Under its Employee Stock Option Scheme (ESOP) 2021, PB Fintech, the parent company of the well-known insurtech company Policybazaar, has distributed about 27 lakh equity shares. On November 15, PB Fintech said in an exchange filing that its board has given its authority to distribute 27,85,962 equity shares to qualified employees under the 2021 plan. The company’s issued and paid-up share capital, after these shares are allocated, is INR 91,77,91,852, which is made up of 45,88,95,926 equity shares with a face value of INR 2 apiece.
After qualified workers exercised their vested options under the PB Fintech Workers Stock Option Plan 2021, the Nomination and Remuneration Committee awarded them 27,85,962 equity shares with a face value of INR 2 apiece, the document stated.
Stats Prior to Allotment
The issued and paid-up share capital of PB Fintech, which included 45,61,09,964 equity shares, was INR 91,22,19,928 prior to share allocation. On the BSE, shares of PB Fintech ended the most recent trading session at INR 1725.15 each. According to the stock’s 15 November closing price, the freshly allotted equity shares are valued at INR 480 Cr. This follows the company’s distribution of 75,760 equity shares under the same ESOP Plan to qualified employees. Under its ESOP plan 2021, PB Fintech distributed 48.3 lakh equity shares earlier in June.
Current Financial Report of PB Fintech
In the second quarter (Q2) of the fiscal year 2024–25 (FY25), it posted a quarterly profit of INR 50.98 Cr, its fourth consecutive quarter. Yashish Dahiya, the company’s chairman and Group CEO, acknowledged earlier in September that the business is thinking about entering the healthcare industry. According to reports, PB Fintech is expected to obtain board permission before making a one-time investment of $100 million to purchase a 30% interest in a new healthcare company.
Current ESOP Scenario in India
According to a 2024 survey of 160 companies, 78% of them offered employee stock option plans (ESOPs) to their staff, a considerable increase from 59% in 2021. This indicates that ESOPs are becoming more and more popular among startup owners. More firms are now offering ESOPs to all employees, not only senior management, according to a survey done by Saison Capital, XA Network, and Carta. Compared to one in four in 2021, one in three firms now provides these plans to all employees.
Furthermore, the median ESOP pool size grew from 9% in 2021 to 12.6% in 2024, and 90% of founders now talk about ESOPs with candidates during interviews or job offers, up from 75% in 2021. Additionally, the reasons for providing ESOPs have changed; in 2024, 40% of founders cited cost reductions, up from 28% in 2021.
The founders cited the necessity to retain people as the second most important reason for putting these plans into action, behind creating a sense of ownership and company culture. Even with this increase, fewer than 30% of founders still fully understand the complexity of ESOPs, a percentage that hasn’t changed since 2021.
On this National Startup Day 2024, we embark on a journey through India’s startup landscape, capturing insights from industry pioneers. From HealthTech to MedTech, nutrition, and beyond, industry leaders share their perspectives on the Indian startup ecosystem. Explore the story of the startup ecosystem’s evolution, understand the pivotal role played by the Government, and explore the promising horizons that lie ahead for these industries.
Join us in celebrating National Startup Day as we delve into stories shaping India’s entrepreneurial journey—a roadmap crafted with determination, backed by government support, and painted with the promise of an exciting future.
Dr. Narendra Vankar,Founder and CEO of Quantum CorpHealth, sheds light on the transformative journey of health-tech in India, emphasizing the increased accessibility of healthcare for the population. “The health and startup industries have been revolutionized by introducing health-tech in India. As we progress further with technology, more and more healthcare startups have cropped up in the last ten years, making healthcare more accessible and easy to use for more of the population in India.”
The Government of India has been very pro-startup throughout. From various funding initiatives to incentives like intellectual property rights (IPR) support, patent cost reimbursement, and credit guarantee schemes, GOI has been a staunch supporter of the startup ecosystem, not only in health-tech but also in other industries as well.
Dr. Vankar highlights the significant role of government schemes like the National Health Mission and the Ayushman Bharat Scheme, saying, “Additionally, schemes and missions like the National Health Mission and the Ayushman Bharat Scheme both play huge parts in making healthcare easier and more accessible to India’s ailing and elderly population. Through improving the availability of medical equipment and supplies, they promote community participation and engagement in healthcare decision-making and service delivery.”
Looking ahead, Dr. Vankar expresses optimism about the future of healthcare in India. “The Indian healthcare system has made significant progress in recent years. With India also becoming a destination for medical tourism with its skilled doctors and advanced treatments, the healthcare industry in India is becoming a safe bet for investors and patients alike. We can be optimistic about the future of healthcare and medicine in India, considering the constant and continued investment in healthcare and innovation.”
MedTech Innovations: A Glimpse into the Innovation, Growth, and Future
Transitioning from the insights of health-tech, Mr. Pranav Bajaj, Co-Founder of Medulance, brings a crucial perspective from the Medtech and ambulance industry. “As advocates for advancing healthcare resilience, Medulance Healthcare eagerly anticipates the upcoming budget as a pivotal opportunity to fortify India’s emergency services.”
Mr. Bajaj emphasizes the crucial role of ambulances and the paramedic sector. “Recognizing the indispensable role of ambulances and the paramedic sector, we urge the government to prioritize strategic investments in these areas to improve response times and overall emergency medical care efficacy.”
A key expectation from Medulance is the revision of the GST structure for ambulance procurement. “Currently burdened with a 28% GST, we propose a significant reduction to 0%. This move not only alleviates financial constraints but also incentivizes the nationwide enhancement of emergency fleets, contributing to faster and more effective emergency response.”
Commending the government’s progressive stance, Mr. Bajaj underscores the importance of exempting consumers from GST on emergency services. “We commend the government’s progressive stance in exempting consumers from GST on emergency services, ensuring immediate medical attention remains accessible without additional financial burdens.”
Expressing a forward-looking perspective, he sees the upcoming budget as an investment in the health and safety of citizens. “Medulance Healthcare views this budget not just as a fiscal adjustment but as an investment in the health and safety of our citizens. We look forward to a budget that not only acknowledges the critical role of emergency services but actively contributes to their enhancement, reflecting a commitment to the well-being of the nation.”
Mr. Deepak Sharma, CEO and Co-founder of MedLern, shares his insights saying, “India has made significant strides in the startup ecosystem, emerging as one of the world’s most dynamic and vibrant environments for new businesses.”
Acknowledging the pivotal role of government initiatives, Mr. Sharma highlights the impact of ‘Startup India.’ “Government initiatives such as ‘Startup India’ have played a pivotal role in fostering a conducive environment and providing support through funding, mentorship, and policy reforms.”
Sharma delves into the various measures the Government of India has taken to support and accelerate the growth of the MedTech industry. “The National Health Policy outlined the government’s commitment to promoting the development and deployment of medical technologies. It emphasized the importance of innovation and technology in improving healthcare delivery. The National Digital Health Mission (NDHM) is another promising step that the Government took in the direction of fuelling MedTech’s growth.”
Discussing the promising trajectory, Mr. Sharma outlines key trends in the MedTech industry. “The MedTech industry in India is marked by several promising trends. Rapid advancements in healthcare technology, including diagnostics, imaging, and telemedicine, are expected to revolutionize patient care and treatment methodologies.”
He emphasizes the collaborative nature of the industry and the potential for cutting-edge solutions. “Collaborations between healthcare providers and technology companies are likely to foster the development of cutting-edge solutions.”
Anticipating future growth, Mr. Sharma sheds light on government initiatives promoting domestic manufacturing and research. “Government initiatives promoting domestic manufacturing, research, and development, such as the Medical Device Parks and the PLI (Production Linked Incentive) Scheme, are anticipated to boost local production, reduce dependency on imports, and enhance the industry’s competitiveness.”
Additionally, he discusses the role of technology, especially artificial intelligence and data analytics. “The integration of artificial intelligence and data analytics into medical devices is poised to improve diagnostic accuracy and patient outcomes.”
As the MedTech sector adapts to the changing landscape, Mr. Sharma recognizes the impact of the COVID-19 pandemic. “The COVID-19 pandemic has accelerated the adoption of digital health solutions, remote patient monitoring, and telehealth services, shaping the future landscape of the MedTech sector.”
He concludes by highlighting the conducive environment for innovation and market growth. “Regulatory reforms and a more streamlined approval process for medical devices contribute to a conducive environment for innovation and market growth.”
Dr. Chetan Savaliya, Director of Satvam Nutrition, provides a broader perspective on India’s startup ecosystem. He said, “During my journey the growth of startups in India has been fueled by supportive government policies, technological advancements, and a thriving entrepreneurial culture. I’ve seen a significant shift in the mindset towards entrepreneurship, with a growing acceptance of risk and a willingness to explore uncharted territories. The government’s initiatives like Startup India and Make in India, alongside digital infrastructure, have played a crucial role. There’s heightened global recognition of India as a hub for innovation, providing opportunities for economic growth.”
Further highlighting the Government of India’s pivotal role in fostering the growth of plant-based herbal products and natural industry through supportive initiatives, Savaliya noted, “Favorable policies and regulatory frameworks has provided a conducive environment for businesses in this sector. The introduction of schemes like the Ayush Mission and National Medicinal Plants Board has specifically targeted the promotion of herbal products, encouraging research and development.”
Sharing his perspective on the future growth of nutraceutical manufacturing, Savaliya said, “The future of nutraceutical manufacturing in India, particularly in the realm of plant-based herbal products and natural supplements, holds promising prospects driven by evolving consumer preferences and global health consciousness. With an increasing focus on holistic well-being, there is a growing demand for ethically sourced, sustainable, and plant-based solutions. This trend aligns with the rich biodiversity of India, offering a diverse range of herbs and botanicals with potential health benefits.
As consumers become more discerning about the origin and composition of their dietary supplements, the nutraceutical industry in India has an opportunity to leverage its traditional knowledge in herbal medicine and Ayurveda. Regulatory reforms have streamlined the nutraceutical approval process, making it more attractive for manufacturers to invest in India.”
