What The Healthtech Startups Need
Albert Einstein said, "You can't solve a problem on the same level (where it) was created.You have to rise above it to the next level." And here is Peter Drucker's mantra, "If you want something new, you have to stop doing something old."
To me, these two wise sermons from world's one of the absolutely top scientists and one of the most eminent management guru's, are the pearls of wisdom that can be game-changers for the Healthtech players in both mature organisations as well as startups world over and definitely in India, where Healthtech is shaping up as one of the biggest enablers and accelerators in the complex metamorphosis of Healthcare sector.
In my fascinating journey as the Lead Mentor within the Healthtech vertical of "India Accelerator" (named IA Pulse) in the last few years through the unique pandemic period. I have witnessed with both awe and anxiety the journeys of many Healthtech start-ups.
"Awe" because of the sheer novelty of the innovative ideas coupled with the diversity of zones that they can address, from supply chain to genomics, from home care to life sciences, from wellness to oncology, from gynaecology to geriatrics, from MedTech to diagnostics, from hospital process efficiency to health education. And "anxiety" because of the high probability of these "Archimedes" ideas not going to their full length due to a host of difficult challenges in these Healthtech start-ups' sojourn!
And challenges are their galore. Some of the key roadblocks and risks that I observe are inadequate pragmatism in plans due to lack of experience, lack of ability to find collaborating and supportive platforms, paucity of funds, insufficient sensitivity to the regulatory needs, self-doubts vis-a-vis the need for strong resilience and survival instincts and last but not least, an insufficient supply of structured and motivated mentorship.
Very often, the idea seems to be good but the go-to-market plans need to be radically tuned up, which will help these brilliant Founders and their teams, often in their 20's and 30's, not having tasted the potholes and quick sands of the business world with much risks and interdependent complexities. They need empathy, they need handholding, they need truly supportive and caring mentorship, to be able to navigate the choppy waters of the tough and demanding business ecosystem.
I have seen in close quarters how agonising the experience can be of these young start-ups and it is sad for a nation to lose the zeal of such talents before they bloom and contribute to the ecosystem.
In this context, it is heartening to see the commendable focus and support of the Indian Government in recent years. "Startup India" along with "Digital India" and "Skill India" initiatives are great efforts to inspire, enable and accelerate the Healthtech ecosystem. And one of the positive outcomes of the unfortunate pandemic is the sharply enhanced awareness in society, business world and overall ecosystem that "Health is wealth" after all and only a healthy nation can be a wealthy nation.
A word about the connectivity of "digital" and "start-up" world, in this age of mind-boggling hi-tech digitisation from Artificial Intelligence to Machine Learning to Internet of Things to Virtual Reality to the latest "thrillers" like Chat GPT, most of the Healthtech start-ups' key success factor will be to have a clear understanding and smart, effective use of "Digital".
Often they get stuck because they don't have enough in-house knowledge and expertise or sufficient funds to outsource the right partners. All concerned in the ecosystem need to come forward to support our Healthtech startups in this "make or break" area.
Just as a thought tickler, it might be a good idea for large private sector companies to keep aside funds and support systems to help in incubation, it will help them in the medium and long run. From the government’s side, there could be a thinking on an inter-ministerial senior level task force to drive support for India's budding talents in this critical Healthtech area to help the on-going efforts.
The first Union Budget of "Amrit Kaal" announced last month has been balanced and supportive. India's stellar performance in covid vaccine management and G20 Presidency have enhanced global attention. This is perhaps the time for stepping up the gas further to accelerate the Indian Healthtech innovation ecosystem to the next level. Lastly, my mantra for Indian Healthtech especially for our Start-up domain remains "C2I" Commitment, Collaboration, Innovation, one great example of this is the collaboration between NATHEALTH and NASSCOM.
(The author is a Founding Secretary General, NATHEALTH, Former President, Philips Healthcare & Consumer Lifestyle, & presently Chief Advisor, India Accelerator Healthtech & other Advisory roles)
