This article has been contributed by Dr. Arpita Goyal, Yale Scholar.
The healthcare industry is rapidly evolving with an increasing demand for AI-powered solutions, and care is shifting toward the adoption of a patient-centered approach. AI applications span across diagnostics, treatment, and beyond, reshaping the dynamics of interactions within healthcare services. AI plays a significant role in enhancing communication between healthcare providers and patients.
AI-driven tools like chatbots use advanced AI algorithms and existing medical databases to engage patients in conversations about their health conditions and educate them on how to take care of their well-being. By utilizing natural language processing and machine learning, AI tailors its communication in a way that could cater to individual patients’ needs. Furthermore, it streamlines tasks through automation such as scheduling appointments, managing patient data, and insurance inquiries.
Chatbots have proven to be beneficial in setting reminders for medication intake, monitoring compliance levels, and facilitating medication refills and dosage instructions. Beyond handling tasks, it can also act as a personalized health companion, offering health advice, wellness tips, and comprehensive support for managing medical conditions to allow individuals to self-manage their health conditions.
Another innovative AI tool is language translation services that translate information into the patient’s preferred language and this tool ensures that language barriers do not impede access to essential healthcare resources. Companies like Healthify engage with patients in their language to address their questions on fitness, nutrition, and overall wellness.
Another company, PharmEasy leverages AI for optimizing appointments, scheduling, organizing patient data, and addressing insurance-related concerns to enhance the patient journey. And, Dooze focuses on patient monitoring to provide care and prompt interventions through improved communication between patients and healthcare providers.
Improving compliance with treatment plans presents a challenge in healthcare, as it can result in adverse outcomes and higher healthcare expenses. Some AI technologies use sensors and wearable devices to monitor the activities of the patients, including medication adherence and their physical movements at all times.
By analyzing their data, AI technology can also assist in detecting patterns of adherence, enabling healthcare providers to intervene with patients at risk of non-compliance before anything related to health issues escalates. These technologies can send medication reminders, offer strategies for managing side effects, and deliver information according to individual patient needs. Research suggests there is an increase in adherence rates with the use of AI-driven interventions and patients have rated this platform as effective too.
AI algorithms are continuously being improved to accurately predict medication adherence, so they can promptly alert healthcare providers about errors in medication usage. Tools like SMS-based refill reminders and monitoring systems aid patients in tracking medication intake and assisting them in following their treatment plans. These AI systems can adjust communication tactics based on each patient’s behavior and reasons for non-adherence through reinforcement learning algorithms, ultimately contributing to compliance over time.
AI-powered tools also offer tailored guidance to assist patients in overcoming obstacles to adherence, such as logistical challenges or financial limitations. Everwell is among the companies leveraging AI to enhance medication adherence for individuals dealing with mental health issues. The company monitors medication compliance, collaborates with healthcare providers, devises strategies to monitor adherence rates, and delivers interventions to enhance adherence.
Enhancing Patient Engagement
When patients are engaged in their health journey, research suggests that they are more likely to follow treatment plans, stick to their medications, and embrace lifestyle measures. In this transformative era, AI-driven tools are redefining healthcare delivery, making it more accessible and patient-focused. The application of AI in telemedicine allows patients to seek care remotely. AI- powered interventions can help patients access quality care, helping them achieve better health outcomes and create better patient satisfaction.
Further, AI-driven patient portals provide people with an unprecedented level of access to their health and wellness records, scheduling and administrative resources, and direct lines of communication to their support team, all from anywhere and at any time. This round-the-clock visibility of important health and wellness data makes it easier for people to take a more direct role in managing their health, including routine testing and screenings.
AI tools do this by leveraging detailed data, from past medical histories and records to daily routines and behaviors, so healthcare professionals can create a truly personalized solution, specifically tailored to the individual. The next frontier, including AI-driven voice assistants and chatbots, makes access to support easy, intuitive, and even empathetic.
AI-powered tools assist in bridging gaps and enable more patient-centric healthcare delivery models leading to better health outcomes and enhanced patient satisfaction. The use of AI in healthcare benefits both patients and healthcare providers in ways such as personalized and empathetic interaction, improved accessibility, cost and time savings, and administrative burden reduction. Patients could easily find available healthcare providers, schedule appointments, and receive general healthcare-related information using AI.
AI assistants could also aid healthcare providers in documenting patient encounters nearly in real-time, thus improving clinical documentation quality, reducing administrative time, and reducing provider burnout.
However, there are various challenges and risks associated with AI-powered communication tools, including inequalities and biases, dehumanization of healthcare, privacy and security risks, trust and transparency challenges, and ethical and regulatory concerns. Also, there are immense bureaucratic and regulatory hurdles to overcome to develop an appropriate regulation and oversight of these technologies that guarantee their safe and effective use in healthcare. But the sheer energy of Indian AI healthcare startups like Qure.ai, PharmEasy, HealthifyMe, and others, which are innovating in medical imaging, disease diagnosis, telemedicine, chronic disease management, and medication care AI from India to the US, Europe, the UK, South America, and Africa.
The landscape of patient communication, adherence, and engagement will ultimately transform the healthcare industry, especially in India, if the government allows initiatives like the National Digital Health Mission to promote widespread patient communication, adherence, and engagement and funds AI innovation.
This article has been contributed by Amol R. Deshmukh, CEO and Founder, MedRabbits.
Amidst the ongoing global health crisis, the significance of home healthcare in promoting wellness has come to the forefront, especially on World Health Day. The paradigm shift from traditional hospital-centric care to personalized, home-based solutions underscores a seismic transformation in how we perceive and access healthcare services. This transition not only reflects technological advancements but also mirrors a fundamental shift in consumer preferences towards convenience, comfort, and individualized care.
Against this backdrop, opportunities abound for businesses to not only innovate but also thrive in the burgeoning home healthcare sector. The convergence of technological innovation, changing demographics, and a growing emphasis on holistic well-being has created a fertile ground for companies to make a meaningful impact. By leveraging cutting- edge technologies, forging strategic partnerships, and upholding ethical standards, businesses have the potential not only to drive commercial success but also to revolutionize the healthcare landscape, placing wellness at the forefront of their endeavors.
The Transition from Hospital Care to Home Healthcare
Technological advancements, changing consumer preferences, and evolving demographics are collectively driving a profound transformation in traditional healthcare paradigms. Today, individuals increasingly seek patient-centered, easily accessible treatment options that cater to their unique needs and preferences. In response to these shifting dynamics, home healthcare has emerged as a beacon of hope, offering a holistic approach to well-being that encompasses personalized medical, rehabilitative, and preventative services.
Beyond its convenience, home healthcare represents a paradigm shift towards empowering individuals to take charge of their health in familiar and comfortable environments. It acknowledges the importance of continuity of care and fosters a deeper sense of engagement and accountability among patients. Moreover, home healthcare aligns with the broader trend towards value-based care, which emphasizes achieving optimal health outcomes and improving patient satisfaction.
As the transition from hospital care to home healthcare accelerates, stakeholders across the healthcare ecosystem must adapt to this new reality. This includes healthcare providers, insurers, policymakers, and technology developers collaborating to optimize care delivery models, enhance interoperability, and ensure equitable access to services. By embracing innovation and collaboration, we can harness the full potential of home healthcare to revolutionize the way we approach healthcare delivery and promote well-being for all.
Business Opportunities in Wellness Promotion
Telehealth and Remote Monitoring
Telehealth platforms have emerged as a cornerstone of home healthcare, enabling patients to connect with healthcare providers remotely. Businesses can capitalize on this trend by developing user-friendly telehealth applications that offer personalized wellness consultations, virtual fitness classes, nutritional counseling, and mental health support. Integrating remote monitoring devices allows for real-time health tracking, empowering individuals to take proactive measures to improve their well-being.