“Strategic partnerships, investment in research and development, and adherence to stringent quality standards will be crucial for companies to stay competitive. Embracing technological advancements in extraction processes and sustainable packaging can further enhance the industry’s appeal. The future of nutraceutical manufacturing in India is poised for growth, provided industry players align with evolving consumer preferences, leverage indigenous knowledge, and invest in sustainable and innovative practices,” he added.
Shikha Agarwal, the Nutritionist, and Owner at Nurture, shares her insights in the healthcare domain. “In my startup journey, I’ve seen India’s dynamic progress fueled by heightened health awareness and government initiatives like National Poshan Maah.”
Highlighting the impact of schemes like National Poshan Maah, Agarwal notes, “These schemes have elevated public interest in nutrition, propelling growth in the healthcare industry.”
“Looking forward, the sector is primed for expansion, driven by a health-conscious populace. Emerging trends point to a surge in demand for personalized nutrition and digital health solutions, offering startups abundant opportunities in this evolving landscape.” Agarwal added.
Wellness in Focus: Paving the Way for Health and Wellness Startups
Shifting gears to the health and wellness domain, Jatan Bawa, Co-Founder of Perfora, emphasizes the crucial role startups play in India’s growth, “Startups are playing a very important role in driving growth for our country. Across different domains, there is a massive opportunity for startups to address problems for people in India.”
Reflecting on the pre-pandemic focus on convenience and the post-pandemic shift to health and wellness, Bawa acknowledges the government’s proactive role. “Pre-pandemic, there was a lot of focus on convenience enabled by technology; however, post-pandemic, the focus has been primarily on improving health & wellness.”
He outlines the government’s crucial role in accelerating growth saying, “The Government of India has played a crucial role in accelerating growth in our industry. Policies promoting ease of doing business, financial incentives, and initiatives like ‘Startup India’ have provided the necessary support.”
Looking forward, Bawa sees a promising future for the health and wellness industry. “Looking ahead, the future of our industry in India appears promising. With a continued focus on health and wellness, there are ample opportunities for startups to innovate and address evolving needs.”
Highlighting the importance of collaboration, Bawa emphasizes the role of startups, industry players, and the government in realizing the full potential of the dynamic landscape. “The government’s sustained commitment to fostering entrepreneurship, coupled with emerging technologies, positions the Indian startup ecosystem for robust growth. As we move forward, collaboration between startups, industry players, and the government will be pivotal in realizing the full potential of this dynamic landscape.”
Adding another perspective from Perfora, Tushar Khurana, Co-Founder, expresses optimism about the future. “A decade earlier it would have been impossible to start and build a startup in a seamless way as we are doing it now.”
He acknowledges the government’s super supportive stance towards startups and encourages a focus on adding value to the country. “The government has been super supportive concerning its policies related to startups, and I’m quite optimistic about the future as there are so many problems to solve. This is the decade of startups. For India, this is the decade of entrepreneurship, and I would strongly suggest people think about how they can add value to our country.”
“In the course of our startup journey, the evolution of India’s startup ecosystem has been truly transformative. A mere decade ago, the seamless initiation and growth we now experience with Perfora would have been deemed implausible. The government’s support, underscored by startup-friendly policies, has been instrumental in this paradigm shift,” Khurana added.
Concluding on a note of partnership and resilience, Khurana envisions a flourishing era for startups and entrepreneurship. “Moving forward, a continued partnership between the government and startups will be pivotal, cultivating an ecosystem where ideas can germinate and contribute substantially to the nation’s trajectory. Embracing setbacks, cherishing minor victories, and valuing the entrepreneurial journey will be the linchpin for shaping success in this dynamic era of Indian entrepreneurship.”
StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.
The healthcare industry focuses on providing medical services, including diagnosis, treatment, and prevention of illnesses. It involves diverse professionals, such as doctors, nurses, and support staff. Ongoing technological advancements drive innovation in treatments, telemedicine, and patient care. Accessible and quality healthcare is crucial for overall well-being, and the industry continually evolves to meet global health challenges.
The worldwide healthcare market is projected to hit $11.9 trillion by 2025. In 2023, the global home healthcare market reached a valuation of $284.96 billion, with projections indicating a growth to $461.36 billion by 2028. In 2022, India’s home healthcare market was valued at $179 million, with an estimated 6.40% CAGR from 2022 to 2030. By 2030, it is anticipated to reach $295 million.
In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Amol R Deshmukh, Co-founder and CEO of MedRabbits. We examined MedRabbits’ operational intricacies in the healthcare industry, delving into their strategies and gaining insights into their unique approach and strategic positioning.
StartupTalky: What service does MedRabbits provide? What was the motivation/vision with which you started?
Amol R Deshmukh: MedRabbits, founded by Amol R Deshmukh and Anshad Ameenza, delivers comprehensive home healthcare services through a technology-centric approach. The array of services offered spans the critical spectrum of healthcare needs, encompassing the review and booking of nurses, paramedics, diagnostic procedures, ambulances, medical equipment, and specialized care plans tailored for the elderly, including preventive and intensive care. In an innovative move, the company extends its reach to health-value travel services, catering to the growing field of medical tourism.
The motivation behind MedRabbits was to address the need for more organized home healthcare options, structured job opportunities in the healthcare force, and a lack of transparency in the market. This motivation was further fueled by the founders’ personal experiences, notably during the illness of Mr. Amol’s father in 2017. The firsthand encounter with the complexities of caregiving and the struggle to find skilled and reliable healthcare professionals at home unveiled a significant gap in care delivery. Thus, MedRabbits was conceived to address these gaps, offering organized, tech-driven healthcare services and striving to revolutionize the way healthcare is accessed and delivered.
StartupTalky: What new services have been added in the past year? What is/are the USP/s of MedRabbits?
Amol R Deshmukh: MedRabbits has recently expanded its services into medical value travel, aiming to elevate the healthcare journey for patients considering medical treatment in India. This initiative aligns with the Government’s ‘Heal in India’ campaign and includes:
Simplified Surgical Options in collaboration with leading hospitals in India, the Far East, and the Middle East.
Effortless Travel Coordination encompassing accommodation and transportation.
Visa Support ensures a smooth travel process.
Tailored Concierge Service catering to individual needs for a comfortable healthcare experience.
In the past year, MedRabbits has undergone a transformative evolution, positioning itself as a dynamic force in the healthcare industry. A pivotal element of this transformation is the implementation of a user-friendly web-based booking system, enhancing accessibility and streamlining the scheduling process for a myriad of healthcare services. This tech-first approach underscores MedRabbits’ commitment to providing a seamless and efficient experience for users navigating their platform.
Notably, the introduction of specialized elderly preventive care plans reflects MedRabbits’ dedication to addressing the unique healthcare needs of the aging population, aligning with the company’s vision of offering comprehensive and personalized healthcare solutions.
Venturing into medical value travel services further distinguishes MedRabbits, capitalizing on the growing trend of medical tourism and showcasing the company’s adaptability and global perspective.
MedRabbits’ unique selling propositions (USPs) contribute to its industry distinction. The tech-first approach ensures a user-friendly experience, while the Care Now, Pay Later (CNPL) model, offering 0% interest EMIs over 3-6 months, introduces financial flexibility unprecedented in-home healthcare services in India. Premium pricing signifies a commitment to delivering high-quality healthcare experiences, positioning MedRabbits as a premium service provider. The emphasis on user-friendly technology and customer convenience underscores the company’s dedication to exceeding user expectations in the rapidly evolving landscape of healthcare services.
Furthermore, MedRabbits offers comprehensive medical tourism services, both domestically and internationally, managing all arrangements on behalf of the customer. The introduction of the CNPL model, unique in the Indian home healthcare sector, addresses financial constraints, making quality healthcare more accessible. Services, including elderly preventive care, palliative care, high-quality ICU care, and home-based care, demonstrate MedRabbits’ commitment to diverse and specialized healthcare offerings.
Overall USPs:
Tech-first approach for seamless service scheduling.
Care Now, Pay Later (CNPL) model with 0% interest EMIs.
Premium pricing for a high-quality healthcare experience.
Emphasis on user-friendly technology and customer convenience.
StartupTalky: How has the healthcare industry changed in recent years, and how has MedRabbits adapted to these changes?
Amol R Deshmukh: In recent years, the healthcare industry has witnessed a significant shift, with a growing demand for home healthcare services. The COVID-19 pandemic, in particular, placed unprecedented pressure on healthcare resources, making qualified medical workers harder to find and escalating costs. MedRabbits adeptly navigated these challenges by proactively upgrading its technology, introducing new services, and promptly responding to customer needs.
The pandemic highlighted the necessity for innovative healthcare solutions, and MedRabbits rose to the occasion. Clients sought RT-PCR testing at home, a service MedRabbits efficiently provided even before it became a norm. The company’s swift response during these critical times earned customer trust, establishing a foundation for the development of tech-based medical options.
MedRabbits’ adaptation included the implementation of a user-friendly web-based booking system, enhanced service scheduling, and a mobile app. Recognizing the changing landscape, the company introduced specialized elderly preventive care plans to meet the evolving needs of the aging population. The surge in demand for high-quality ICU care, compassionate palliative care for end-stage patients, and convenient home-based services further shaped MedRabbits’ strategic evolution.
Diversifying into medical value travel services, MedRabbits not only taps into the rising trend of medical tourism but also supports the government’s ‘Heal in India’ initiative. This strategic expansion underscores the company’s dedication to improving the healthcare journey for patients seeking treatment overseas.
In essence, MedRabbits not only adapted to industry changes but proactively positioned itself as a leader in providing comprehensive, tech-driven, and responsive healthcare solutions, meeting the evolving demands of a dynamic healthcare landscape.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the healthcare industry?
Amol R Deshmukh: MedRabbits remains at the forefront of the ever-evolving healthcare industry by employing a multifaceted approach to stay abreast of the latest trends and developments. A primary source of insight is continuous customer feedback, providing valuable real-time data on user experiences and expectations. This customer-centric approach allows MedRabbits to adapt its services based on evolving needs and preferences.
