How Partnership with Healthtech Startups can help the big Pharma companies
StartWright operates in Healthcare and Consumer tech space in the South Asia and South East Asian region. The huge population, large economy, and advances in technology make Asia an attractive market for healthcare services pegged at USD 2700 billion.
Digital technology is enabling improvements in the quality of drugs and medical devices, access to information and care as well as financial, clinical and operational workflows across all healthcare segments. Despite the technological changes, healthcare access and healthcare professional outreach continue to be big challenges in the Asian market. Thus, Asia needs patient-centric, technology-enabled solutions to patients both within hospitals as well as outside.
This implies a huge headroom for growth for industry participants including pharmaceuticals, diagnostics, medical technology manufacturers, digital health vendors and healthcare service providers in helping democratise healthcare solutions. Despite the tremendous growth seen so far in the healthcare sector in Asia, any Asian start-ups in the health sector are yet to make it to the unicorn club. Not because there aren’t enough promising start ups, but because access and affordability of new technology demand complex and innovative solutions from all industry stakeholders. Key industry issues that deserve attention include adoption of digital technology and platforms by health care professionals, support for new business models, development of secure interoperable technology platforms, and the evolving consumer landscape in healthcare.
The innovation happening in the healthcare space is largely being led by start-ups looking to democratise healthcare to the masses by providing novel solutions backed by technology. The established healthcare and pharmaceutical giants are yet to embrace technology across their ecosystem. Hence, partnership with healthcare start-ups in the areas of diagnostics, early detection of diseases, healthcare practitioner outreach, e-clinical platforms, homecare, devices for monitoring, rehabilitation and driving up compliance can be a good start.
Shweta Shrivastava is a senior Marketing and Strategy leader turned start-up mentor. Having served as Marketing Head across large multinational companies, Shweta is currently an Investor & advisor to health and consumer tech start-ups in the Asian markets. Passionate about the intersection of healthcare and technology in democratising healthcare, Shweta features her blogs at StartWright Insights page. To get more updates on upcoming trends in healthtech and consumer tech, please follow her on linkedin