One size does not fit all when it comes to wellness. Businesses can differentiate themselves by offering personalized wellness plans tailored to individual needs and preferences. This can involve leveraging data analytics and artificial intelligence to assess health risks, customize diet and exercise regimens, and provide ongoing support and motivation. By focusing on preventive strategies, such as stress management and sleep optimization, businesses can help clients achieve sustainable lifestyle changes and reduce their reliance on reactive healthcare services.
Home-Based Fitness and Rehabilitation
The convenience and privacy of home-based fitness and rehabilitation programs appeal to a wide audience, including busy professionals, seniors, and individuals with mobility limitations. Businesses can seize this opportunity by offering virtual or in-home fitness sessions led by certified trainers and therapists. These programs can range from low-impact exercises for seniors to specialized rehabilitation protocols for patients recovering from surgery or injury. By emphasizing continuity of care and progress tracking, businesses can foster long-term engagement and loyalty among their clientele.
Nutritional Services and Meal Delivery
Nutrition plays a pivotal role in maintaining optimal health and preventing chronic diseases. Businesses can capitalize on the growing demand for convenient and nutritious meal options by providing meal delivery services tailored to specific dietary preferences and health goals. Collaborating with registered dietitians and chefs enables businesses to offer personalized meal plans that cater to various dietary restrictions, such as gluten-free, vegan, or diabetic-friendly diets. By combining culinary expertise with nutritional science, businesses can empower clients to make informed food choices and cultivate healthier eating habits.
Wellness Technology and Wearables
The proliferation of wearable devices, such as fitness trackers and smartwatches, has revolutionized how individuals monitor their health and fitness levels. Businesses can tap into this market by developing innovative wellness technologies that integrate seamlessly into daily life. Whether it’s a smart water bottle that reminds users to stay hydrated or a sleep tracking device that provides insights into sleep quality, there’s no shortage of opportunities to leverage technology for wellness promotion. By fostering a culture of self-awareness and accountability, businesses can empower individuals to take ownership of their health journey.
Seizing the New Era of Home Healthcare
In honour of World Health Day, it’s time to once again pledge to employ home healthcare to promote wellbeing. Through a commitment to innovation, collaboration, and ethical principles, businesses may steer towards a future in which healthcare functions not only as a service but also as a catalyst for overall well-being.
Home healthcare is a great opportunity for companies to promote well-being and influence beneficial changes in the healthcare system. Businesses may open up new development opportunities and significantly improve the lives of individuals and communities by utilizing the power of innovation, teamwork, and moral leadership. As home healthcare providers set out on this path to a better future, companies should keep in mind that the real test of success is not just how much money they make but also how much of an impact they are having on the health and happiness of people.
This article has been contributed by Sajeev Nair, Founder & Chairman, Vieroots.
It has been thousands of years since both the Eastern & Western medical systems discovered that “one man’s food may be another man’s poison”. But the modern health & wellness movement has turned to personalised diet plans recently, owing mainly to two developments.
The obvious failure of generic diet plans to effect weight loss and prevent diseases in many people made doctors and researchers think hard about what they might be missing, which eventually led to the development of truly personalised diet plans like the DNA-based weight loss program.
However, the impact of personalised diets is equally important outside of the weight loss objective. For instance, it has been proven that personalised diets, or better put their lack, determine whether various lifestyle diseases are triggered, as well as impact the physical, emotional and cognitive performances through the principles of nutrigenomics.
This nutrigenomic impact is not just of the fleeting kind, where you take some food beneficial for you personally, and you feel either energetic or lethargic. It runs deeper, and for the long term, as not only does your genes or DNA affect how various foods are metabolised in your body, but the various foods you consume affect your genes in return, with the potential to affect both disease development and longevity, either positively or negatively.
The shift towards personalised diet plans in recent years has been aided by the rapid technological development in various fields including artificial intelligence, big data analytics, block chains, generational AI and the internet of things. For instance, DNA-based weight loss programs and epigenetic lifestyle management have been made possible only in recent years, as AI and data analytics provided the tools to crunch the huge volume of genetic & metabolic data of each client, to arrive at breakthrough insights.
Wearables in Action
The tech adoption has accelerated with the advent of health trackers and wearables, especially in a networked or connected mode, as in IoT. Today, not only can wearables like a continuous glucose monitor or a smart ring or a smart watch or a super app give you round the clock surveillance of your health parameters, but can also send these health vitals easily to a personal lifestyle coach for tailor-made and fine-tuned advice.
When it comes to personalised diet plans, either for weight loss or better disease management and prevention, one of the most useful wearables is the Continuous Glucose Monitor (CGM). Most often implemented as a CGM patch that you wear discreetly on the back of your arm and whose output you can view on your smartphone or specialised devices, it enables you to track real-time changes in your blood glucose levels in response to eating specific foods, as well as to lifestyle interventions like exercise, yoga, meditation, breath work and more.
AI-Powered Coaching
The latest CGMs and its software, like from Vieroots, can throw up a lot of insights for both the wearer as well as their lifestyle coaches. These insights often vary from person to person too. For instance, eating a dessert before meals is better for glucose management in many people, while going for a short walk immediately after a meal was helpful in many for keeping the glucose spikes under control.
Smart rings, another emerging health wearable, complement a CGM in amazing ways. Today, a stylish smart ring like the Vieroots Halo ring that you wear 24X7 on your finger can provide an array of health tracking functions including heart rate variability (HRV), oxygen saturation (SPO2), body temperature, and various vitals about stress, movement & sleep. And it is not only your lifestyle coach who is empowered on your behalf by the sophisticated inputs from such devices. For example, there are personal devices that can give a wealth of information to your physician or cardiologist. For instance, the KardiaMobile 6L from AliveCor that Vieroots has introduced in India is a pen-drive-sized 6-lead personal ECG machine that can detect six risky arrhythmias of the heart.
If you are prone to such cardiac conditions, you can carry it in your pocket, take readings whenever you feel like it, either at home or office or while travelling, and send the results across to your doctor for him to provide you with perfect medical advice.
The advent of generational AI programs like ChatGPT has unleashed an era of automated health coaches, in the health & wellness domain. Coupled with precise movement tracking sensors, this has given rise to personal fitness coaching programs that run on a smartphone, that give you step-by-step advice while you exercise all your moves. ChatGPT-like programs in the health-tech domain can also provide diet and nutrition advice, but these should be judiciously chosen, ideally by a certified lifestyle coach, as this tech is still nascent and prone to errors.
Smartphone apps are yet another tool at the disposal of health enthusiasts and lifestyle coaches in their pursuit of personalised diet plans. As the requirements from such apps are mounting, the clearly emerging trend is a move towards the development and adoption of super apps.
These Swiss army knives of the health-tech domain analyse a huge array of inputs from various wearables like CGMs, smart rings, fitness trackers, smartwatches, etc. to generate powerful health insights. One such Indian initiative is the upcoming Trigr super-app from Vieroots that includes AI-based features including a bloodless blood test using AI face scan, personal fitness coach, bio-age detector, and Geno-metabolic lifestyle suggestions, that can perfectly complement personalised diet plans.
Artificial Intelligence (AI) in Health Care Market Size Worldwide from 2021 to 2030
Shaping the Future of Healthcare
The emergence of such diet plans that leverage these technologies including AI, big data analytics and IoT, is also driving up the demand for a new generation of lifestyle coaches who are well-versed with such advances and capable of sourcing, reading, and prescribing personal diet and lifestyle plans based on genetic, metabolic and wearables based data.
The Viegyan Certification Program in Lifestyle Coaching, formulated by a panel of functional medicine doctors and delivered by ICF-certified coaches, equips candidates to get trained and certified in such technologies, while Vieroots offers them career opportunities as Certified Lifestyle Coaches.
India’s Nutritional Supplements Market was valued at U$ 11.85 billion in 2023 and is projected to hit the market valuation of US$ 28.70 billion by 2032 at a CAGR of 10.7% during the forecast period 2024–2032.
Nveda is a fast-growing brand engaged in bringing high quality Nutritional and health supplements using natural ingredients and herbs to treat & prevent various lifestyle diseases.