The company maintains a strong connection with healthcare experts, fostering a collaborative environment that enables the exchange of knowledge and insights. By engaging with professionals at the forefront of healthcare, MedRabbits gains valuable perspectives on emerging trends, technological advancements, and best practices. Aided by strong doctor networks in India and overseas, MedRabbits is able to pre-empt and provide solutions for emerging healthcare issues.
StartupTalky: What key metrics do you track to check MedRabbits’s growth and performance?
Amol R Deshmukh: MedRabbits employs a comprehensive set of key metrics to meticulously assess the company’s growth and performance, ensuring a holistic evaluation of its impact and success in the healthcare industry. MedRabbits ensures a well-rounded evaluation of its growth and performance, encompassing operational efficiency, network strength, customer satisfaction, and financial success. This approach allows the company to make informed strategic decisions, continuously improve its services, and navigate the dynamic landscape of the healthcare industry with agility and success. Some of the key metrics are listed below:
StartupTalky: What were the most significant challenges MedRabbits faced in the past year, and how did you overcome them?
Amol R Deshmukh: Some of the significant challenges in the past year have been the development and expansion of the medical value travel business. The challenges in this unorganized sector highly excite the company to develop technology to solve some of the mistrust issues in the ecosystem.
StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that the clients of MedRabbits are happy?
Amol R Deshmukh: At MedRabbits, ensuring client happiness is a paramount focus, achieved through a multifaceted approach centered on customer-centricity and innovative service offerings. The company places a high value on customer feedback, actively seeking and analyzing input to understand user experiences, concerns, and preferences. This continuous feedback loop serves as a foundational element in adapting and refining services to align with evolving client needs.
The introduction of the Care Now, Pay Later (CNPL) model is a distinctive feature designed to enhance customer satisfaction. Offering 0% interest EMIs over 3-6 months, this financial flexibility addresses the diverse financial situations of clients who may find upfront payments challenging. This unique approach not only ensures accessibility to quality healthcare but also demonstrates MedRabbits’ commitment to accommodating and prioritizing customer convenience.
Moreover, the implementation of premium pricing reflects the company’s dedication to delivering a high-quality healthcare experience. By positioning itself as a premium service provider, MedRabbits aims to exceed customer expectations, providing not only essential healthcare services but a level of care and service that elevates the overall client experience.
MedRabbits combines active listening through customer feedback, innovative financial models like CNPL, and a commitment to premium service to ensure that clients not only receive the healthcare they need but also feel valued, satisfied, and well cared for throughout their journey with the company.
Additionally, in the rare instance of a dissatisfied customer, we offer a full refund policy.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.
Amol R Deshmukh: Most of our customers are referred to us by other customers and treating doctors. We rarely conduct any paid marketing campaigns. The power of a positive customer referral has a much faster customer conversion rate as compared to thousands of rupees spent on marketing. Our customers are our greatest investors and brand ambassadors.
StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?
Amol R Deshmukh: MedRabbits has strategically expanded its services to cater to foreign clients, particularly in Bangladesh, Africa, and the Middle East, aligning with the Government’s ‘Heal in India’ mission. This extension into international markets, especially in the context of medical tourism, has been a positive and strategic move for the company.
The decision to offer medical tourism services reflects MedRabbits’ commitment to providing high-quality healthcare experiences to a broader clientele. Additionally, the home care services offered by MedRabbits add an unparalleled extension of service at the patient’s hotel or accommodation. The Government’s ‘Heal in India’ campaign provides a supportive framework for such initiatives.
The experience with foreign clients has been very positive, contributing to MedRabbits’ overall growth. Engaging with clients from different cultural backgrounds not only diversifies the company’s customer base but also enhances its reputation on an international scale. Positive word-of-mouth from international clients can further strengthen MedRabbits’ position in the global healthcare market.
MedRabbits’ expansion into catering to international clients, notably in Bangladesh, Africa, and the Middle East not only resonates with Government healthcare initiatives but also serves as a platform for the company to exhibit its proficiency and dedication to high-quality healthcare on a global platform. This endeavor aims to cultivate favorable experiences, thereby bolstering the organization’s success and advancement.
StartupTalky: What are the important tools and software you use to run MedRabbits smoothly?
Amol R Deshmukh: We have always been a tech-first company and utilize a number of in-house as well as outsourced technologies in order to ease operations and conduct data analysis. We are a keen follower of Zoho and subscribe to several of their accounting products. There are two reasons for this: Firstly, to support an Indian company and Secondly, to emulate a successful bootstrapped company. Our tech team is also very talented and has developed a lot of the CRM and customer user experience tools in-house.
StartupTalky: What opportunities do you see for future growth in the healthcare industry in India and the world? What kind of difference in market behavior have you seen between India and the world?
Amol R Deshmukh: The future growth prospects for MedRabbits in India and globally are very promising, presenting opportunities to expand services and tap into emerging trends.
Domestically, there is substantial room for growth by expanding services to new cities within India, reaching untapped markets, and addressing the evolving healthcare needs of diverse communities. Additionally, entering new international cities aligns with the global trend of seeking quality healthcare services, particularly in neighboring countries. The hyper-growth in assisted living centers for the elderly population is also a very interesting opportunity for domestic growth.
The medical value travel sector represents a significant growth opportunity for MedRabbits on a global scale. As the company extends its services to patients traveling to India for medical treatment, it not only capitalizes on the flourishing medical tourism industry but also aligns with the broader trend of seeking healthcare solutions beyond borders.
MedRabbits recognizes a shift in market behavior, especially in India, with an increasing acknowledgment of the importance of home healthcare services. The pandemic has accelerated this recognition, emphasizing the convenience and safety of receiving healthcare in the comfort of one’s home. The company has also observed a notable trend wherein healthcare professionals, including physicians and nurses, are in high demand in developed countries.
MedRabbits is strategically positioned to leverage both domestic and international growth opportunities by adapting to evolving market behaviors and staying at the forefront of emerging trends in the dynamic healthcare landscape.
StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?
Amol R Deshmukh: One of the most important lessons learned in the past year has been team building and organization towards new projects and the importance of setting up SOPs for these projects. As an organization evolves, SOPs play an important role in ensuring consistent delivery of services.
StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?
Amol R Deshmukh: MedRabbits envisions a comprehensive growth strategy centered around expanding its customer base, diversifying service offerings, and fostering team growth. To enhance its customer reach, MedRabbits plans to deepen its presence in existing cities, leveraging the trust and relationships established within these communities. Simultaneously, the company is set to embark on international expansion, entering new markets and addressing global healthcare needs.
Diversifying service offerings is a key focus, with MedRabbits aiming to launch innovative services that align with emerging healthcare trends. This could involve introducing specialized healthcare plans, incorporating advanced technologies, and staying at the forefront of industry developments. The goal is to position MedRabbits as a dynamic and comprehensive healthcare provider catering to a broad spectrum of medical requirements.
Team base expansion is inherent to these growth initiatives. MedRabbits places emphasis on attracting, retaining, and nurturing a skilled workforce. This involves recruiting committed medical professionals, fostering a culture of continuous learning, and adapting to evolving industry standards.
Throughout this expansion journey, MedRabbits remains dedicated to excellent customer service. The company will leverage technological innovations to enhance service delivery and establish strategic partnerships with medical experts, ensuring a collaborative and holistic approach to healthcare. By aligning these strategies, MedRabbits aims to solidify its position as a leading and forward-thinking healthcare solution provider.
StartupTalky: One tip that you would like to share with another Service company founder?
Amol R Deshmukh: One crucial tip I’d like to share with another Service company founder is –
Time can be your greatest ally and your fiercest opponent: What I mean by this is one needs to move quickly to identify opportunities and execute them. At the same time, you need to spend adequate time in the business to bear the fruits. A drive for quick profit and exit invariably results in incorrect decision-making. Tardiness in executing new opportunities invariably results in the opportunity being lost.
Evolution is the cornerstone of any business. If a company does not evolve, it will inevitably perish: Embrace the philosophy that there are no failures, only learnings. Building a successful company demands time, patience, and perseverance. It’s imperative to nurture a highly motivated team. Sustaining their motivation is an ongoing challenge every entrepreneur encounters. Their dedication and contributions are the bedrock of your company’s triumph.
StartupTalky extends its gratitude to Mr. Amol R Deshmukh for dedicating his valuable time and generously sharing his insights with all of us.
The remarkable growth in internet penetration and smartphone usage along with telemedicine, online pharmacies, Electronic Health Records (EHRs), health and fitness applications, and wearable devices have made healthcare more accessible, convenient, and patient-centric than ever before.
India’s health tech market is projected to reach $25 billion by 2025. Especially post-COVID, the growth has seen unprecedented heights. Though the surge in health tech in India has been fueled by the pandemic, it is actually a series of developments that have paved the way for this surge.
The growing and aging Indian population has been propelling the surge in demand for healthcare services. Though India has the highest youth population in the world, the growing number of elderly citizens has heightened the need for healthcare services across the board. The increasing healthcare costs in India have made quality healthcare inaccessible to many. This financial strain has created an environment ripe for cost-effective health tech solutions.
The remarkable growth in internet penetration and smartphone usage has democratized access to health tech services, making them easily accessible even to the users of Tier 2, Tier 3 cities, and small towns. Telemedicine, along with internet-based features like online pharmacies, Electronic Health Records (EHRs), health and fitness applications, and wearable devices like smartwatches and ECG monitors, have made healthcare more accessible, convenient, and patient-centric than ever before.
Mr. Amol R Deshmukh, CEO and Founder of MedRabbits, said, “Healthcare and technology have typically featured at opposite ends of the spectrum. Doctors, patients, and the entire healthcare ecosystem were either not willing or not able to adopt technology readily like the other industries. Come the pandemic – everything changed. While doctors and hospitals became inaccessible due to the fear of the virus, technology came to the forefront and coerced patients, doctors, and hospitals to adapt.”
Mr. Deshmukh also mentioned that following that period, all participants within the ecosystem became at ease with the utilization of technology. Consequently, patients, doctors, and hospitals presently perceive greater advantages in employing technology to meet their healthcare needs and provide services.
