Even before the unprecedented COVID-19 crisis upended the world, the Indian healthcare system has been trying to keep pace with increasing demand for infrastructure on the one hand and mitigating rising healthcare costs on the other. While there have been improvements in India’s ranking in health quality indices there is still a lot of work ahead. There have been some positive developments led by government initiatives (Ayushman Bharat Digital Mission, Pradhan Mantri Suraksha Bima Yojana, Aam Aadmi Bima Yojana etc.) and formalisation of healthcare delivery (backed by private equity and venture capital investments). Yet as a country we are still early in our journey of making the ambitious vision of affordable healthcare for all a reality. As impact investors, we strongly believe that technology can play a huge role in accelerating India’s healthcare journey and have therefore developed a focused HealthTech initiative since 2020.
As we studied the Indian HealthTech market, we identified four critical problems in the industry that we think technology can help solve:
Rising awareness and increasing proliferation of the Internet point towards an inflection point in the digital health ecosystem in India. Improving penetration of health insurance, a clear government mandate to improve healthcare through initiatives such as Ayushman Bharat, direct transfer of subsidies through the JAM (Jan Dhan– Aadhaar– Mobile) trinity, and clearer regulations should fuel some momentum in the space.
In addition, the pandemic has fundamentally changed the way doctors, patients, and providers interact and adopt technology solutions. All of this has created a unique opportunity for digital health to drive convenient, low-cost, and effective healthcare solutions to patients.
At Omidyar Network India, we’re excited to be investing in and partnering with bold entrepreneurs who are helping create a more meaningful life for Indians, by building inclusive solutions and disrupting the healthcare ecosystem in the country.
Our HealthTech investment thesis focuses on backing solutions that are:
We are actively looking for investment opportunities in the following areas :
The power of technology can fundamentally change healthcare by bringing patient centricity to the core of health delivery through innovative business models that can help shape the future of health in the country.
As we go through an extraordinary period of transformation in healthcare, we look forward to the next wave of mission-driven founders building bold solutions solving the challenges in the healthcare ecosystem and making quality healthcare affordable and accessible to the Next Half Billion.
Image credit: Mathematica.org