In this article, learn more about the Nveda Founder, Products, Challenges, Competitors, Mission and Vision, Business and Revenue Model, among other details.
Their Company Bellavita Healthcare Pvt Ltd was launched in Dec 2009. Sanjay was working as a consultant to various importing companies for their import of pharmaceutical & Nutraceutical products from India. Brand Nveda was launched in April 2018. Since then Sanjay has been working exclusively on the development of this brand.
Nveda – Industry
The total market size is $10 Billion. Industry is growing at a CAGR of 15%. They are looking at Brand Nveda amongst the top 5 in a few of the Nutraceutical categories like Arthritis, BP & Diabetics.
Nveda – Founders and Team
Sanjay Mitra – Founder of Nveda
Sanjay Mitra, a single promoter with education from IIT BHU and IIFT, boasts over 30 years of experience. His past roles include serving as the Country Manager for Dabur International in CIS Countries and working as a Pharmaceutical Consultant from 2009 to 2017. He began working on the products in 2016 and successfully launched the brand Nveda in April 2018.
Nveda – Startup Story
During one of his routine Annual Checkup, Sanjay was diagnosed with High Cholesterol. He was prescribed Statins, and after a month He became Diabetic. Then Sanjay was asked to go for Diabetic medicine. He stopped the Cholesterol medicine and his blood sugar became normal. This was the starting point for working on this project of Alternate Therapy.
Having worked in the Pharmaceutical and Nutraceutical industry, He had good access to data for progress in different ingredients for some critical diseases like Arthritis. After launching products for Arthritis, BP & Diabetics, through customer feedback They realized there was gross overselling of many pharmaceutical products and services primarily for commercial consideration. This made them to launch new products so that for the initial stage of most diseases one can manage through these supplements.
Nveda – Vision and Mission
There is a limitation and lack of effective results with regular medicines for some of the very common diseases. They are bridging this with their range of Nutraceutical & Ayurvedic supplements.
As They are working on Natural & Ayurvedic Supplements, N comes from Natural and Veda from Ayurveda.
Nveda – Product/Services
Nveda Products
They have worked on their supply chain to get the best possible prices. The main raw material is Imported by them directly to ensure quality. Formulations have been developed to ensure maximum benefits for particular diseases.
Nveda – Business and Revenue Model
They are targeting the D2C market i.e. direct to consumer through online direct & marketplaces.
Nveda – Launching Company Strategies
They first launched Nveda Joint Support and Nveda Omega 3 Fish Oil, there were many people in their circle who were suffering from Arthritis. So getting the first 100 customers was primarily through word of mouth. The challenge was to maintain the supply chain and ensure the quality of Nutraceutical products. Initially, they used ads in Marketplaces.
Nveda – Advisors and Mentors
A Friend Gunjan Kumar is advising and helping them in importing and sourcing products. He is a Graduate from JSS College of Pharmacy and has more than 20 years of experience in sales and manufacturing of Pharmaceutical products, having worked with companies like Sanofi, GSK & IPCA.
Nveda – Customer Growth and Retention Strategies
In March 2023, the company surpassed monthly sales of Rs. 1 crore. By April 2023, Nveda Calcium Complex emerged as a bestseller on Flipkart, followed by Nveda Joint Support achieving the top position in its category on Amazon in June 2023.
September 2023 marked the commencement of 3PL operations with Emiza for warehouses located in Gurgaon, Bhiwandi, and Kolkata. Subsequently, by October 2023, Nveda Calcium also attained the number one position in its category on Amazon.
Additionally, the company allocates 30% of its budget to performance marketing channels such as AdWords, Facebook, Taboola, Criteo, PR campaigns, and influencer marketing.
Nveda – Challenges Faced
The most challenging part for them was during the Covid period in 2020 and 21 when their supply chain was completely disturbed. They supplied to customers who were regularly using their product and stopped completely acquiring new customers during this period.
Nveda – Growth
2 of their products are bestsellers on Amazon and one in Flipkart in their respective category.
Nveda – Marketing Strategy
They rely on a full stack of marketing plans with adword, Facebook, Taboola, Criteo, PR & Influencer marketing.
This article has been contributed by Deval Delivala, Co-founder, of GetSetUp.
India’s demographic landscape is rapidly evolving, with a significant increase projected in the aging population in the coming years, indicating a rising demand for products and services tailored to older consumers. Recognizing and addressing the unique needs and social determinants of health among aging consumers is a business opportunity and a societal imperative.
Social determinants of health shape our well-being by influencing the environments where we grow, live, and interact. These include our financial status, education, the neighborhoods we reside in, our jobs, the support we receive from friends and family, and our access to healthcare. When businesses understand these factors, it helps them create products and services for older adults that improve their quality of life in the later years, promote healthy aging, and enhance their mental and emotional well-being.
The top areas of interest for the well-being of aging populations, as highlighted by the UNFPA & HelpAge International report, are:
Ensuring income security is paramount for older adults to maintain a decent standard of living and meet their basic needs. Providing access to job opportunities and educational programs that update or teach new skills can significantly enhance older adults’ financial stability, self-worth, and independence. This approach aids in their adaptation to the changing job market. It also offers them avenues to start new ventures, fostering a sense of purpose and fulfillment as they age.
Healthcare Access and Affordability
Access to affordable and comprehensive healthcare services is critical for promoting health and well-being in old age. This includes medical care and treatments and essential medicines, assistive devices, and health education. Older adults should be able to access these services without experiencing financial hardship, ensuring they can maintain their health and quality of life as they age. Teaching digital tools that help with telephonic or video consultations is a key part. Many products also help with fall prevention, early detection of diseases, and daily monitoring of vitals.
Creating environments conducive to aging well is essential for older adults to thrive. This involves designing communities that are safe, secure, and accessible, with infrastructure that supports mobility and independence. By focusing on inclusivity and accessibility in digital and physical spaces, businesses can empower older adults to participate actively in their communities. Technology makes it easy for them to stay socially connected with friends and family. Providing opportunities for lifelong learning, social engagement, and recreation can build a sense of belonging and purpose.
Participation and Contribution
Older adults have the knowledge, skills, and experiences to contribute to their communities. Recognizing and valuing their contributions can enhance their self-worth and social connectedness, promoting positive aging outcomes. Encouraging older adults to participate in community activities, volunteerism, and intergenerational exchanges can enrich their lives and society. This can help renew a sense of purpose and belonging.
As the Indian government works on addressing the aging population’s needs, there’s a growing recognition of the importance of industry partnerships. A significant proportion of India’s elderly population faces financial dependency and social isolation. Many are unaware of government resources available to them, while others struggle with loneliness. Businesses, particularly startups in social and community support, healthcare, and assisted living, have a vital role in this endeavor.
By leveraging technology and innovation, these startups can develop solutions that provide financial security, access to social support programs, and meaningful community engagement opportunities. Rather than designing with an “old people” label, startups should view the older adult market with a lens of opportunity, recognizing them as engaged, inquisitive individuals keen on learning and empowerment rather than viewing them through a problem-solving prism. The goal should be to enhance the lives of older adults and the future aging population by enabling them to live a healthier, more active, and interconnected lifestyle. Here are some ways in which businesses can meet the needs of aging consumers:
Aging in Place
These startups focus on leveraging technology to enable seniors to age in place comfortably and independently. From smart home devices to telehealth solutions, innovative products can improve the quality of life for aging individuals while promoting autonomy and safety. Technology can also be leveraged to combat social isolation among seniors by creating virtual platforms for social interaction and connection. This innovative approach can help older adults stay connected with loved ones and participate in enriching social activities, nurturing a feeling of community and inclusion.
Health and Wellness
Develop products that support healthy aging by promoting physical activity, nutrition, and mental well-being. This could involve creating wearable devices for monitoring health metrics, smart home technologies for medication management, and online social engagement and cognitive stimulation platforms.
