Innovating Healthcare: Government Initiatives, Tech Trends, and Startup Insights in India's Transformation

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Muskaan Kapoor

Jan 16, 2024 — 4 min read

Innovating Healthcare: Govt Initiatives, Tech Trends, and Startup Insights in India's Transformation

This article has been contributed by Greeshma Unnikrishnan, Co-founder and Chief Operating Officer, Medprime Technologies.

Technology is driving the world in a direction that was unimaginable centuries ago. Today we live in an interconnected world, driving innovation, automation, and transformation. The field of healthcare is no exception with the health tech industry forging ahead and making progress by leaps and bounds. Owing to the flourishing landscape, demand for innovative health services, and government policies, the Indian health tech industry is predicted to grow to $5.5 billion by 2025. Increased funding and investments, government initiatives, and technological advancements have further bolstered the health tech startup ecosystem. It is interesting to see the current trends that are making headway into the future of the Healthtech startup ecosystem, especially the medical device industry.

Integration of Artificial Intelligence: Digital Microscopy and Beyond
Remote Diagnosis: Breaking Boundaries of Geographies, Distance, and Time
Telemedicine or Telehealth: Mainstream in New-Age Healthcare
Government Support and Initiatives for Healthcare Startups

Integration of Artificial Intelligence: Digital Microscopy and Beyond

With scientific innovations and technological advancements, digital microscopy like all other aspects of medical technology, has showcased continuous improvement in quality, accuracy, and efficiency for life science research, pathology, and more recently, telepathology and telemedicine. It supports researchers and doctors in the interpretation of images, immediate insights, and much more. The integration of AI and machine learning will further automate, reduce time and effort in manual practices, and increase accuracy. The cutting-edge technologies are revolutionary, providing intelligent interpretations, sophisticated analyses, precision, and reliable outcomes.

Remote Diagnosis: Breaking Boundaries of Geographies, Distance, and Time

The COVID-era took the world by storm but also brought to the forefront the loopholes in the healthcare industry. With borders shut and accessibility in question, remote diagnosis was the silver lining in the chaos. Remote diagnosis is here to bridge the gap of accessibility in healthcare and its adoption must no longer be a matter of choice but compulsion. The field of pathology has seen a transformative change in the form of remote diagnosis, with digital image sharing and timely analysis of images of pathological evidence that goes beyond distance, locations, and time enhancing research, consultation, and diagnosis. Rural India will see exponential growth in healthcare with remote diagnosis and telemedicine.

Telemedicine or Telehealth: Mainstream in New-Age Healthcare

Telemedicine is no longer an aspect of healthcare but must be recognised as mainstream in medicine as its full potential can bridge the major gaps in the system. It allows healthcare professionals to evaluate, diagnose, and treat patients in remote locations using telecommunications technology. Quality healthcare, universal health coverage, and accessibility are all by-products of traditional healthcare. Telehealth offers the advantages of synchronised data, time, and location independence, making treatment for patients more affordable and available.

Government Support and Initiatives for Healthcare Startups

Startup India, Digital India, Ayushman Bharat Digital Mission, National Digital Health Mission, and Make in India to name a few are the pillars of the healthcare startup ecosystem. The government policies and initiatives for startups are laying a conducive environment to thrive and flourish, thus making room for investments, innovations, and advancements in the field of digital healthcare.

The government initiatives are supporting and assisting in regulatory approvals, enhancing the ease of doing business, ease of raising capital and reducing the compliance burden for the startup ecosystem. The increased number of programs, workshops, and seminars in relation to the regulations eases startups into the process and overcome challenges that could be a hindrance while doing business. There is a solid regulatory framework for startups to avoid lapses and legal issues.
The (SIPP) Scheme for Facilitating Startups Intellectual Property Protection aids startups in terms of costs to be borne to file a patent, approvals of patents and trademarks, and access to patent and trademark attorneys. There are no professional fees and startups have to pay only the statutory fees making it easy for them to focus on other aspects of the business and save heavy costs which would otherwise add to the financial burden. This also helps startups protect their intellectual property, protecting them from larger companies that may look to copy the innovation by startups.
Earnest Money Deposit (EMD) is the bid security amount that startups are exempted from paying and can go ahead and participate in tenders and bids. EMD which is mandatory in the procurement process is eased for startups thus avoiding the burden on their financial capabilities. This provides increased opportunities for startups in terms of participation in bids and tenders as the financial cost is handled by the government.
Government e Marketplace (GeM), set up by the Government to make public procurement process transparent, efficient, and inclusive. It is a centralised and unified fully automated portal where common user goods and services can be procured, a dynamic, self-sustaining, and user-friendly portal for making procurement by Government officers. A category called Startup Runway makes the procurement of innovative patented products much easier by bypassing the need for buyers to get multiple quotations.
The tax holiday for startups came as a respite where startups can avail 100% tax exemptions on profits earned for a block of three years in the first ten years of incorporation.

The digital Healthtech startup industry is making healthcare accessible, affordable, and available. With the help of government policies and initiatives, the Indian healthcare startup ecosystem is forging ahead toward progress, growth, and innovation.