Key Factors Driving Health-Tech Growth
Mr. Gautam Chopra, Founder and CEO of BeatO, pointed out three key factors that have significantly contributed to the growth of health-tech in India:
Increased Personal Health Awareness: The pandemic has made individuals more conscious and aware of their health. This heightened awareness has resulted in the adoption of health-tracking devices and virtual healthcare consultations especially for non-communicable diseases and chronic conditions like diabetes, hypertension etc.
Greater Tech Exposure Among Healthcare Providers: Hospitals and healthcare professionals have become more tech-savvy, making it easier for health-tech startups to integrate their solutions into the healthcare ecosystem. The familiarity with technologies among doctors and other medical personnel at the secondary and tertiary healthcare levels has lowered barriers to adopting digital tools.
Collaborations with Ecosystem Partners: Ecosystem players like insurance and pharmaceutical companies have ventured into partnerships with health-tech startups. These collaborations have resulted in mutually beneficial outcomes, fostering greater confidence among the ecosystem players. This synergy accelerates the growth of startups by providing access to wider distribution channels and lower costs for the users.
Ongoing Challenges in Health-Tech
Mr. Anuj Parekh, Founder & CEO of Bharatsure, shared that health-tech, in India, has definitely experienced massive development in a limited timeframe, but keeping the size of the whole market in mind, the industry is still in its early stages of growth. “Though it has the potential to revolutionize the healthcare system, there are a number of factors that poise as challenges such as government regulation, data privacy, and rural healthcare access,” he added.
Mr. Parekh also mentioned that India still faces challenges in access to medical professionals, especially on the rural front. While health techs are making it possible to provide healthcare for rural population through telemedicine, the shortage still persists.
“An increase in the number of medical professionals will help address this and there needs to be talk around human resource development. With the emergence of AI, medical professionals could also be using sophisticated models to create efficiencies in the system. Data exchange and interoperability of systems is still a big issue for health techs. While the national health stack is a step in the right direction, it is a very big challenge to implement primarily with challenges around data security and privacy,” he added.
The full-scale implementation of the stack is still some time away and health techs will not meet their full potential unless the stack is implemented. Fintech too would not be at its current glory without the support of Aadhaar and UPI.
Mr. Chopra said that health-tech companies must adopt a patient-centric approach due to the prevalent practice of consumers paying for healthcare from their own pockets.
He said, “A patient-centric approach necessitates the establishment of trust and credibility, primarily through the demonstration of robust health outcomes. It is essential to recognize that building this trust is a gradual process, requiring patience and perseverance. The ultimate goal should be to provide high-quality care that surpasses the experiences one might have in the physical healthcare system while maintaining affordability at the same time.”
A patient-centric approach necessitates the establishment of trust and credibility, primarily through the demonstration of robust health outcomes. It is essential to recognize that building this trust is a gradual process, requiring patience and perseverance. The ultimate goal should be to provide high-quality care that surpasses the experiences one might have in the physical healthcare system while maintaining affordability at the same time.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Cancers and other non-communicable diseases have become significant global health and development threats. In 2019, nearly 23.6 million new cancer cases and 10 million cancer deaths were reported worldwide. The world is getting used to cancer, but we shouldn’t accept it. There is a dire need to discover practical solutions and develop diagnostic tools to fight against this ever-increasing burden.
It’s when BostonGene comes into the picture. This US-based biotechnology company conducts research and clinical trials and has developed advanced biomedical software to analyze patients for cancer and help suggest them the best treatment possible.
To know more about BostonGene, consider going through the article.
Based in Waltham, Massachusetts, BostonGene Corporation uses biomedical software for advanced patient analysis and personalized therapeutic decision-making for patients to help them fight against cancer. It has discovered, developed, and patented a holistic approach to cancer treatment. The company’s platform lets individual patients know the optimal therapy combination, mainly focusing on immune-targeted therapies.
BostonGene serves customers all over the United States.
BostonGene – Industry
The primary industry BostonGene serves is the Biotechnology industry. The global market size of the Biotechnology industry was roughly $1,224.31 billion in 2022. It’s expected to grow $3,210.71 billion by 2030 at a noteworthy CAGR of 12.8% during 2023-30. One critical market growth driving factor is the growing biotechnology sector in developing countries like India, China, and Japan due to favorable government initiatives.
Moreover, during the Covid-19 pandemic, there was a dire need for all countries to discover novel solutions and develop vaccines and diagnostic tools to fight against the disease. Talking about the top-ranked biotechnology companies, AstraZeneca, Bristol-Myers Squibb, Gilead Sciences, Inc., Sanofi, and Biogen are some key players.
Biotechnology Market Size, 2021 to 2030
BostonGene – Founders and Team
Andrew Feinberg is the founder of BostonGene.
Andrew Feinberg
Andrew Feinberg – Founder, President, and CEO, BostonGene
In addition to being the founder, Andrew Feinberg is the current President and CEO of the company. He earned a bachelor’s Degree from Bentley University and MBA from The Wharton School. He has worked as a Consultant at Bain & Company. Andrew also holds the position of CEO and Chairman at Netcracker Technology.
BostonGene Team
Alexander Bagaev – Vice President of Product Development
Brittan McClanahan – Vice President of Sales
Nathan Fowler – Chief Medical Officer
BostonGene is a team of around 300 employees.
BostonGene – Startup Story
BostonGene was founded by Andrew Feinberg in 2015. Under Andrew’s solid leadership, BostonGene established itself as a market leader in the biotechnology industry. The company collaborated with Washington University in St. Louis for Cancer Research in 2019 and Kidney Cancer Research in 2020. In the same year, in 2020, BostonGene and Transgene, NEC collaborated for clinical trials for Patients with Ovarian and Head & Neck Cancers.
The company announced the publication in the Blood Cancer Journal in August 2021. And a year later, BostonGene expanded its testing capabilities to predict patient response to Immunotherapy in February 2022.
Later, in January 2023, MD Anderson EGFR Classification was licensed by BostonGene and Tempus for providing new insight into atypical mutations in lung cancer. The company announced the launch of its CLIA-certified and CAP-accredited Liquid Biopsy, Spatial Proteomics, and Immunoprofiling solutions in June 2023.
BostonGene – Mission and Vision
BostonGene aims to power healthcare’s transition to personalized medicine with its AI-based molecular and immune profiling to improve the standard of care, accelerate research, and improve economics.
BostonGene – Business Model
BostonGene’s AI-based molecular and immune profiling software sequences both DNA and RNA via a patented process, allowing physicians to understand information about the cancerous cells and the macro-environment in which they exist. The BostonGene Tumor Portrait Test help reveal key drivers of each tumor, including immune microenvironment properties, actionable mutations, biomarkers of response to diverse therapies, and recommended treatments. Once the analysis is completed, the BostonGene Tumor Test develops a personalized roadmap for therapeutic decision-making for each cancer patient.
BostonGene – Revenue Model
BostonGene’s revenue model involves offering its AI-based molecular and immune profiling platform to empower healthcare providers to match individual patients with the most appropriate treatments for their health conditions. In addition, healthcare professionals can use the information to prescribe the best drugs, understand their potential side effects, and determine how surgery can impact the areas surrounding the tumor.
BostonGene – Products and Services
BostonGene is the provider of the following:
BostonGene Tumor Portrait Test
BostonGene Liquid Biopsy
BostonGene Immunoprofiling
BostonGene Spatial Proteomics
Moreover, the company has developed BioPharma, which offers Laboratory Solutions, Bioinformatics Services, and Industry Applications.
BostonGene
BostonGene – Funding and Investors
BostonGene has completed 2 funding rounds through which it raised $ 200 million. Its latest funding round – Series B Round, was conducted on April 6, 2022. NEC Corporation, Japan Industrial Partners, and Impact Investment Capital are some investors who back the company.
Date
Round
Number of Investors
Money Raised
Lead Investor
April 6, 2022
Series B
3
$150 million
NEC Corporation
April 25, 2019
Series A
1
$50 million
NEC Corporation
BostonGene – Growth
With $150 million raised in a Series B funding round, BostonGene became a unicorn with a multi-billion dollar valuation.
BostonGene has partnered with the following leading cancer centers:
Memorial Sloan Kettering Cancer Center
Mayo Clinic
Abramson Cancer Center of the University of Pennsylvania
Brigham and Women’s Hospital
Dana Farber Cancer Institute
Mass General Hospital
Mater Research
Medical College of Wisconsin
National Cancer Institute
BostonGene – Awards and Achievements
Some of the awards BostonGene has been honored with to date are as follows:
Named one of Massachusetts’ Best Genetics and Bioinformatics Startups by BestStartup.us in 2021
Recognized for its State-of-the-Art Technology in Cancer Research and Oncology by Cancer Cell in 2022
Won a GRASP Advocate Choice Award for the 2023 ASCO Annual Meeting Poster in the Patient Advocacy Group Awards
BostonGene – Competitors
BostonGene has approximately 544 active competitors, and some of these are listed below:
Benchling
Insilico
BioAge Labs
Immuneering Corporation
Arbutus Biopharma
FAQs
What does BostonGene do?
BostonGene Corporation uses biomedical software for advanced patient analysis and personalized therapeutic decision-making for patients to help them fight against cancer.
Who is the founder of BostonGene?
Andrew Feinberg is the founder of BostonGene.
Who are the main competitors of BostonGene?
The main competitors of BostonGene include Benchling, Insilico, BioAge Labs, Immuneering Corporation, and Arbutus Biopharma.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Health Revolution.
The health industry has bloomed post-pandemic. There were many reasons for this. One of such reason was the blind trust of people in the medicines and their approach after surviving the pandemic.
However, when we talk about reality, medicines are not the only way a person can heal. Healing comes from within. With the same thought, Dr. Anoop Kumar started a health and wellness startup that can help people view their own path of healing.
Read further to know more details about Health Revolution startup including its startup story, business model, products and services, etc.