Caregiving Services
As the demand for caregiving services grows, businesses can innovate in this space by offering comprehensive support, from nursing care to assistance with daily tasks. By providing personalized and compassionate care, these services can enhance the quality of life for older adults and their families.
As we look towards the future, a collaboration between governments, businesses, and civil society will be essential in creating a culture where aging individuals can thrive with security, independence, and purpose. The journey towards catering to the aging market is not without challenges. Yet, it is filled with opportunities for growth, learning, and making a meaningful impact on the lives of millions.
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.”
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 Alto Pharmacy.
As the world advances in the digital era, more and more people are turning to the internet for healthcare information and services. Online pharmacies are one such sector that has gained more traction throughout the Covid-19 pandemic.
It has been stated that around 50% of people fail to take prescribed medications, leading to hospitalization and death. However, with digital pharmacy platforms, individuals can order their prescriptions online and deliver them to their doorsteps.
Alto Pharmacy is one such digital pharmacy platform born out of convenience and affordability. This article will shed light on vital details of Alto Pharmacy, including its startup story, founders, funding, services, and more.
Alto Pharmacy is the United States leading digital pharmacy. Its business model is centered on pharmacists’ crucial role as the final link in the individual’s health journey. The company combines expert pharmacist care with purpose-built technology to deliver an economical and convenient experience for people needing medication.
Alto Pharmacy has its presence in twelve markets, including San Francisco, Los Angeles, San Diego, Denver, Las Vegas, Seattle, New York, Houston, Dallas, Austin, Sacramento, and Santa Barbara.
The company has fulfilled over three million prescriptions and built a mobile app experience making it easier to manage medications. It has achieved a 70% Patient Adherence rate and enabled $53 million in drug savings, with over 41% of patients benefiting from prescription savings.
Mattieu Gamache-Asselin and Jamie Karraker are the co-founders of Alto Pharmacy.
Mattieu Gamache-Asselin
Mattieu Gamache-Asselin graduated from the University of Ottawa with BASc in Software Engineering + Biomedical. Before co-founding Alto Pharmacy, he worked as Software Engineer at Adobe Systems and Engineering @ Parse at Facebook.
Jamie Karraker completed the Bachelor of Science and Master of Engineering from Massachusetts Institute of Technology. He worked as a Researcher at MIT Computer Science and Artificial Laboratory (CSAIL) and Software Engineer at Facebook.
In 2015, he co-founded Alto Pharmacy and currently working as its Co-CEO.
Jamie Karraker – Co-founder and Co-CEO, Alto Pharmacy
Alicia Boler Davis is the CEO of Alto Pharmacy, a company with a team of over 900 expert engineers, pharmacists, and care specialists.
Alto Pharmacy – Startup Story
Mattieu Gamache-Asselin and Jamie Karraker were drawn to healthcare and shocked to uncover that 50% of people in the U.S. don’t get or take their medications as prescribed due to high costs and friction in the pharmacy experience. Moreover, they realized how inefficient and inhumane the pharmacy system was.
Therefore, they both ran some Facebooks ads, offering simple services to pick up people’s prescriptions and deliver them to their doorstep. In the first week, Mattieu and Jamie succeeded in delivering medications to happy and paying customers.
Before setting up Alto Pharmacy, the co-founders realized they needed to learn from the best, and thus, they spent months learning from a family-run pharmacy in Mission District, San Francisco. There they realized that people expect pharmacists to know them- their budgets, preferences, and routines.
Mattieu and Jamie raised enough capital to purchase AG Pharmacy in 2015 by partnering with Vivian and her team. They quickly built their team and brought together expertise across technology and healthcare. In the first year, AG Pharmacy built the core pieces of its technology stack- a pharmacy operating system, a physician collaboration tool, and an app for Alto patients.
Alto Pharmacy – Mission and Vision
Alto Pharmacy aims to fulfill medicine’s true purpose, i.e., to improve the quality of life for each person who needs it.
Alto Pharmacy – Business Model
A user creates an account on the Alto mobile app to transfer his existing prescription or can ask his doctor to send a new prescription to the platform. The company’s team finds customers the best price by combing through its database of coupons, copay cards, and other saving options. Moreover, it handles customers’ insurance paperwork to identify ways to save them money.
Users can see the savings and delivery options, and once ordered, the prescription is delivered by hand on the chosen day and time without any delivery fee. In addition, Alto Pharmacy’s team ensures their customers never miss or run out of medication by reaching out to schedule the delivery. Customers can use the Alto app to set reminders to take their medicines and chat with a pharmacist.
CEOs struggle with the suddenness of this change: Alto Pharmacy CEO
Alto Pharmacy – Products and Services
The Alto app specializes in delivering HIV, Hepatitis C and Infectious Diseases, Asthma and COPD, Rheumatology, Cardiology, Multiple Sclerosis, Gastroenterology, Covid-19 antivirals, and other medications.
Moreover, it launched the Auto Connect app for prescribers and clinical staff for seamless on-the-go prescription management and pharmacy communication.
Alto Pharmacy – Funding and Investors
Alto Pharmacy raised a total amount of $560 million in 7 funding rounds. Its latest funding round – Series E Round, was conducted on January 27, 2022, and raised $200 million. 58 investors fund the company, the most recent being What If Ventures, Sand Hill Angels, SoftBank Vision Fund, Zola Global Investors, and Greenoaks.
Alto Pharmacy is registered with 1 trademark, categorized into the ‘Scientific and Electronic Apparatus and Instruments‘ class.
Alto Pharmacy – Growth
The estimated annual revenue of Alto Pharmacy in 2022 is $189 million per year ($210,221 per employee), with its current valuation standing at $1 billion. Moreover, the monthly web visits grew by 0.88%, with 317,938 visits. And its employee count increased by -9% last year.
Alto Pharmacy is recognized as a customer-obsessed, industry-leading digital pharmacy with an NPS score of 86. Some of its most recent recognition and accolades are:
Alto Pharmacy is a digital pharmacy platform that combines expert pharmacist care with purpose-built technology to deliver an economical and convenient experience for people needing medication.
Who founded Alto Pharmacy?
Mattieu Gamache-Asselin and Jamie Karraker are the co-founders of Alto Pharmacy.
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 Wellthy Therapeutics.
Standing in a doctor’s waiting room is both cliché and terrifying, especially if you are afraid of the deadly virus. Here’s the game changer in the world of medical science: Digital Therapeutics (DTx). Digital therapeutics have been on the market for about ten years, but there have only been a few of them. DTx is a part of the broader digital health landscape, where the product is software-driven and evidence-based.
Wellthy Therapeutics is one such digital therapeutics company, focused on improving patient health through proven clinical interventions and behavioral models. In this article, you’ll get to know more about Wellthy Therapeutics, its founders, products and services, business and revenue model, and more.
Wellthy Therapeutics – About and How Does It Work?
Wellthy Therapeutics is a digital medicine platform with proprietary clinical intelligence at its core and with therapy area expertise, behavioral algorithms, data analytics, and user experience design to assist all healthcare stakeholders in achieving real-world clinical and business outcomes. Wellthy Therapeutics designs and deploys clinically validated behavioral interventions for chronic disease management.
The platform candidates (for each therapy) are delivered through an industry-leading, prescriptible, patient-facing Android and iOS app, coupled with connected devices for monitoring and behavioral intervention and a constantly learning chatbot for real-time feedback.
Wellthy Therapeutics was born out of the realization that episodic care is not nearly enough to help individuals manage their chronic conditions effectively. Low health literacy, inadequate follow-up care, and poor adherence to treatment, caused by low beneficiary engagement in-between healthcare touchpoints, have led to poor non-communicable disease (NCD) outcomes.
Wellthy Therapeutics – Industry Details
According to the WHO, an estimated 1.28 billion adults worldwide aged 30-79 years have hypertension, with the majority (two-thirds) living in low- and middle-income countries and an estimated 46% unaware that they have the condition. Furthermore, only 42% of adults with hypertension are diagnosed and treated.
