New Delhi (India), June 6: Healthcare today is significantly different from healthcare 40 years ago when I started my career. The challenges have become more complex, and the solutions even more evolved, democratic, universal, and comprehensive. The use of new-age technology continues to redefine how we address these rising challenges. With over 10,300 health-tech companies and $9.6 billion in funding, the Indian healthcare ecosystem is rapidly moving towards the common goal of improving the social infrastructure of our country.
India is at the cusp of a digital transformation that has already impacted the Indian banking system, similar to the UPI revolution. The COVID-19 adversity taught us that pharma was ready for newer ways of doing business. Post-COVID, a new regime of fundamentally rethinking healthcare solutions has emerged and is evolving quickly. Public investments in building the social support ecosystem are notable. Given that India is a consumption-led economy, this growth is backed by healthcare dollars directly flowing out of patients' pockets. Patients are willing to invest more in adopting a healthier lifestyle. This means that not only has patient awareness increased, but avenues for healthcare spending have also seen a healthy rise.
Today, healthcare cannot be separated from the technical applications of patient care. The range of offerings has expanded to include patient support, education, and adherence. Consumers today demand more transparency and readability of their health metrics and are more informed about pharmaceutical introductions into their bodies. Trackers like wearable vitals monitoring devices have become commonplace. This indicates the extent of micro-care and self-caution that a common person today exercises. I believe this trend will define how the industry matures from here. We are moving from company-led (push) demand creation to a consumer-led (pull) market. Brands are starting to demand more equity, and Darwin’s laws of survival have never been more applicable to our health-tech industry.
All top pharmaceutical companies have started riding the wave of digital-led growth. “Digitization” is the mantra driving the next wave of expansion and reach. Digital solutions also help solve the problem of affordability, making healthcare more personal and democratic for the common consumer. Companies are innovating on the operating models used for last-mile delivery and bringing distribution efficiencies. E-pharmacies, e-consultations, and e-diagnostics have established and expanded their markets, forming irreversible patient behaviors. Digital is everywhere.
At WatchYourHealth (WYH), we are attempting to build a complete digital ecosystem to connect healthcare providers to patients. We believe that healthcare is holistic and all-encompassing, and hence our solutions range from digital health engagement and patient monitoring to disease management, patient support, and even a marketplace for rewards. As India’s foremost InsurTech enterprise, we push innovative ideas to drive the overall well-being of insurance policyholders. Our white-labeled implementation of technology enables insurance providers to staunchly engage their policyholders through our high-tech digital platform. We also provide real-time health monitoring solutions using both wearables and non-wearables to build trust between hospitals and their patients, among many other solutions. By partnering with the right players, including hospitals, insurance aggregators, diagnostic chains, and pharma companies, we are creating an end-to-end ecosystem for our 11.5 million+ patients. We are building a full stack of sustainable and integrated technological interventions, having already impacted over 12 million patients' lives. Our exceptional consumer solutions will not only positively assist patients' long-lasting behavioral changes but also deliver longitudinal financial benefits.
The truth is that what we are trying to achieve at WatchYourHealth is an ongoing mission. With different players innovating varied solutions for patients and consumers, ultimately, healthcare is going to be the winner and the patient the beneficiary. It’s a very exciting time to be a part of this ecosystem.
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