Started by Anoop Kumar and Sreesha Sreenivasan, Health Revolution is focused on revolutionizing the way the health industry works. The startup is focused on introducing the natural healing techniques and experiences of already healed people to the world through its programs.
They use four basic aspects of health which are nutrition, movement, connection, and rest in their techniques for the healing purpose.
The company is registered in Delaware, USA, and has team members segregated in the US and in India. They are in a pre-revenue stage as they have created an MVP which will launch on Jan 2, 2023.
Health Revolution – Industry
The global healthcare market size was estimated at USD 2.2 Billion in 2021. It is also expected to expand at a CAGR of 21.92% for the next few years. It is estimated to reach up to USD 7.3 Billion in 2027.
When we talk about the future of the healthcare industry after five years as per the belief of the Health Revolution team. It can be predicted that the healthcare and wellness industries might get merged. The reason behind merging can be the belief of people that health and healing happen where they are and it is not important to be present at a clinic or a hospital.
Startup “Health Revolution” is focusing on crumbling the barriers to healing through their knowledge of four engines named Nutrition, Connection, Movement, and Rest. In the time span of the next five years, they are looking toward capturing the vernacular language market by introducing their programs in Spanish and Hindi languages.
The Health Revolution was founded by Dr. Anoop Kumar and Ms. Sreesha Sreenivasan.
Dr. Anoop Kumar
Dr. Anoop Kumar – CEO and Co-founder of Health Revolution
Dr. Anoop Kumar is the subject matter expert and the CEO of the Health Revolution. He had been working on solutions and ways to resolve the deep-rooted misconceptions revolving within the medical industry which were causing harm and creating a REAL EMERGENCY in the whole world including the US.
Dr. Anoop Kumar is also a media person and has appeared on many podcasts and interviews, especially with Dr. Deepak Chopra. He was also closely associated with the Chopra Centre in the US. Dr. Anoop Kumar is also the author of two books named Is this a Dream and Michelangelo’s Medicine.
Ms. Sreesha Sreenivasan
Ms. Sreesha Sreenivasan – Co-founder of Health Resolution
Ms. Sreesha Sreenivasan was then the Administrative Founder and Director of La Femme Hospital in Bangalore. She was also undergoing grappling and distraught on seeing the utter chaos, confusion, and disillusionment in the lives of those who visited a hospital obviously not out of choice.
Her quest to find solutions, and resolve the angst of the ones who were suffering, led her to constructive conversations with Dr. Anoop.
Health Revolution startup has a few mentors associated with it named Daniel Rovira, Patri Hernandez, and Richard Rekhy.
Health Revolution – Startup Story
The base for the startup somewhere came from the past experiences and observations of both its co-founder.
Dr. Anoop Kumar’s journey started in childhood when he was exposed to ancient texts on Medicines and Vedas, This soon was given a science-backed understanding as he went through his Medical Studies and Management training.
As he embarked on the role of an ER physician, he soon witnessed the realities of Healthcare. This led him to witness and come face to face with several myths and deep-set misunderstandings in the world of Health.
The co-founder of the company Ms.Sreesha Sreenivasan had witnessed the stress that an average human being feels on entering a hospital. This happened during her tenure as Director of La Femme Hospital.
She wanted power and clarity for each who was burdened/confused/disillusioned when seeking recovery or understanding their own ailments. She wanted the power of recovery to go back to the hands of the sick, and not be helpless in the world of Healthcare.
They researched the idea for Jumpstart through their exposure to clinical and administrative practice for over two decades. It has been validated through interviews with dozens of guests on the Healing Is Possible podcast, private consultations, and through their MVP.
Dr. Kumar has also worked very closely with Dr. Deepak Chopra and has conducted impactful programs for the Chopra Centre which were very well received.
Initially, they spoke with many accomplished industry leaders and domain experts who were inspired by the idea and offered their advice in support of the venture. A few of them are Annurag Batra, Richard Rekhy, Sagar Rajagopal, Daniel Rovira, Bill Dolan, Rakesh Godhwani, and more.
Health Revolution – Mission and Vision
Health Revolution is a health tech startup. The Founder and CEO of this disruptive startup had the vision to bust all myths surrounding the Healthcare ecosystem. In a world where we are helpless in the hands of Doctors, Hospitals, and clinics, he wants each and every human to understand that healing is human, the power is within.
At times the simplest of facts get lost while complicated facts become accepted norms. This is the inversion of the narrative he wants to achieve through his flagship and of its kind program “Health Jumpstart”.
The objective and vision are humongous: To make every individual aware that healing and discovering the frontiers of human potential begin with activating the Four Engines of Nutrition, Movement, Connection, and Rest–which are the Primary Medicine available to all of us–and not by automatically following the beaten path of pills and surgeries.
Health Revolution – Name, Tagline, and Logo
The two enthusiastic founders of Health Revolution were intent on getting a revolution into the Healthcare industry. They had entered the foray with the clear vision of altering the dynamics and equation in the highly corporatized world of Health care. Revolution was what they were intent on getting, health is the industry into which they have ventured, thus the name Health Revolution.
The years of research, application, and evidence were enough to signify that their flagship program would unleash HEALTH in all, thus Health was to get a jumpstart! Hence, the program was named Health Jumpstart.
Health Revolution – Business and Revenue Model
Website
Health Revolution works on a profit-based business model. They offer paid online courses which people can attend from all over the world and take charge of their own health and healing. These courses are priced reasonably between $200/INR 12000 for a 4-week course which can explain in detail the basics of true health.
Dr. Kumar has worked extensively with Dr. Deepak Chopra in the US. And in India, they are looking towards partnering with corporations for their employee wellness initiatives.
Health Revolution – Products and Services
People are unnecessarily suffering because they do not recognize the power they have to heal and develop their potential. Healthcare maintains a state of disease in our society by marketing disease management as health.
There is no clarity on the relationships among disease, health, healing, wellness, and well-being. There is no consistent, clear, compelling program available in multiple languages and reaching billions of people that teach the powerful fundamentals of health, healing, and human potential.
The startup has invented multiple theories and techniques to help out humans with diseases. Their innovations are as follows:
The Four Engines – A clear, consistent, and compelling approach to health and healing that encompasses the health knowledge from both ancient and modern cultures alike.
Mind-Body-Flow Theory – This is a combined application of philosophy, introspective practice, and science that helps people directly recognize and apply the connection of mind and body to heal.
Meta-Map – A cross-disciplinary vision emphasizing that the approaches of apparently discrete fields like disease management, healthcare, healing, wellness, and spirituality are in fact nothing but the Four Engines in varied forms. In other words, by simply activating your Four Engines, you will reap the benefits of many discrete fields that have otherwise fractured health into different compartments.
Health Jumpstart
Health Revolution – Health Jumpstart Course
It is their key product, it is a 4-week online program that helps people create their own path to health and healing by focusing on the Four Engines of Nutrition, Movement, Connection, and Rest. Each day of the week, participants receive a video teaching them about the topic for the day, as well as a practice they can use to experience a change in their lives.
Along with this, they participate in two live sessions weekly. Each week is taught by a dedicated instructor specializing in that field, along with Dr. Kumar who is overseeing the program. By the end of the 4 weeks, participants will have a taste of the power they have to heal and continue their journey, along with a unique map and practice that they themselves have created through the program.
The second program created by them will be a B2B package focusing on mental health issues. It was created after the deep observation by the founders regarding misconceptions of the mind. The program will focus on the concept of the Mind Theory. It will allow the applicants to have clarity and power in their own mental well-being.
As for the platforms, associated with the startup, they have a youtube channel called Healing is Possible that shares stories of people who have healed from apparently incurable health conditions. Other than that they also have a Wix site and other few other social media channels.
Health Revolution – User Acquisition and Growth
Getting the first 100 customers is a big task for every new startup. The same task was faced by Health Revolution too. Which, they tackled easily and gain a name for their platform in the market. The biggest strike they had was when Dr. Anoop Kumar was invited to some of the major podcasts.
From there enrollment for the program started. This initiated the organic method of publicity that is through word of mouth. Some other methods that helped the firm gain customers were from the YouTube Channel of Dr. Anoop Kumar named “Healing is Possible” Channel and through social media networks.
Tackling the current mindset of the people who have lost faith in their own healing power was the biggest challenge for Health Revolution Startup founders. In India, the problem is not as big as people still believe in home remedies and Ayurveda, etc, however, in the US, it is a challenge where the bigger part of the population is dependent on Complementary Medicine pills and surgeries for their healthcare solutions.
The best example can be taken from the anecdote, that there was a time when no one believed that the Earth was round, but in the present world, it is widely accepted and believed. Similarly, the misplaced emphasis on Pills and surgeries too shall give way to the importance of real Primary Medicine and that is the activated 4 engines of Nutrition, Movement, Connection, and Rest.
It was a big challenge for the team that has to be tackled with good proof. To tackle it, the team of Health Revolution started with a discussion around the topic. As they believed that conversations and Stories are the catalysts to bring forth the most radical revolution of the decade, and that is forever changing the dynamics of Healthcare
Health Revolution – Future Plans
With the goal of flipping the narrative on what exactly health is, the future plans of the Health revolution include:
Partnering with major employers and organizations to offer True Health programs for their employees.
Opening a center for healing and understanding where offline programs will be offered.
Liaising with medical universities and the fraternity to include the whole human anatomy as part of the curriculum so diseases can be understood more completely and treatments can be more effective.
Offering clarity to all those who seek it in order to achieve their highest human potential.
Conclusion
The focus on personal health is an important fact that people sometimes misunderstand or get their trust attached to the wrong places. When we talk about the Indian population, they prefer to take help from health experts at crucial times. And some of the population also prefers to opt for alternate medicines.
Whereas when we consider the same thing from the US population, the majority of them are dependent on pills and surgeries for the healing path. The startup Health Revolution is focused on a different vision of health and healing.
FAQs
Who is the founder of Health Revolution?
Health Revolution was founded by Dr. Anoop Kumar and Ms. Sreesha Sreenivasan.
What is Health Revolution?
Health Revolution is a healthcare startup focusing on revolutionizing the health industry by introducing the natural healing techniques and experiences.