There are over a billion people globally who have or are at risk of a cardiometabolic condition, with a global cost of over 2 trillion dollars. 240 million diabetics live in Asia, and 800 million hypertensives are projected to live in Asia by 2025.
Wellthy Therapeutics’ target beneficiaries are individuals suffering from or at risk of NCDs such as diabetes, hypertension, CKD, and dyslipidemia, both in India and globally.
Wellthy Therapeutics was founded by Abhishek Shah, Aradh Pillai, and Prayat Shah.
Abhishek Shah
Abhishek Shah – Co-founder and CEO of Wellthy Therapeutics
Abhishek Shah is the co-founder and CEO of Wellthy Therapeutics, which inspires and enables people to prevent, manage, and control their chronic health conditions. Abhishek is a thought leader in DTx globally and in Asia. Prior to Wellthy Therapeutics, Abhishek co-led an early-stage capital fund, where he invested, built, and scaled healthcare ventures in Asia, and prior to that, he held leadership positions in a media conglomerate, a contract research and manufacturing pharmaceutical business, and a medical consumables business.
Prayat Shah
Prayat Shah – Co-founder and VP, of Partnerships and Alliances at Wellthy Therapeutics
Prayat Shah is the co-founder and VP, of Partnerships and Alliances at Wellthy Therapeutics. Previously, he worked at KPMG as a management consultant, at Nielsen as a Client Solutions Executive, Customized Research (Pharma and Life Sciences), and at PwC Consulting as a Retainer – Pharmaceuticals and Life Sciences. He holds an MBA from the Indian School of Business and a B.Sc. (Hons.) in Biological Sciences from Singapore’s Nanyang Technical University. Hailing from a family of doctors, chronic disease management comes as a second skin to him, and he is passionate about solving the problem of chronic health conditions in developing economies.
Aradh Pillai
Aradh Pillai – Co-Founder and VP of Design and Engineering at Wellthy Therapeutics
Aradh Pillai is the co-Founder and VP of Design and Engineering at Wellthy Therapeutics. He is an entrepreneur and avid problem solver. Earlier, he worked as the Senior Product Designer at OLA, the Lead Mobile Product at LetsVenture, the Head of Mobile Products at Antfarm, the Managing Director at Simrge Inc., the Head of Mobile Products at Verbat LLC, an Open Source Contributor at Cyngn, and he also founded CheckROM.
They all met through common connections and soon realized that they shared a common thread: their respective immediate families were battling chronic conditions like hypertension or diabetes. Thus, the team had a similar challenge to battle out. What is more important is that they all were and are like-minded and shared the same vision and approach, which makes it easier to work together.
Wellthy Therapeutics – Startup Story
The idea of Wellthy Therapeutics arose when Abhishek and Prayat’s respective parents had chronic conditions like diabetes or hypertension. Therefore, the company understands the challenges faced by chronic patients.
Wellthy Therapeutics then identified the gaps and developed its products and services. The company first began its operation with a lean team of five members and a solid plan to fight chronic disorders systematically. With continuous positive responses and feedback, they focus on aligning their efforts with their goals and mission.
Abhishek’s mother has had hypertension for a long time and was recently diagnosed with diabetes. The realization that the episodic nature of their healthcare systems was inadequate for chronic care management was the genesis of the idea of Wellthy Therapeutics.
Wellthy Therapeutics – Name, Logo, and Tagline
Wellthy Therapeutics Logo
An oft-repeated phrase that Wellthy Therapeutics has grown up listening to is ‘Health is Wealth’ and thus the name ‘Wellthy’ emerged as a combination of the two words “wealth” and “health.” The logo depicts a victorious individual with two hands raised.
Wellthy Therapeutics – Vision and Mission
Their vision is to inspire and enable 10 million beneficiaries to control, manage, and/or reverse their chronic conditions by the end of 2030. In the process, they aim to save up to $10 billion in payor and national health costs. With their current partners spread across the pharma and insurance sectors, Wellthy Therapeutics projects to impact more than one million patients across six therapies and multiple markets.
The product aims to solve health problems by combining science, technology, and design to bring continuous, real-time care to beneficiaries 24×7 as a complement to the existing health infrastructure. In the process, Wellthy Therapeutics is pioneering an entirely new category of medicine known as “Digital Therapeutics” (DTx).
They design clinically validated digital health interventions for NCD prevention and management, which are deployed through a cloud-based technology stack comprising prescription therapeutics for beneficiaries, dashboards for health coaches, physicians, and paramedical staff, program analytics, and an AI-powered Chatbot that can be deployed across multiple languages and digital mediums.
The team equips healthcare professionals with patient data and decision support through coaching, physician dashboards, and EHR-integrated reports. They also extend these modular capabilities to real-world evidence (RWE), contract research organizations, and insurance for digital clinical trials and disease management.
As the last piece of the puzzle, Wellthy Therapeutics creates population-level dashboards for enterprise partners for aggregate analytics, pharmacovigilance, adverse event tracking, and RWE for live and pipeline medical products. Their technical expertise is complemented by a robust design thinking process that involves mapping patient empathy maps and journeys and solving unaddressed pain points. Their solutions have been catalyzed by a boost through regulatory approvals and recently enhanced internal data capabilities.
Wellthy Therapeutics – Business and Revenue Model
In a nutshell, Wellthy Therapeutics develops patient-focused, clinically validated solutions for healthcare partners (at various stages of the patient journey) and then shares a portion of that new revenue through a B2B2C channel based on proven outcomes.
Their business model has been successfully tested and implemented in the private healthcare sector in India and Singapore. Their platform is ready to scale across the Indian public health system and is designed to engage beneficiaries at the primary, secondary, and tertiary levels, and ensure financial protection to 50 crore Indians with national healthcare insurance.
The company started with basic social media outreach by creating a Facebook group and creating an event. This helped them reach out to a filtered audience, especially those with chronic conditions. An informal roundtable discussion with tea or coffee was organized. Company representatives, including the founders, visited Marine Drive (a bustling locality in Mumbai) and distributed fliers about the company.
Soon after, Wellthy Therapeutics even reached out to doctors and partnered with them, as doctors are the primary influencers for patients. This helped them build their brand and procure their first set of beneficiaries.
To date, Wellthy Therapeutics has raised funding worth $8.5 million from various investors like Cipla, IIFL Finance, Saama Capital, BEENEXT, Currae Healthtech, growX ventures, and more.
Date
Round
Amount
Lead Investors
Dec 16, 2020
Venture Round
–
India EdisonTM Accelerator
Apr 13, 2020
Seed Round
$4 million
Saama Capital
Feb 18, 2019
Corporate Round
$1.5 million
Cipla
Mar 5, 2018
Seed Round
$3 million
BEENEXT, Currae Healthtech, growX ventures
Wellthy Therapeutics – Recognitions and Achievements
And, here’s when Wellthy Therapeutics is unstoppable:
Part of Google for Startups Accelerator 2020
Part of GE Healthcare Edison [X] startup program 2020-21
Part of Plug&Play Health, Silicon Valley 2020
Winner of the Ferrer4Future Challenge 2020 by Ferrer Pharma, Spain
2nd Place Winner and Judge’s Price holder for the ‘Boston Scientific Connected Patient Challenge 2020’ sponsored by Google & Boston Scientific MA, US
Finalist at Ayushman Bharat’s ‘Grand Startup Challenge’ (Top 3/350+ startups). [Ayushman Bharat is the World’s Largest state-sponsored health scheme with 50 Cr potential beneficiaries]
Economic Times Health Award 2020: Best Technology Solution for Chronic Conditions
Won Frost & Sullivan Customer Value Leadership Award (India) 2020
Winner at GINSEP (German Indian Startup Exchange Program) Live Pitch 2020 (Category: Health)
Won the NASSCOM Top 10 most innovative technology products and services startups in November 2019
Bayer G4A Accelerator of the Growth Cohort 2019
Won Cipla Innoventia 2018, chosen from ~800 startups from Asia Pacific region
Recognized by American Diabetes Association as a Global Innovator in diabetes management in 2018
Frost & Sullivan Price/Performance Value Leadership Award 2018, for the South Asia Digital Therapeutics Market
Judges Pick Prize at the MSD Digital Innovation Summit 2017, chosen from ~600 Health Tech Companies from the Asia Pacific region
Graduated from Merck KGaA’s Digital Health Accelerator in June 2017
Graduated from Swiss Re’s Global InsurTech Accelerator in 2017
ICICI Lombard’s NOVA InsurTech Accelerator in 2016
Endorsed by RSSDI (India’s foremost Diabetes Research Organization) as India’s first prescribable intervention for T2DM in India
Wellthy Therapeutics – Challenges
The most difficult aspect for Wellthy Therapeutics was creating categories. Because the category of telemedicine or digital health did not exist, category creation was the primary focus.
