advisor to Honourable Health Minister Satyendra Jain of the Delhi Government explains the plan behind the project: “All payments will be linked with aadhar, to avoid duplicity, promote increase in online payments and disbursement to beneficiaries under many governmental schemes for education, pension etc. This will enable direct transactions into beneficiaries bank account, which will prevent corruption,” says Arvind, adding that in time, it will be connected with healthcare. The unique identification number of a person will prevent duplication and confusion in data management and insurance claimes with others with the same name.

2. Do you have enough time for business here?

According to a World bank report from 2006, it takes 56 procedures and approximately four years for a simple commercial contract in India. As explained by Prabhu Guptara, a distinguished Professor of Global Business, Management & Public Policy at William Carey University, India, a Member of Boards of different companies in the UK, Germany and Switzerland, the problem is the bureaucratic system. It takes years for the legal claims to be processed, let alone enforced. It is a slow system, so brace yourself with energy and patience to conquer it.

 

3. Know that India has very good medical doctors

Top class. World renowned. There’s a reason medical tourism flourishes here. However, as Sachin Gaur warns, 80% of people live in rural areas and only 20% of facillites are there. There are different initiatives to improve access, such as the the mohalla (neighbourhood) clinics. As explained by the hindustantimes, they were started with the aim of taking diagnostics and treatment of simple ailments to people’s doorstep and reduce the footfall in tertiary care hospitals.

 

4. Can you make a subscription plan under a dollar a month?

India has 1.3 billion people, the majority is poor. “2/3 of the population can’t be your target market. 30% of the population lives on less than 2.5 dollars/day, another third 5 dollars/day. Which still leaves you with 400 million people you could address,” says Prabhu Guptara. However, given the number of people, if you can design a subscription model for around 20 cents, than you might address the poorer population, says Sachin Gaur, Director Operation at InnovatioCuris. Taking into account the volume you could reach, it can turn out to be a viable business model.

“If you can design a subscription model for around 20 cents, than you might address the poorer population,” says Sachin Gaur, Director of Operations at InnovatioCuris.

5. Ask, connect to people on the ground

Have you heard of HealthCode.io? It’s a platform for healthcare professionals where you can find people interested in co-creation, consulting, commercialisation, fundraising, mentoring, investing, validation. The app, as the founders claim, already has members from 52 countries, so you might find useful connections even outside India!

 

Be sure to check the two episodes of Medicine Today on Digital Health! Praphu Guptara speaks about differences in the healthcare systems in India, Switzerland or England. Sachin Gaur talks about the innovative solutions in India and problems of digital solutions and cyber security. You can find it on iTunes or Soundcloud.

MEDICAL FAIR INDIA 2017 is approaching fast and Future For Health team (FTR4H) is very excited! Why? Because lively discussions, inspiring pitches, good energy and networking with creative people is always something to look forward to! That is exactly how our FTR4H Lab & Lounge at MEDICAL FAIR INDIA 2017 will look like. Join us!

Write to Bhardwaj Love (BhardwajL@md-india.com), to take part in our programme!

If you do not want to pitch, register for the “FTR4H: Digital Health futurists Reception” in Delhi on April 7th! 

FTR4H Lab & Lounge at MEDICAL FAIR INDIA 2017

Which VIPs will you meet at the FTR4H – Lab & Lounge event at http://www.medicalfair-india.com/

The FTR4H health lounge will be featured to the 13,000+ healthcare professionals who will be attending Medical Fair India 2017. In terms of Digital Health angels, mentors and the venture capital ecosystem, we have representatives present of companies like Bertelsmann India Invest, HealthStart, iB Hubs, Peppermint VenturePartners, pi Ventures, t-hub, Utilis Capital Advisor.

Will the Medical Fair India (MFI) floor be open to FTR4H – Lab & Lounge participants?

Yes, FTR4H is an integral part of Medical Fair India, and it will be open for MFI visitor to visit FTR4H and vice versa. MFI is expected to be attended by 13,000+ healthcare professionals.

Will the Pitch Your Solution” be open for Medical Fair India participants & visitors, or will it be restricted to FTR4H Lab & Lounge visitors & participants?

The opportunity to pitch will be restricted to FTR4H lounge participants (Sponsors, Startups) but every visitor interested in Digital Health can attend it.

Who are the Industry experts who will be moderating and judging the Digital Health Panel discussion & the “Pitch Your Solution” competition?

Pitching your solution means that you will present it to the interested public. It is a great chance to test your own story. We will not judge the pitch. For selecting the best Digital Health solution a dedicated FTR4H Award ceremony will be held on Friday afternoon April 7 at the lounge. The following names are currently aboard for hosting and guiding the pitches:

  •      Dr Vishal Bansal – Investor, Mentor, Technology Enthusiast & Docpreneur  Pradeep K. Jaisingh – Chairman HealthStart India
  •         Mark Wächter – FTR4H Chief Evangelist & Mobile Strategist
  •         Dr. Tarun Ramole – Digital Health Evangelist, Director Utilis Capital
  •         Tjaša Zajc – FTR4H Global Audience Developer & Journalist

[learn_more caption=”What is FTR4H?” state=”open”] FTR4H is an international platform, which enables discussions, meetings, dialogs and networking among thousands of Digital Health start-ups, corporations and investors, including accelerators and media from around the world. [/learn_more]

What are the parameters for presenting at “Pitch Your Solution”?

Each startup will have 5 minutes to pitch every day during the whole fair  (3 times). This is no competition, but a presentation offering you an opportunity to practice your pitch among your targeted public and get valuable feedback.

What is the format of the “Digital Health Panel” discussion? When will the topics for the discussion be made known to the participants?

Each startup has one pitch and one panel discussion per day. The panel discussion will be held with 5 startups in total plus a moderator. The topic will be decided based on represented solutions. Overall topic is how Mobile, IOT, AI and Data changes healthcare in a mobile-only country like India.

Are both the “Pitch your Solution” and “Digital Health Panel Discussion” part of the FTR4H – India competition?

No. All exhibiting startups at the FTR4H lounge automatically qualify for participation. The FTR4H India Award is a dedicated award ceremony taking place on Friday, April 7th, at 4 pm at the FTR4H lounge.

What are the benefits of the FTR4H India Award? Are there mentorship opportunities to be gained from the award? 

The winner of FTR4H will get a mentorship by HealthStart Accelerator for their upcoming Accelerator programme. FTR4H acts as a Think Tank and connector of Digital Health ecosystems in China, Europe, India, Israel and the US with the World of MEDICA. The winner of FTR4H India Award will receive a global recognition through our global initiatives and exposure on our website: www.FTR4H.org.

Who is in the audience for the Blog Post and the teasers? How big and diversified is this audience base?

The FTR4H website is promoted on all Medica Trade Fair websites corresponding with the global roadshow, therefore the attracted audience are experts from the MedTech industry from around the globe.