What is the global market size of health and wellness industry?
The global market size of health and wellness industry is US$ 3,481.8 Billion for the year 2022.
The number of startups is increasing with the advancement of technology and the availability of easily accessible resources. Bangladesh is no different. Bangladesh is witnessing an increase in the number of startups, which are thriving. Some may fail, but those who learn from others or from their own failures, are the ones running a successful company.
Bangladesh is still a developing country, but it has come a long way since 1971. Its GDP has expanded significantly, and startups have played a vital role in this as well as in the overall development of the country. In Bangladesh, there are many different types of startups that contribute to the development of the country by providing jobs and training to those who aspire to work.
The following is a list of some of Bangladesh’s most well-known and successful startups.
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Founders: Waseem Alim, Zia Ashraf, and Tejas Viswanath
Valuation: $40 million
ChalDal – Top Bangladesh startups
ChalDal is an online grocery shopping platform that provides all kinds of household items and essentials. Customers can buy groceries through the website or the mobile application, which is available for both Android and iOS. The buyers can also set a time for delivery when they want the item to be delivered. The company was founded by Waseem Alim, Zia Ashraf, and Tejas Viswanath. The company was awarded as the best e-commerce company of the year in 2020 by Digital World 2020, for providing essentials during the tense times of COVID.
Praava Health
Founded: 2017
Founder: Sylvana Quader Sinha
Valuation: $10.6 million
Praava Health – Top Bangladesh startups
Praava provides easy and affordable healthcare for the families of Bangladesh. The patient can access the service through the mobile application and can make appointments. The patient can also check their healthcare history through the app. The company claims to have a proper 15-minute time slot for each and every appointment so that all the queries of patients can be heard and solved. The company also has 7 laboratories that can perform 250+ unique tests and have a low rate of error. Praava Health has also built the country’s first PCR lab for molecular cancer diagnostics.
SureCash
Founded: 2010
Founder: Shahadat Khan
Valuation: $7 million
SureCash – Top Bangladesh Startups
SureCash is a payment system that allows its users to make payments through their mobile application. It is one of the fastest-growing Fintech companies in Bangladesh. SureCash is currently accessible through six scheduled banks Rupali Bank Limited, First Security Islami Bank Limited, Bangladesh Commerce Bank Limited, Jamuna Bank Limited, National Credit & Commerce Bank Limited and National Bank Limited and more than 650 payment partners. The company was founded in 2010 by Shahadat Khan.
Shopup
Founded: 2017
Founder: Afeef Zaman and Khobai Chowdhury
ShopUp – Top Bangladesh Startups
ShopUp is B2B commerce platform for small businesses available both online and offline. They provide easy access to B2B sourcing, logistics, digital credit and business management solutions. ShopUp Store is a free platform that allows its users an easy start to their online business. The Famous products of Shopup are Mokam, Redx and Baki. Mokam is a B2B commerce platform that serves small neighbourhood shops, providing access to a wide range of products. Whereas Redx is a logistic service and Baki is a digital financing product.
PriyoShop
Founded: 2013
Founder: Asikul Alam Khan
Valuation: $30 million
PriyoShop – Top Bangladesh Startups
PriyoShop is an e-commerce platform that sells a wide range of products, including electronics, clothing, footwear, jewellery, healthcare, beauty products, and more. It is a B2B marketplace app that connects retailers directly to suppliers and big brands to fix the fragmented supply chain by technology. Asikul Alam Khan launched the company in 2013. The company had only three people at that time, but as time went on, they established a name for themselves. Customers can purchase the items via the website or its mobile app.
Maya is an online service that helps people with mental and physical health issues. The company has a team of 300+ licensed healthcare experts and roughly 10 million unique users. The software employs artificial intelligence (AI), machine learning and natural language processing to provide users with digital assistance. The system then directs the users to the right specialists based on their responses to the questions. The company started in Bangladesh and is now attempting to expand into India, Sri Lanka, Pakistan, and Middle Eastern countries.
Shikho
Founded: 2019
Founder: Shahir Chowdhury and Zeeshan Zakaria
Shikho – Top Bangladesh Startups
Shikho is an ed-tech company which is purely focusing on the digitisation of the education system in Bangladesh. It delivers personalized learning, feedback, and assessment for students and to keep students engaged, it uses gamification techniques, like points, leaderboards and virtual awards. It offers online coaching and educational content for students from classes 6 to 12 and also trains students for examinations such as JSC, SSC, and HSC.
Shuttle
Founded: 2018
Founders: Jawwad Jahangir and Reyasat Chowdhury
Valuation: $7.5 million
Shuttle – Top Bangladesh Startups
Shuttle is a mass-transit service that provides safe and affordable rides. It offers rides at an affordable price by moving more people with fewer vehicles and caters to both B2B and B2C customers. The company was founded in 2018 by Jawwad Jahangir and Reyasat Chowdhury. The attractions are travel prices as the company uses minivans with proper air conditioning, and can transport 10-11 people, allowing them to travel at a very affordable cost.
Pathao
Founded: 2015
Founder: Fahim Saleh, Hussain Elius, and Shifat Adnan
Pathao- Top Bangladesh Startups
Pathao is an on-demand digital platform company headquartered in Dhaka, Bangladesh. It started as a delivery service back in 2015 with its fleet of motorcycles and bicycles. The company operates in four cities in Bangladesh since 2015 and two cities in Nepal since 2020. Pathao has ride-sharing services, food delivery, courier and E-commerce services. It became the first major ride-sharing service-providing company in Bangladesh to get enlistment certificates from the authorities in Bangladesh.
Sindabad.com
Founded: 2016
Founders: Asif Zahir and Zeeshan Huq
Valuation: $8.3 million
Sindabad.com – Top Bangladesh Startups
Sindabad.com is one of the leading e-Commerce platforms that offer a framework for manufacturing and consumer purchases for organisations such as corporate offices, homes or factories with direct delivery service. It offers a large variety of quality products at a cost-efficient price. Based in Dhaka, the company was founded in 2016 by Asif Zahir and Zeeshan Huq. Major financial firms, raw material companies, pharmacies, and regional corporations are among its customers.
Conclusion
Bangladesh is a developing nation and has come a long way and is all set for growth and prosperity. The growing startups in the country are one of the main reasons for its development. Companies are learning and adapting according to the citizens’ demands. Various startups are growing to cater for the very demand of the country and its citizens. There are over 1200+ startups which generate over 1.5 milliom+ employments and help to provide skills and services to individuals. This helps in the overall development and growth of the country.
FAQs
What kind of business is profitable in Bangladesh?
E-commerce is one of the fastest-growing businesses in Bangladesh.
What is famous in Bangladesh to buy?
Bangladesh is famous for a wide variety of handicrafts, jewellery, coconut masks, and more.
Which country invests most in Bangladesh startups?
The United States of America invests most in Bangladesh startups.
Which is the best place to invest in Bangladesh?
There are many investment opportunities in Bangladesh. Some of the best places to invest in are:
Startups
Banks
Insurance
Stock market
Mutual Funds
Which are the most successful startups in Bangladesh?
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byForMen.
The pandemic era made everyone much more focused on their health and made everyone realize the importance of better health. To promote the same, many new and old platforms were emerging in the market all revolving around the health factor.
Few of them were targeted for mental health whereas few were targeted for specific conditions. One of the exceptions amongst the emerging platforms was the ForMen health startup highly directed toward the health and wellness of men.
ForMen is highly dedicated to men’s health and wellness improving products such as supplements and different formulations. ForMen was introduced in the year 2015 with the mission of promoting wellness in men.
Continue below to learn more about ForMen company such as its startup story, business and revenue model, awards and achievements, growth, etc.
ForMen is a health and wellness-promoting brand for men. It is started and led by health professionals named Dr. Lalitha Reddy and Sreeram Reddy. The brand is dedicated to improving men’s health with effective yet safe formulations.
The ForMen brand is highly acknowledged for its different range of products falling in the category of fertility, wellness, vitamins, minerals, lifestyle, etc. The brand works with the principle of providing premium quality products made with herbs and few minerals. All the product under their brand needs to pass out their quality check before stepping into the market.
Along with health and well products, ForMen is known to provide expert consultation service to its customers on their demand. ForMen is highly appreciated by its customers and is a proud brand with more than 45000 customers in its name.
ForMen – Industry
The Men’s Health & Wellness industry has gained prominence over the past few years. The Men’s wellness market has more than doubled in India in the last 3-4 years and is all set to grow at 16-17% annually. Most of the growth has happened in the grooming sector.
There is a significant growth in the supplements sector too in the coming 5 years. The increased willingness of the millennial generation to discuss non-critical health issues, combined with increased awareness and purchasing power will push the nutraceutical category to higher growth rates in the coming years.
Health & Wellness industry is one of the most stable & time-tested industries. With the present-day lifestyles, increased incidence of lifestyle diseases, newly evolving infections, increased burden of stress and obesity, etc the need for wellness, fitness, and health will only keep growing.
Awareness and interest of people in wellness will surely rise, and so will the adoption of good practices. The wellness industry is growing steadily but surely in the years to come. The focus of the company is on natural, safe and effective products as compared to chemicals.
ForMen aims to carve a niche in this category with its unique, natural, safe, and effective products that are formulated by doctors & pharma experts. They look at the entire country as their market. Children, adults, and the geriatric population, everyone from Day 0 to Day 100 will do better with supplements. A just-born baby needs Vit D supplementation so will a 100-old centenarian.
Bringing awareness is the key. The company not only had a look at the market research statistics etc but also knew from their Pan-India colleagues’ experience as well as from surveys and scientific articles, the extent of lifestyle disease burden in India and projected numbers in the next 10 years. This combined data was enough to convince ForMen about the huge need for genuine and effective supplements.
ForMen – Founders and Team
Dr. Lalitha Reddy – Founder of ForMen
Dr. Lalitha Reddy and Sreeram Reddy are the founders of ForMen. They share almost the same vision and passion and are highly committed to quality.