When they started, the category was still in its infancy, and it is still not fully defined. They formed a group of like-minded individuals who saw potential in this field and shared a desire to make a difference. In 2017, one year after the company’s launch, the company received additional funding from evangelists such as GrowNext, BeeNext, and Ranjan Pai, and the first Minimum Viable Product was presented. This was followed by another 13 pilots.
Wellthy Therapeutics – Competitors
Some of the competitors of Wellthy Therapeutics are:
Omada Health
Welldoc
Lark Health
Wellthy Therapeutics – Future Plans
Wellthy Therapeutics is currently headquartered in Mumbai, with a base in Bangalore. They have formed partnerships with leading players from the pharma, health insurance, medical devices, and hospital systems sectors.
The company has partnered with leaders in two segments: pharmaceuticals and insurance. In the pharmaceutical industry, they have alliances with companies like Roche, Cipla, Intas, andAbbott. In the insurance domain too, the company has partnered with prime industry players like ICICI Lombard and Aviva.
As they look to grow, they will be expanding their reach to other markets, both in APAC and the EU. Wellthy Therapeutics will also continue to drive product innovation and new business models with their partners in pharma, medical devices, and insurance to achieve further scale while continuing to make their product reimbursable through major private and public payers and becoming a credible voice for shaping policy around innovation and technology in public health.
FAQs
What is Wellthy Therapeutics?
Wellthy Therapeutics is a digital therapeutics company, focused on improving patient health through proven clinical interventions and behavioral models.
Who is the founder of Wellthy Therapeutics?
Wellthy Therapeutics was founded by Abhishek Shah, Aradh Pillai, and Prayat Shah.
When was Wellthy Therapeutics founded?
Wellthy Therapeutics was founded in the year 2015.
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 Glenmark Pharma Limited.
Active pharmaceutical ingredients (APIs) are any compound or combination of substances utilized in a finished pharmaceutical product. The introduction of these APIs is due to the increase in the desire for affordable new medications.
The APIs market is evolving, and many large pharmaceutical manufacturing companies are upscaling their APIs manufacturing process. One of the reasons for this growth is that the APIs market has given rise to opportunities.
If there’s one company that is bringing evolution with its creation of generic medications and APIs, then it is Glenmark Pharmaceuticals Limited. The company was founded in 1977 by Gracias Saldanha.
Find out the success story of Glenmark Pharmaceuticals Limited. We have covered all the suitable information related to the company like its founder, startup story, business and revenue model, and many more details.
The company, Glenmark Pharmaceuticals was established in 1977 to become a preeminent, fully integrated, international pharmaceutical firm. Glenmark seems to have a sizable presence in countries throughout emerging economies, including India, through its imprinted generics business. The company’s main efforts lie in making inexpensive, high-quality medicine available to patients worldwide. There are about 100 million patients worldwide who benefit from its generic medications each year.
Glenmark is also a top partner for pharmaceutical firms throughout the world and a global provider of high-quality API goods. Its API Business offers its goods in more than 65 nations, including the US, many EU nations, South America, and India.
Glenmark Pharma Limited – Industry Details
From 13.7% in July 2020, the Indian pharmaceutical market grew at a rate of 17.7% yearly. As per some reports, the Indian pharmaceutical market would generate over 12% YoY growth in sales in FY22.
Besides the tremendous pharmaceutical sector advancements, this industry’s revenue totaled $1.27 trillion in 2020. With continuous innovations in the world of medicines and all things pharma, these numbers are only going to increase.
Glenmark Pharma Limited – Founder
Glenmark Pharma Limited’s founder is Gracias Saldanha.
Gracias Saldanha, founder of Glenmark Pharma
Gracias Saldanha
Gracias Saldanha was the founder and CEO of Glenmark Pharmaceuticals. He laid the foundation stone of the company in 1977. Gracias belongs to the village of Saligao, a district in Goa.
Gracias Saldanha was listed at 69th position on Forbes’s list of Indian billionaires in 2011. His net worth was estimated at $805 million.
Gracias is popular for his philanthropic activities in Goa and his contributions to boosting Indian generic drugs. For all these activities the pharma company is steadily growing. Gracias Saldanha died on 21s July 2012.
Glenn Saldanha
Glenn Saldanha is the current MD and Chairman of Glenmark Pharma Limited. He gained his bachelor’s in Pharmacy from the University of Mumbai and also has an MBA degree from NYU Stern School of Business.
Before joining Glenmark, Glenn worked as a consultant at PwC USA. He has won many awards including EY Entrepreneur of the Year in 2017, Best CEO: Pharma & Healthcare Issued by Business India in 2014,
India Pharma Leader Award is given by the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Govt of India in 2015 to name a few. Glenmark has changed under his direction from an Indian-based generics company to one that prioritizes research and innovation.
Glenmark Pharma Limited – Startup Story
Established in 1977 by Gracias Saldanha, Glenmark’s motto was to produce generic medications and active pharmaceutical ingredients. The firm first offered its products in India, Russia, and Africa and later on offered them to other parts of the world. In 1999, the firm went public in India, and a portion of the revenues was utilized to construct its first research center. The generics market in general started transitioning to the end of a period of enormous patent cliffs in the pharmaceutical sector in the middle of the 2010s. Patented drugs with annual sales of about $28 billion were scheduled to come off patent in 2018, but only about $10 billion in sales were projected to be available to competitors in 2019 and even less the following year.
The company specialized in developing novel medications and biosimilars for the treatment of cancer, skin conditions, and respiratory diseases, and it worked with big pharma to make money off of these products.
Glenmark’s revenues for the fiscal year 2016–2017 were around 81 billion INR ($1.25 billion), ranking it as the fourth-largest pharmaceutical firm in India.
Glenmark Pharma Limited – Mission and Vision
The vision statement of Glenmark is, “To discover possibilities and make the lives of patients better across the globe by developing cures for unmet medical needs.”
Glenmark Pharma Limited – Name, Tagline, Logo
Gracias Saldanha has named the company after his two sons, Glenn Saldanha and Mark Saldanha.
The tagline of Glenmark is, “A new way for a new world”
Glenmark Pharma Limited – Business & Revenue Model
The business model of Glenmark is said to have two categories – Specialty Business and Generic Business.
The business operations of Glenmark involve the manufacturing of generic drugs and APIs, both in the domestic and international markets. Glenmark has several business elements such as Paediatrics, Internal Medicine, Dermatology, Gynaecology, ENT, and Diabetes. It has three cutting-edge R&D centers located in Sinnar (Maharashtra), Taloja (Maharashtra), and Mahape (Maharashtra). The company has a total of 10 manufacturing facilities globally – seven in India (Goa, Sikkim, Nalagarh, Nashik, Indore, Aurangabad) – one in the USA (North Carolina) – one in Argentina (Buenos Aires), and one in Czech Republic (Vysoke Myote).
In the pandemic year 2020, the corporate launched a potential COVID-19 drug Favipiravir under the name FabiFlu in India after studies found that there was some advantage of the drug in COVID-19 treatment. Within a few months of this new drug launch, it conjointly unrolled the next strength version of FabiFlu.
