The healthcare industry is currently experiencing change at an unprecedented rate. Change is not only occurring in the technology used in diagnostics and care delivery, but this change is so fundamental that it could, and likely will, fundamentally alter the business model of the industry.
Today we have fitness bands, healthcare apps, appointment schedulers, health chats and several such means to access healthcare but one thing that all of this does not necessarily correlate with high quality of care or better outcomes.
We need to understand that “Not even a Ferrari will get us to our destination without a driver.”
Formula of Driver:
Driver = (Need + Incentive) where;
Incentive = (Value + Reward)
Need = (Gap + Demand)
To define the best drivers, we need to first address the need. Need might not make economic or business sense but it is the best opportunity to leave an impact. No one remembers how much business a “Mughal-e-Azam” or “Usual suspects” did but everyone remembers that these were great movies with splendid performances.
In India, we have several such needs today. A survey conducted by HCG on several pressing issues in the field of health and safety highlighted the following:
1. Women safety
2. Elderly concierge services
3. Child safety
4. Personalized nutrition
5. Health Insurance for OPD services
6. Cancer support/ early detection
8. Fitness (scientifically monitored) and performance
This list is not exhaustive. I don't need to look at statistics to confront the horrid truth. News stories of women from all over India being raped, beaten, killed are flashed across us day after day – and we all are aware of it. The fatal Nirbhaya gang-rape saw an outpouring on the streets of Delhi – protests decrying the fragile status of women in India. Candle light marches, editorials examining the patriarchal and sexist traditions of our country, an awakening on social media – even conversations on streets revolve around the night they cannot forget: the night that took Nirbhaya. We need to do something about women safety. Devices, trackers, processes, helplines- whatever little or more we can do. If you are an innovator in this area, please get in touch with me.
For elderly even small accidents can be deadly. While simple falls, such as slipping while walking off
Without calorie count possible, limited heart rate tracking and availability of other vitals; performance management and fitness efforts are less effective. Measuring your heart rate using a heart rate monitor is a good way to gauge the effectiveness of your workout because as you strengthen your body through exercise, you also strengthen your heart. Measuring the rate of your heart during exercise can help you determine when you're pushing your body too hard or need to push it harder to achieve the level of fitness you are seeking.
I love the work Hexoskin and Kenzen are doing. I am looking for something more affordable and focused for Indian market.
Health tech is blazing hot right now and there's no shortage of companies working on innovative products designed to change the face of healthcare as we know it. That's a good thing, considering Indians are as unfit as ever and bureaucracy continues to muck things up for physicians and patients alike. As technology evolves, it could upend some of these problems. One thing that's certain: Consumer-driven healthcare is coming. And these companies are helping make it happen.
All the best!