Healthcare Startups Specialising In Minimally Invasive Elective & Cosmetic Surgeries: Archit Garg
How do you think the elective surgery space has evolved over the last couple of years in India, especially after the pandemic?
In recent years, pandemic has overwhelmed hospitals, causing them to close down and postpone critical emergencies. During the peak of Covid-19’s spread in India, an estimated 505,800 non-emergency surgeries, 51,100 cancer surgeries, and 27,700 obstetric surgeries were delayed across the country. Furthermore, due to the fear of contracting the virus, many patients postponed their scheduled elective surgeries, forcing healthcare providers to change how medical and elective surgical care is delivered. In such uncertain times, surgeons and hospitals recognised their critical role in the management of surgeries, as well as the need to work safely to minimise the spread of the virus in healthcare facilities while also working to reduce morbidity and mortality rates that may result from delays in diagnosis and treatment of elective surgical patients.
What are the new avenues that healthtech companies are bringing into elective surgeries compared to the traditional ones in India?
New healthcare startups, as opposed to traditional market players, are specialising in minimally invasive elective and cosmetic surgeries. These treatments are available to patients with the click of a button and at the nearest affiliated hospitals, eliminating the necessity for patients to travel to major cities. The elective surgery industry has come a long way by leveraging technology to provide patients hassle-free experiences from admission to discharge. Sophisticated technologies enable patients with transparent information throughout their surgical journey, and advanced surgical gadgets help patients recover safely and quickly. In addition, the value propositions include quality care available 24 hours a day, complete price transparency, no-cost financing options, and administrative support.
What are some challenges that healthtech companies in the elective surgery space are facing in India?
In India, 90 per cent of the elective surgery market is unorganised, which means that hospitals, doctors, and insurance companies are not connected through a single interface. The 10 per cent organised market for elective surgeries revolves around large hospitals in major cities. As a result, many Tier-2 and Tier-3 cities lack the necessary hospitals and facilities. At the same time, healthtech companies in the elective surgery space face fierce competition when it comes to hiring top-tier healthtech talent. One of the main factors preventing a startup from succeeding is team problems and inconsistencies: if team collaboration fails, so will the startup. Moreover, because of the decreased fear caused by the lower number of COVID-19 cases, many patients who had postponed elective surgeries are now rushing back to be treated, overloading the hospitals.
What are the future growth prospects for the elective surgery market in India?
Increasing awareness among the young population and the availability of cutting-edge equipment to perform a variety of surgical and non-surgical procedures all contribute to the growth of India’s overall elective surgery market. Besides that, the key players emphasising new product development, a strong distribution channel, and a well-established brand presence have aided the success of many healthcare startups. Many private hospitals have developed relationships with many medical insurance companies in India as well as hospitals in Europe and America. With such ties across Europe and America, India will also see a surge in medical tourism. Since elective surgeries generate significant revenue for hospitals, the healthtech industry is expected to grow by $50 billion by 2023. Secondary care healthcare in India is a $30 billion booming market at a 15 per cent annual rate.
What’s the business model of Glamyo health, and what are your future plans?
Glamyo Health was founded in February 2020 with the goal of becoming India’s number one healthcare company, replicating the OYO model for the healthcare network. Our vision is to establish a full-stack healthcare center while simultaneously repairing a dysfunctional healthcare system afflicted with pain points such as pricing shock, lack of accountability, a backlog of surgeries, lack of quality treatment, administrative hassles during admission and discharge, and insurance-related activities. Glamyo’s patient-facing model includes personalised assistance 24 hours a day, free insurance documentation, free OPD consultation, a second medical opinion with medical experts, discounted medicines and diagnostic tests, free pick-up and drop-off on the day of surgery, and post-surgery follow-ups.
Glamyo Health has big plans for the future, aiming to touch 1 million people in the next year. Over the next two years, it intends to expand to 45 cities, add more than 500 healthcare providers and 400+ highly experienced surgeons/doctors to its platform, and arrange $100 million in patient financing.With the aim of achieving the heights we are also focusing on deep root problems throughout India.