Its business operations include – 10 World class facilities across four continents and operates in over 80 countries.
Glenmark mostly generates its revenue from manufacturing drugs primarily focused on the areas of inflammation – asthma/COPD, rheumatoid arthritis, metabolic disorders – diabetes, obesity and pain – neuropathic pain, and inflammatory pain. As per reports, the company gets about 58% of its revenue from Specialty business formulations coming from the domestic segment.
Glenmark’s CSR initiatives are primarily focused on child health through Glenmark Foundation, and over the years, it had a global impact on over 900,000 lives.
Glenmark Pharma Limited – Funding and Investors
Over three rounds, Glenmark Pharmaceuticals has raised $58 million in investment. On August 13, 2018, they received their most recent capital from a Post-IPO Equity round. Three investors are financing Glenmark Pharmaceuticals. The most recent investors are True North and Actis.
Glenmark Pharma Limited – Mergers and Acquisitions
Glenmark Pharmaceuticals have bought four businesses. On March 27, 2007, they made their most recent purchase, Medicamenta.
Date
Acquiree name
Amount
March 27, 2007
Medicamenta
–
December 26, 2005
Bouwer Bartlett
–
October 26, 2005
Servycal
–
April 2, 2004
Laboratorios Klinger
$5.2 million
Glenmark Pharma Limited – Advertisements and Social Media Campaigns
In 2021, Glenmark advertised its talcum powder under the brand name – Candid dusting powder. The advertisement features Rohit Sharma, a renowned cricketer. The video talks about Glenmark’s talcum powder’s features like anti-bacterial skin solutions, sweat absorbent ability, etc.
Glenmark Pharma Limited – Awards and Achievements
Here’s the list of awards and achievements won by Glenmark:
Glenmark has won Best Innovative CSR project at the 5th Edition of the Corporate Social Responsibility Summit and Awards
Glenmark has won Gold Award-Environmental Excellence- Nalagarh Plant-by Apex India Green Leaf Awards 2021
Glenmark has won India Pharma CSR of the Year – Runner Up – India Pharma & India Medical Device Awards 2022
Glenmark has won Safety Environment Strategy Summit & Awards 2022 in the category – ‘Managing Risks and Risk Assessment at Work’.
The Glenmark Foundation won the 8th CSR India Award for outstanding achievements in the ‘Promotion of Healthcare’ category.
Glenmark Pharma Limited – Competitors
Glenmark competes with the following list of top companies:
The company is planning to invest Rs 600 crores to double its capacity in the coming years. To add, Glenmark is planning to enter more regulated growth markets like Brazil, Russia, Korea, Mexico, Taiwan, and Saudi Arabia.
FAQS
What is the rank of Glenmark Pharma?
Glenmark ranks 13th among global pharmaceutical companies.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. Torrent Pharma has approved the content in this post.
Diseases and medications have been an essential part of our lives since the dawn of time. The human body has health issues, and with the fast-paced lifestyle today, it is increasing like anything. Heart problems, diabetes, and blood pressure are some of the common diseases in today’s world. These issues are on the rise, and so is the pharmaceutical industry.
Pharma industries have become an integral part of our lives. This particular industry has a huge social responsibility while creating pharma products. One such well-known company like Torrent Pharmaceuticals Ltd. deals mainly in manufacturing drugs for Cardiovascular, nervous system (CNS), gastrointestinal, diabetes, etc. It was founded in 1959 by Indian businessman Uttambhai Nathalal Mehta.
Get all the details we have covered about Torrent Pharmaceuticals in this article. Learn about Torrent Pharmaceuticals’s business strategy, its products, the startup story, funding and investors, and more.
Torrent Pharma, the flagship company of the Torrent Group, is one of the country’s leading pharmaceutical enterprises. As per records, it ranks eighth in the Indian Pharma Market and is in the top five in the therapeutic areas of Cardiovascular, Central Nervous System, Gastrointestinal, and Vitamins Minerals Nutritionals. Other than being present in these therapeutic areas, the company has a strong presence in diabetology, pain management, gynecology, cancer, and anti-infective industries.
Torrent Pharma has eight production sites, out of which 7 are in India and 1 in the United States, five of which are FDA-approved. It has invested heavily in R&D capabilities, with state-of-the-art R&D infrastructure employing over 700 scientists, as the backbone for its expansion in the local and international markets.
Today, the company has a presence in over 40 countries and is ranked first among Indian pharmaceutical companies in Brazil, Germany, and the Philippines.
Torrent Pharma – Company Highlights
Date
Funding Round
Fund Amount
Investors
January 7, 2021
Venture Round
₹5.6 billion
ADQ
November 9, 2020
Private Equity Round
₹11.3 billion
Goldman Sachs
July 31, 2020
Private Equity Round
₹2.3 billion
Tata Capital
January 6, 2020
Private Equity Round
₹5.4 billion
True North
Torrent Pharma – Industry details
The high rise of numerous diseases is resulting in the improvement of the healthcare sector these days. According to a report, the worldwide pharmaceutical manufacturing market is estimated to be worth $957.59 billion by 2028, which is growing at a CAGR of 11.34%.
Torrent Pharma – Founder
Uttambhai Nathalal Mehta is the founder of Torrent Group. Torrent Pharmaceuticals is the flagship company of the Torrent Group.
Uttambhai Nathalal Mehta
U.N Mehta was born in Mehmadpur, a tiny hamlet in India’s Palanpur district in 1924. While living at the Mahavir Jain Vidyalay hostel, he earned his B.Sc. from Wilson College. He began his career as a government servant. From 1945 through 1958, he worked as a medical representative for the pharmaceutical corporation Sandoz.
It was in 1959, that U.N Mehta made the ground-breaking decision to establish his own company, Trinity Laboratories, with a starting capital of only Rs 25,000. This organization began producing specialized medications. It was a significant move at a period when only multinational corporations produced specialty medications, and Mr. Mehta went on to found Torrent Laboratories in 1976. The firm began promoting a variety of important pharmaceuticals at extremely lower rates and quickly established a reputation for itself. Torrent is now a huge corporation involved in pharmaceuticals and electricity generation.
U.N Mehta is commemorated by the U. N. Mehta Institute of Cardiology and Research Centre (UNMICRC) in Ahmedabad, Gujarat. He received various honors, including the Government of India’s ‘Business Man of the Year’ award in 1996-97. He is also known for his philanthropic contributions and has also financially supported social, educational, and humanitarian institutions and causes.
U.N Mehta was married to Shardaben Mehta. They have four children: two sons, Sudhir Mehta and Samir Mehta, and two daughters, Meena and Nayna. He left for the heavenly abode in 1998 in Ahmedabad.
Samir Uttamlal Mehta
Samir Uttamlal Mehta along with his brother Sudhir Mehta run the business of the Torrent Group. Samir has a master’s degree in business administration from the B.K. School of Business Management. Torrent Pharma took several strategic initiatives under his leadership, including ventures into novel therapeutic and geographies, large investments in product development infrastructure and capabilities, building state-of-the-art manufacturing facilities, and acquisitions, establishing Torrent as one of India’s fastest-growing and most respected Pharma companies.
Samit Mehta is responsible for the Group’s entry into the burgeoning City Gas Distribution sector by participating in bidding rounds for new territories and acquiring existing CGD firms to increase its commercial footprint.
Sudhir Uttamlal Mehta
Sudhir Uttamlal Mehta joined the family business in the early 70s. He has a bachelor’s degree from Gujarat University. Mr. Mehta joined his father in handling the activities of Torrent Pharma after finishing his schooling and began studying the complexities of business and management under his father’s guidance. He contributed significant dynamism and business acumen to the Group, culminating in the first success of Torrent Pharma, the Torrent Group’s flagship firm.