Sreeram is a serial entrepreneur with vast and successful experience. He is a graduate of Purdue University, a very passionate and motivated person, who loves to build and nurture companies.
Dr. Lalitha Reddy is a medical specialist with over 25 years of experience and an alumnus of prestigious institutions like JIPMER, NIMS, Osmania General Hospital, and ISB. She is the former Vice President of Yashoda Group of Hospitals and presently is Vice President of Telemedicine Society of India – Telangana Chapter.
She is a very accomplished academic and scientific trailblazer with many awards and gold medals to her credit. She has many scientific research articles published in various national and international journals, delivered hundreds of lectures both in India and abroad, and is the author of two books.
Her vast experience along with a deep understanding of patient problems and psychology has led her to pave the path for ForMen & ForKids along with her colleagues.
ForMen – Startup Story
Having worked in hospitals for the last almost 30 years, they have seen that a huge proportion of sickness could be prevented if only people focused on preventive health and wellness.
In the early days of the pandemic, the company had first-hand experience of seeing peoples’ panic, different degrees of severity of illness based on age and immune status of a patient, and of course the sudden appearance of many ‘so-called Immune boosters’ in the market, mostly of poor quality and inadequate / overdosages.
The consequences of the un-informed, unaware & gullible people falling prey to various kinds of misinformation also did not escape their notice. So, a team of ForMen decided to embark on a journey of Preventive Health & Wellness, where they focused on supplementing nutrients to help improve the quality of life of people.
They initially focused on men because men are usually hesitant to approach a doctor or get professional advice for wellness issues. They do not prefer to discuss their performance, sleep, stress, weight, or other issues. Also, there has been a significant increase in men’s health issues over the last 1-2 decades.
Ex- Testosterone levels in men have reduced over the past 2 decades. Sperm counts in men have declined and infertility issues have also risen significantly in men. So has the incidence of stress and related mental health problems.
So ForMen, as doctors and experts felt that they should contribute significantly by creating a non-judgmental and discrete platform for men which offers genuine, effective & safe formulations in the right combinations and dosages.
They already were aware of the issues that they wanted to help solve, and also had the knowledge of formulations, so all they had to do was to partner with ingredient suppliers and manufacturers who had similar convictions towards quality & safety that we had.
They traveled extensively for factory visits and interacted with various manufacturers/suppliers before we chose the best, who aligned with our vision and mission. After that came the website development, branding, warehousing, last-mile delivery partners, etc. The entire journey was humongous learning for them.
ForMen is an online holistic online Health & Wellness platform for men. It provides wellness products & online doctor consultations.
Vision – To be the most trusted health & wellness partner, offering high-quality wellness products that are a part of the wellness journey of all Indian men.
Mission- To promote wellness, and preventive health and encourage discussions on health issues in men.
ForMen – Name, Tagline, and Logo
ForMen Logo
ForMen wanted the logo and Taglines to be very simple, direct & reflect what the brand offers. Since they wanted to start with Men’s wellness products – The name ForMen was quite literal and fortunately available.
Tagline ‘ For all things men’ simply followed the logo. Since their kid’s products were exclusive for kids, the logo ForKids was also designed on similar lines. The tagline ‘ ForKids with smart moms ‘ was also very apt and simple.
ForMen – Business and Revenue Model
ForMen platforms offer products as well as consultations. The consultations are provided discreetly and free of charge. The products are also very reasonably priced, to bring them within the reach of most Indians.
Since they wanted the products to be affordable, their margins are significantly less as compared to similar brands. They have no commission models at resent and are not very keen to walk that path. The company is aiming to grow as a D2C brand, whose products sell based on their effectiveness, quality & safety.
ForMen – Challenges Faced
The challenges were there for the company but were not major. Since the core knowledge about wellness, remedies, and formulations was with them, the challenge only lay in associating with partners.
They did face challenges initially in associating with talent, that understood their core principles and also respected timelines. Due to the pandemic the website designing, raw material procurement & creative agencies were all not able to meet deadlines due to lockdowns, staff falling sick, etc. This was a very frustrating aspect, which drove them to optimize the operations better and strengthen in-house skill sets.
One of the important lessons they learned was to increase in-house talent and reduce dependency on external agencies. This is more cost-effective more flexible and amenable to quick decision-making and course changing, when necessary.
ForMen – Funding and Investors
Hustle Partners has been doing the initial funding and they may go for further funding in the coming 6 months when the company feels the need.
ForMen – Growth
ForMen launched the brand one fine day and started advertising on social media. Orders slowly started picking up, mostly by word of mouth and then they consciously kept their marketing budgets low and avoided the marketing blitzkrieg as they were very sure of the slow and steady pace of growth based on ‘word of mouth’. They believe that a satisfied consumer is the best form of marketing.
ForMen – Awards and Achievements
We have been featured in various magazines and have received the award ‘ Icon of the Year – Emerging Startup Company for the year 2021’ from the Times Group.
ForMen – Future Plans
The company is headquartered in Hyderabad. The suppliers & manufacturers are spread across the country. They have a central warehouse also located in Hyderabad. The company is doing well presently with 8-10% month-on-month growth. The company is also planning to expand its product portfolio, the future surely looks bright & shining. The GMV (Gross Merchandise Volume) of ForMen is around Rs 600 on average at present. Feedback from consumers has been very positive & encouraging.
With the health issues going across the globe, the new world and a new method to tackle it is been introduced by many different platforms. There are many emerging applications and platforms all based on the health sector. One of them is the ForMen health platform.
It mainly deals with the health and wellness of men. The basic information about ForMen such as the startup story, Funding, investments, mission, vision, etc has been shared above.
FAQs
Who is the founder of ForMen?
Dr. Lalitha Reddy and Sreeram Reddy are the founders of ForMen.
What is ForMen?
ForMen is a Health & Wellness brand that sells men’s wellness products.
Has ForMen received any funding?
Hustle Partners has been providing the initial funding to ForMen.
What is the mission of ForMen?
The mission declared by ForMen is to promote wellness and preventive health along with encouraging discussions on men’s health.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Innovaccer.
We have been seeing technology and digitisation take a place in almost all industries, be it education, manufacturing, or corporate, and now the healthcare sector is not behind. It can be safe to say that the world has been seeing outstanding health IT transformation.
We see almost every hospital and private clinic today has taken over digital transformation over traditional methods. They are truly putting in a lot of effort to change the way they deliver healthcare through new and innovative techniques.
Innovaccer is one of the leading digital healthcare IT platforms that offer effective healthcare solutions to improve clinical outcomes and patient satisfaction.
In this article, let’s look at Innovaccer’s startup story, what they are about, founders and team, business structure and revenue model, challenges faced, competitors, and more.
Launched in 2014, Innovaccer is a cloud-based platform to improve the overall healthcare systems. Their platform provides physician practices, hospitals, health systems, and other healthcare providers with various innovative digital products. Innovaccer helps to collect, analyse, and provide insights on patient health.
It is an AI-powered patient and physician engagement and features many customisable tools that help in delivering desired outcomes. It has options such as care management, referral management, and patient engagement.
Innovaccer – Industry
Innovaccer belongs to the digital healthcare IT service provider. This industry is growing exponentially over the past years. As per reports, the digital health sector has exceeded $141.8 billion in 2020 and is anticipated to grow by over 17.4% by the end of 2027.
Innovaccer – Founders and Team
Sandeep Gupta, Abhinav Shashank, and Kanav Hasija – Founders of Innovaccer
Sandeep Gupta
Sandeep Gupta is the co-founder and Chief Operating Officer of Innovaccer. Before starting his entrepreneurial journey, Sandeep started his career as a Software Engineer at TCS, then he worked at Microsoft and Ingersoll Rand. He graduated from the Indian Institute of Management, Ahmedabad.
Abhinav Shashank
An alumnus of IIT, Kharagpur, Abhinav Shashank is one of the founding members and CEO of Innovaccer. Other than this, Abhinav is a talented and renowned author and has published over 300 articles for various international media outlets. He has been featured in Forbes 30 under 30 Asia 2017: Enterprise Tech and also in “Top 60 Rising leaders in U.S healthcare under 40′ in 2019.
Kanav Hasija
He serves as the CCO and is the co-founder of Innovaccer. He is an IIT, Kharagpur graduate in B.Tech and a Patent Law degree from the University of New Hampshire, School of Law, formerly Franklin Pierce Law Center.
He has worked as an intern at General Electric and was a Principal Consultant at Kharagpur Consulting Group (KCG). Kanav has a rich experience in the field of Big Data, medical analytics, and research. He is a recipient of the Honorable mention for excellence in technology’ from the Indian Institute of Technology.
Innovaccer – Name, Tagline and Logo
Innovaccer goes by the tagline, “Accelerate Your Digital Transformation with the Innovaccer Health Cloud”.
Their work rightly shows there in the tagline as they are helping many healthcare companies with various digital solutions.
Innovaccer – Startup Story
Founded by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta, Innovaccer serves to be one of the most effective digital healthcare sectors today.
Abhinav came up with the idea of Innovaccer while working on a project at Harvard. Along with his partners, they want to create a bridge and fill the gap between digital health and health care.
By working a lot day and night, they wanted to come up with an ecosystem for companies to help them build applications through their platform.
The company started receiving praises from investors and last year Innovaccer announced its $150 million Series-E round at a $3.2 billion valuation.
Innovaccer – Mission and Vision
The company’s mission is to accelerate the growth of healthcare in a digital world by pulling off innovative and technique methods.
Innovaccer’s mission reads, “Connect and Curate the World’s Healthcare Data and Make It Accessible and Useful.”
Innovaccer – Funding and Investors
Date
Funding Round
Funding Amount
Investors
14 May 2015
Seed
$2.5M
Start Smart Labs, 500 Startups, Rajan Anandan
11 Aug 2016
Series A
$15.6M
WestBridge Capital
10 May 2018
Series B
$25M
Lightspeed Ventures Partners, WestBridge Capital
20 Jan 2019
Series B
$10M
M12
14 Feb 2020
Series C
$70M
Steadview Capital, WestBridge Capital, M12
24 Feb 2021
Series D
$105M
Tiger Global Management, Steadview Capital, Dragoneer Investment Group
15 Dec 2021
Series E
$150M
Mubadala Capital, B Capital Group, M12
Innovaccer – Business Model
The company mainly operates its customers by creating a patient-centric platform. It offers digital products in the areas of population health management and Pay-for-performance.
