Why it is critical for healthcare startups to adopt latest technology
Technology has rapidly evolved over the years and has transformed every industry vertical. Healthcare, which is a complex and regulated industry, has also evolved in critical synchronisation with technology.
Since the digital age has dawned upon the world, it has become crucial to address the elephant in the room, and direct the evolution of healthcare technology.
According to Deloitte, the global healthcare expenditure is going to increase to $10.059 trillion by 2022. The IBEF has also speculated the Indian healthcare market to reach $372 billion by 2022. This establishes the fact that healthcare is one of the important industries in India, and a majority of startups working in the sector are trying to revolutionise the traditional ways of medical care and facility.
While financial sustainability, care delivery, patient centricity, and regulatory compliance are integral to the healthcare sector, the necessity of digital transformation has compelled healthcare startups to keep technology at the epicenter of healthcare development and innovation.
For India, which has a whopping 1.35 billion people and is one of the fastest-developing nations, only technological advancements and facilitation can help create a quality healthcare model.
The beacon of hope for the evolution of healthcare industry today lies in the hands of startups. Today, with the evolution of technology in the healthcare sector, investing in digital innovation and transformation will help startups in the sector to keep up pace with speedy tech evolution.
However, the responsibility of building sustainable healthcare solutions has collectively fallen on the shoulders of advanced technology such as AI (Artificial Intelligence), ML (Machine Learning), IoT (Internet of Things), ICT (Information and Communication Technology), and Medical Research & Development.
Although the industry is driven by large enterprises and international players, healthcare startups from across the world have started gaining an important role in shaping its future. Whether it is telemedicine, e-clinics, mHealth, EHRs (Electronic Health Records), wearables or MedTech devices, the exponential rise in the pace and scale of digital healthcare innovations are fueling the development.
Healthcare startups have also succeeded in the transition of conventional healthcare models to patient-centered, value-based care models. The evolution of sustenance of ‘smart health’ system compels startups and enterprises working in the sector to constantly indulge in innovation and research work. It is they who can avail affordable, efficient, and quality healthcare and make medical assistance accessible to people in the farthest and remotest areas as well.
Meanwhile, a number of startups have entered the healthcare market with innovative products and services that can help people in almost all aspects of medical care. From AI, robotics, and IoMT to AR (Augmented Reality), VR (Virtual Reality), and Cloud, startups are disrupting the healthcare sector with assisted diagnosis and treatment.
With the tech industry evolving at a great pace, healthcare startups also need to update, innovate, and re-create their products and services. New concepts such as Blockchain, precision medicine, and autoML-based medical equipment needs to be refined and availed to the masses for quality healthcare.
Healthcare startups also need to invest more in the digitisation process and technological developments to support personalised healthcare of the future. There is a constant requirement to resolve interoperability issues and risks related to diagnosis and treatment through health tech. This is why system-wide adoption of latest technology becomes important to healthcare startups to pave the path of innovation towards a sustainable healthcare model.
The greater inclusion of advance healthcare technology will not only support quality care delivery, but will also foster a new innovative way to create a disease-free, healthy life, for everyone on the planet.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)