Torrent Pharma – Startup Story
The actual story of Torrent Pharmaceuticals began in 1971 as a Private Limited Company by Shri Rajnikant C. Patel and his family members. Later on, it was acquired by U.N Mehta. The Company’s primary business was the production of pharmaceutical formulations and bulk pharmaceuticals. The Company’s products had a strong reputation and were highly recognized in the market from that time.
On 28th June 1989, the Company became a deemed Public Company under the provisions of Section 43-A of the Act and by a Special, Resolution passed on 25th July 1992 at the Annual General Meeting, the Company became a Public Limited Company within the meaning of Section 3(1)(iv) of the act and adopted a new set of articles.
Fast forward to 1994, in the Indian market, the company was the first to introduce ranitidine (Ranitin), nifedipine (Calcigard), atenolol (Betacard), domperidone (Domstal), diltiazem (Dilzem), amiodorane (Cordarone), lisinopril (Listril), and other medications. During the same year, the Company introduced many new medications, including Zirtin, Tyklid, Flutamide, and Topcef, all of which were favorably welcomed by the market. In 1997, the firm made strategic agreements with world-renowned pharmaceutical companies such as Sanofi in France for cardio-vascular products and Novo Nordisk in Denmark for diabetes treatment. With sales in over 70 countries and a network of international marketing offices, Torrent become one of India’s top exporters of medicinal formulations during that period.
All these years, the contributions by Torrent Pharmaceuticals were many. Recently, the company launched MSD (a brand name of Merck & Co., Inc, Kenilworth, NJ, USA) and Ridgebacks molnupiravir under the brand name Molnutor.
Torrent Pharma – Mission and Vision
Torrent Pharma’s mission statement is, “We commit ourselves tototal customer care by delivering world-class products and services.”
The vision statement is, “To become the Most Respected Pharma Company.”
The company strongly believes in its Core values upon which it ensures longevity. Its core values are:
Integrity
Passion for Excellence,
Participative Decision Making,
Concern for Society & Environment,
Fairness with Care and Transparency.
Torrent Pharma – Name, Tagline, Logo
The tagline of Torrent Pharma is, “Innovating For A Healthier Tomorrow”
Torrent Pharma – Business & Revenue Model
Torrent Pharma’s business can be divided into three main segments:
India Business
The company has established itself as a prominent participant in the Indian Pharma field, from pioneering specialized marketing in India to earning the moniker “The Company with the Most First Launches.” They have well-separated marketing divisions that are strategically oriented toward distinct therapeutic sectors. Furthermore, it has a dominant position in the therapeutic segments of the cardiovascular, central nervous system, gastrointestinal, and women’s healthcare as mentioned earlier.
The company’s main areas of focus include formulations, API, drug discovery, marketing, and drug sales. Its operational manufacturing & R&D sites are as follows:
The manufacturing plant at Dahej, Gujarat
The manufacturing plant at Pithampur, Madhya Pradesh
Research Centre, Ahmedabad-Gandhinagar region, Gujarat – R & D Centre is spread out over 125,000 Sq. mts. with a built-up area of 41,000 Sq. mts.
The manufacturing plant at Indrad, Mehsana, Gujarat
The manufacturing plant at Baddi, Himachal Pradesh
Corporate Office, besides sales India, off. Ashram Road, [Ahmedabad]- Gujarat
The manufacturing plant at Visakhapatnam (Andhra Pradesh)
3 Manufacturing plant at Rang-Po, (Sikkim)
International Business
Torrent Pharma has its operations in the EU territory. It has operational sites are present in Germany, UK, and Brazil. The company is also an emerging market in countries like Russia, CIS, South East Asia, Asia Pacific, Africa, the Middle East, Australia, and Central and Latin America.
Torrent Pharma is present in African Countries like Kenya, Zimbabwe, Nigeria, Uganda, and South Africa. In Asian countries like – Sri Lanka, Malaysia, Philippines, Vietnam, and Myanmar.
US Business
Torrent has expanded its business footprint in the United States with the acquisition of Bio-Pharm, Inc. (BPI), a generic medicines and over-the-counter (OTC) company situated in Levittown, Pennsylvania. Torrent Pharma Inc., our subsidiary, meets the expanding market demand for our medicines, and we are now rated 10th among US generic Indian companies.
Approximately 85% of the Company’s revenue originates from four key markets: India, the United States, Germany, and Brazil. Torrent Pharma’s business mix (70% BGx and 30% Gx) is highly optimized since it blends steady financial returns with operational leverage and cost competitiveness.
Torrent Pharma’s CSR Activities
Torrent Pharma believes in the philosophy of “Think of others also when you think about yourself”. Through this principle, Torrent Pharma makes ongoing efforts through its CSR initiatives to give back to society for all of the care, healing, support, and nourishment bestowed on us. Its CSR initiatives are:
Community Health care, Sanitation, and Hygiene – Some of the projects are – the U.N.Mehta Institute of Cardiology and Research Centre (UNMICRC), Swadhar, the Community Health Care Centre, and REACH – the Paediatric Healthcare Programme
Education and Knowledge Enhancement – Set up many schools such as – Sharda Mandir Primary School, K.G. Mehta High School, Akhakhol Primary School, and Shiksha Setu: A Teaching-Learning Enhancement Programme in 2011.
Social Care and Concern – Urja Dweep, is a green-power residential complex situated at SUGEN Plant, Surat.
Torrent Pharma – Revenue Growth
Torrent Pharma’s EBITDA margins were 31% (2020-21 32%). Margins were greater the prior year due to Covid-induced cost moderation. Current-year margins were impacted by pricing pressures in the US base business, as well as a lack of fresh releases pending USFDA re-inspection of facilities.
The company reported having a revenue of $1.1 billion in 2022.
Torrent Pharma – Funding and Investors
Torrent Pharmaceuticals has received $40 million in investment in one round. On April 3, 2014, a Post-IPO Equity round was raised. Chrys Capital, an investment firm focused in India, is the company, which has invested in Torrent Pharmaceuticals.
Torrent Pharma – Mergers and Acquisitions
Torrent Pharmaceuticals has acquired five companies. Bio-Pharm was their most recent purchase, which occurred on January 19, 2018.
Date
Funding Round
Fund Amount
Investors
January 7, 2021
Venture Round
₹5.6 billion
ADQ
November 9, 2020
Private Equity Round
₹11.3 billion
Goldman Sachs
July 31, 2020
Private Equity Round
₹2.3 billion
Tata Capital
January 6, 2020
Private Equity Round
₹5.4 billion
True North
Recently, Dr. Reddy’s Laboratories Ltd. has made an agreement with Torrent Pharma to buy four of its brands: “Styptovit-E,” “Finast,” “Finast-T,” and “Dynapress.”
Torrent Pharma – Awards and Achievements
Torrent Pharma has won many awards such as:
It was listed amongst the top five ‘Fastest Growing Companies (Middleweights Category)’ by Business World Magazine – in 2017
Torrent Pharma’s manufacturing plant in Dahej, received USFDA approval – in 2016
Torrent Pharma was recognized as the Most Promising Company of the Year at the 10th CNBC TV18 India Business Leader Awards 2014
Milestones
Torrent Pharma entered into a licensing agreement with Medicine Patent Pool to manufacture and commercialize a generic version of Pfizer Oral COVID-19 Treatment
Torrent Pharma Entered Into Voluntary Licensing Agreement with Lilly to manufacture and distribute Baricitinib for Covid-19 in India – 2021
Torrent Pharma – Competitors
Torrent Pharma competes with the following companies:
Torrent Pharma plans to stay dedicated to remaining patient-centric, delivering best-in-class performance metrics, and driving portfolio innovation in order to achieve above-market growth. The company is anticipating that the US will contribute favorably to the Company’s total growth following facility re-inspection, which will be assisted by new product releases.
FAQs
Who is the founder of Torrent Pharma?
U.N. Mehta is the founder of Torrent Pharma.
What is the rank of Torrent Pharma in India?
In India, Torrent pharma ranks as the 8th biggest pharma company.
Arbaz Sayed