Their business is majority about the cloud platform – Innovaccer Health Cloud that provides a robust solution to solve the problems and challenges faced by hospitals, pharmaceutical companies, and insurance companies to help them store data and bring in higher efficiencies for them.
The health cloud platform key functionality is:
Data Activation platform
Application Suite
Innovation Toolkit
Accelerators
Key customers of Innovaccer
UpStream
Chess Health
Banner Health
MercyOne
Hartford Healthcare
CHI health partners
Innovaccer – Revenue Model
The company raised almost a value of $150 million in its last funding round. The company believes that this is the era of digital healthcare and more importantly after the pandemic.
The company earns its revenue through the health cloud platform by helping other sectors with cost savings. Their platform has about 39 million patients and 96,000+ providers across 1,600+ locations.
Innovaccer is India’s first healthcare unicorn. They believe that the company has been providing innovative solutions and is confident about its future
Innovaccer – Challenges Faced
Although the company is succeeding and growing at a rapid rate, the risks associated with data are a crucial factor. It is up to Innovaccer to properly leverage the digital framework and keep storing the data with constant monitoring and making necessary and regulatory changes as and when needed to their risk analytics.
The company is always under pressure to maintain compliance to ensure data accuracy.
Innovaccer – Competitors
Digital healthcare is undoubtedly expanding, with many companies in the market offering their IT services in healthcare and promoting their brands.
Some of the biggest competitors of Innovaccer are:
Accolade
Castlight
Artemis Health
Carrum Health
Zoom for healthcare
Doxy
Nexthealth Technologies
Reveleer
VSee
Innovaccer – Awards and Achievements
Some awards won by Innovaccer are:
Best in KLAS Data & Analytics Platforms – 2022
Black Book – 2022
Certified NCQA HEDIS MEASURES – MY2020 Health Plan and Allowable Adjustments Measures
AHIP Affiliate Organisation Member 2021
Innovaccer – Future Plans
The company plans to keep delivering the best and most high-quality digital products in order to improve the healthcare sector in the world.
Sandeep Gupta says, “We want to be the ubiquitous platform that is powering all those innovators across the healthcare ecosystem, and at the center of it is the patient who is getting better care and better-coordinated care because of everything that we are able to do around them”
FAQs
Who is the founder of Innovaccer?
Sandeep Gupta, Abhinav Shashank, and Kanav Hasija are the founders of Innovacer.
Is Innovaccer an Indian company?
No, Innovacer is a Silicon Valley-based digital healthcare company.
What is the revenue of Innovacer?
Innovacer generated revenue of $100 million in ARR as of 2021.
What if, you are told that in near future surgeries will be performed by Machines. Yes, machine learning has advanced rapidly that in near future it will be possible to perform medical surgeries with minimum or no interventions by a Physician. Machine learning is widely used in healthcare industry in 2022.
When we hear AI or machine learning the first thing that comes in our mind is Robots but machine learning is much more complicated than that. Machine learning has advanced in every possible field and revolutionized many industries such as healthcare, retail and banking. In this article, we will talk about how machine learning is bringing a change in the healthcare industry. So let’s get right into the business.
Machine learning is an application of AI that provides the system with the ability to learn and improve from experiences without being programmed. The primary focus is to allow the computers to learn automatically without any human intervention or assistance. The process of learning begins with observations of data and finding patterns in data and making better decisions in the future. Machine learning has started making it place in India.
Machine Learning in Healthcare
The Healthcare industry has seen many advancements, but machine learning is one such advancement that has enhanced the performance of healthcare businesses. Machine learning has advanced a lot but the best machine learning tool in healthcare industry is a doctors brain. Many physicians worry that machine learning will dominate the healthcare industry.
Machine learning should be focused on how it can be used to augment patient care and employed as a tool by physicians to improve clinical use. Machine learning can never replace physicians because even if it reached supremacy, the patient always needs the human touch and caring of a physician.
How Machine Learning Is Used in Healthcare?
Machine Learning is taking turns and has entered into various industries and it looks like its not going to stop at any moment. It has also started showing its caliber in the Healthcare industry. Some of the ways it is used there are:
Identifying Disease and Diagnosis
Scientists are already working on machine learning models that predict disease or early diagnosis of disease and illness. A UK based technology startup feebris is working on artificial intelligence algorithms for precise detection of complex respiratory conditions. MIT’s Computer Science and Artificial Intelligence Lab has developed a new deep learning-based prediction model that can predict the development of breast cancer in advance up to five years.
Robotic Surgery
The application of robotics in healthcare is rapidly growing since it began in 1980. Robots performing surgery still might sound untrustworthy to many but in near future, it will be commonly used in surgeries. Robotics is also used in hospitals to monitor the patients and alert the nurses if there is human interaction required.
The robotic assistant can locate the blood vessel and draw the blood with less pain and anxiety for the patient. Robots also prepare and dispense medications and vaccines in pharmacological labs. In large facilities robotics are used as a cart to carry medical supplies. Speaking about robots replacing humans is not happening anywhere soon, robotics can only assist the doctors but can never replace them.
Medical Imaging Diagnosis
Medical imaging diagnosis is a process or technique in which visual representation of tissue or internal parts of organs are created to monitor health, diagnose and treat diseases. It also helps in creating database of anatomy and physiology. Surgical interventions can be avoided if medical imaging technology like ultrasound and MRI are used.
Uses of Machine Learning in Healthcare Industry
Machine learning algorithms can rapidly process massive amount of medical images and they can be precisely trained to identify the details in CT scans and MRI’s. A deep learning team from US, France and Germany have developed algorithm that can diagnose skin cancer more accurately than a dermatologist.
Pros of Machine Learning in Healthcare
More and more healthcare companies are choosing Machine Learningbecause pf its benefits. Some of the benefits are:
Patterns Are Easily Identified
A great ability of machine learning is that it can identify patterns and data precisely which might not be possible by a human. It can process massive amount of patterns and data rapidly with ease. With new innovation all of these are possible.
Smart Health Records
Maintaining health records is an exhaustive process so machine learning is used to ease the process and reduce the time and efforts required for maintaining health records. Machine learning in today’s world is working on cutting edge technologies for maintaining smart data records.
Minimum Human Intervention
Machine learning adapts overtime by learning from patterns and data. The primary benefit of machine learning is that it requires minimum intervention by humans and it can perform surgeries with ease.
Cons of Machine Learning in Healthcare
There is also a hesitation as well because with benefits Machine Learning has some cons as well. Some of them are:
Data Acquisition
Machine learning adapts through patterns and data sets and it requires a massive data sets and patterns to train its algorithms. The data should be precise and of good quality.
Take Time to Learn and Adapt
Machine learning requires enough time for its algorithms to learn and adapt to the patterns and data so that it can deliver accurate results. It requires additional computer power to function.
High Error-Susceptibility
Machine learning is highly susceptible to errors, it requires massive amount of data and if it is not provided with sufficient amount of data it may not function properly. Any inaccurate data fed to the machine may end up in undesirable result.
In-Med Prognostics Launches Neuroshield
InMed Prognostics Logo
One of the prime example of Machine Learning in the health industry is how In-Med Prognostics, a health tech company developing AI based brain health diagnostic and prognostic tools, launched NEUROShield, a cloud-based Clinical Decision Support Tool for neurological disorders. The NeuroShield technology uses pattern recognition and deep learning for the development of clinical biomarkers for early prognosis and differential diagnosis.
NEUROShield, powered by state-of-the-art AI, utilizes 3D based MRI images to their full potential by extracting data and providing volumetric analysis for the brain and its various structures. Use of cutting edge, AI technology enables them to perform analysis, on both Indian and Caucasian brains, thus unlocking a global scalability potential for their platform. AI is increasing innovation in the enterprises.
Future of Machine Learning in Healthcare
The development in machine learning will be able to automatically detect most of the diseases in its early stage. It will also increase the efficiency and accuracy in disease detection to reduce the burden on doctors. AI and Machine Learning will revolutionize the future healthcare industry.
Machine learning has advanced rapidly in every field such as navigation, business, retail, and banking but progressing in the healthcare industry is difficult because of the limited availability of data and lack of highly skilled scientists. Machine learning still requires improvements and several factors need to be improved.
Conclusion
Machine learning in the healthcare domain has become more popular and widely used in the healthcare industry. ML is helping patients and clinicians in many different ways by making their work easy. Some of the most common applications of machine learning are automating medical billing, clinical decision support, and the development of clinical care guidelines. There are a lot of applications of machine learning that are under research and development. In the future, we’ll be seeing a lot of applications of ML in the healthcare sector getting implemented and making the lives of humans easy.
FAQs
What is ML healthcare?
Scientists and researchers are using machine learning (ML) to churn out a number of smart solutions that can ultimately help in diagnosing and treating an illness.
How is machine learning used in medical diagnosis?
Studying physiological data, environmental influences, and genetic factors allow practitioners to diagnose diseases early and more effectively. Machine learning allows us to build models that associate a broad range of variables with a disease.
What is machine learning in medicine?
Machine learning (a subset of artificial intelligence) plays a key role in many health-related realms, including the development of new medical procedures, the handling of patient data and records, and the treatment of chronic diseases.
What are the benefits of AI in healthcare?
Integrating AI into the healthcare ecosystem allows for a multitude of benefits, including automating tasks and analyzing big patient data sets to deliver better healthcare faster, and at a lower cost. According to Insider Intelligence, 30% of healthcare costs are associated with administrative tasks.
How is Machine Learning used in hospitals?
Machine Learning analyzes data throughout a healthcare system to mine, automate and predict processes. It has been used to predict ICU transfers, improve clinical workflows and even pinpoint a patient’s risk of hospital-acquired infections.
Nitin Konde
