In the past, medical tourists have usually sought out countries with a developed medical infrastructure and high-quality healthcare. But now, a growing number of patients are turning to countries like India, which have a low-cost, yet high-quality health care system, in order to access the care, they need without breaking the bank. More on this from Kushal Bhatnagar and his team……
1. HealthTech is addressing the gaps in India’s healthcare system and solving problems at almost every step of the consumer healthcare journey
India’s healthcare system is often synonymous with lack of access, a large burden of healthcare expenditure, quality concerns, lack of transparency, and inadequacy with the overall expenditure. But the tide is changing, thanks to the advent of HealthTech platforms that are turning the healthcare journey into a seamless one. From providing diagnostic tests and medication to patients, to serving as an enabler of surgeries, Healthtech platforms are becoming a go-to solution for consumers. Fitness and nutrition, consultation and diagnosis, out-patient treatment, in-patient treatment, and disease management are all part of the consumer health journey, and HealthTech is addressing all of this. Led by a well-funded ecosystem, HealthTech is providing improved access, affordability, and authenticity of healthcare for Indian consumers.
2. HealthTech’s continuous rise in the spheres of pharma, diagnostics and consultation, together termed as eHealth by Redseer, has been remarkable
ePharma dominated the sector, especially before COVID. In addition to creating a convenience-driven experience, ePharma was pushed through discounts and rewards. Soon enough, the COVID-induced pandemic worked as a catalyst to trigger growth within this sector, thereby paving the way for a booming eHealth landscape that saw an annual growth rate of 51% in 2021.
3. Despite efforts being made to close the gaps, the health record segment is fragmented, owned by hospitals, and lacks shareability. A central repository of Personal Health Record (PHR) solutions is the need of the hour
Health records are an important part of one’s healthcare journey: maintaining a database of medical history is crucial, but the current system maintains physical records that are rampant with pain points. Often times, patients suffer from loss of previous records, and hospitals too may lose important patient information. Further, patients are required to maintain multiple records in the event that they begin a new patient journey with another hospital. Digital PHR platforms are attempting to solve these problems, by providing a patient-centric interface, with the ability to ensure data continuity and interoperability.
4. USA is already tapping the market and our research shows that a sizable portion of consumers are willing to pay for the digital PHR service, leading to a global PHR opportunity of $57.5 Bn by FY26
Digital records ensure that data is well-managed, secured, and easily accessible. By leveraging Artificial Intelligence and structured data formats, digital records also enable one to see trends and insights in a convenient dashboard view. This is a stark contrast from the physical records system, which is hard to maintain and manage, and prone to data loss. India has always been eager to explore what technology holds for us, so it is only a matter of time before this market is tapped. Patients and doctors can enjoy the benefits that digital records offer, thus cementing the digital health records are at the threshold of disruption!