Visakhapatnam: Health care startups occupies 2nd position in India startup ecosystem: Says Dr. H Purushotham DPIIT-IPR Chair Professor AU
While addressing the participants from 14 countries in the e-itech online training program organized from 22-26 March 2021 on “Promotion of Startups in the healthcare sector by National Institute for MSME (NI-MSME) Hyderabad which was sponsored by Ministry of External Affairs Govt of India ,Prof Dr. H Purushotham DPIIT-IPR Chair Andhra university and Former Chairman NRDC stated that due to the proactive government policies India emerged as a third largest startup ecosystem in the word and among the different types of startups healthcare startups occupies the second position in India.
He said as per NASSCOM 2021 report Data & Analytics (14.1%), Health (8.7%) and Education startups (8%) occupies the top three slots and there are about 12500 tech startups and 1600 startups were added in 2020.He has explained that large number of innovative healthcare technologies are available from public funded R&D Institutions under DSIR,CSIR,DBT,DST,ICMR ,IITs and further added that the premier academic institutions and national laboratories have developed large number of innovative technologies to address the Covid-19 pandemic challenges in testing, tracing and treatment which are being commercialized by many new startups and MSMEs using various government funding programs under DST,DBT and NRDC.
The Startup India Mission, the manufacturing clusters for medical devices established by government in A.P and Telangana (AMTZ Medtech Zone, Medical Electronics), Tamil Nadu (Medical Electronics),Karnataka (Medical Electronics).Maharashtra and Gujarat (Pharmaceuticals) and Haryana (Medical consumables) have been significantly contributing promotion of healthcare startups .
He has also highlighted the important role played by incubators and accelerators in crossing the valley of death in the innovation value chain and more seed funding support is required to mature the healthcare technologies as the health care technologies have to comply stringent regulatory compliance to be successful in the market. He has also highlighted the importance and benefits of Intellectual Property (IP) protection and advised all the startups should protect their IPs before they launch their product or service to mitigate the litigations and to sustain in the business.
He has further stated that less invasive diagnostics, mobile apps, wearables, remote monitoring solutions, digital platform integration, surgical robotic tools, connected devices for home use,3D printing, AI, smaller implants are the emerging technological areas in healthcare. He has also presented major health care startups in India, many successful case studies in healthcare startups and how the M/S Innovaccer a Noida based startup emerged as a first Indian unicorn in the healthcare sector.
He said huge market opportunity exists for healthcare startups. According to recent studies by inc42 plus Indian healthcare market is estimated to reach $21 billion by 2025 and this is only 3.3% of the total addressable healthcare market pegged to reach $638 billion by 2025. Prof Purushotham said that the Indian Model of promoting Startups would be relevant for adoption by developing countries to promote startups in their respective countries..