March - 2016 - issue > CXO Insights

Innovation is the Key to Success for Startup

Sujay Santra, Founder & CEO, iKure Techsoft
Friday, March 4, 2016
Sujay Santra, Founder & CEO, iKure Techsoft
Headquartered in Kolkata, iKure Technosoft specializes in developing affordable and innovative solutions for collecting healthcare data in villages using either computers or mobile phones; thereby enabling doctors at multiple locations to collaborate and extend quality care to the rural patients.

India's healthcare market is growing at a strong CAGR of 16 percent, and is expected to reach $280 billion by 2020. The significance of healthcare as an economic development opportunity has increased manifold at both national and international level. India is rising as the fastest growing startup base worldwide and stands third in technology-driven product start-ups; the conducive ecosystem here holds great potential for healthcare start-ups.

However in order to tap the growing potential, innovation is the key to success. India's healthcare sector is notorious to change. As it provides huge opportunity for successful businesses to flourish, it also possesses a myriad of challenges which must be effectively addressed.

India's healthcare system is not only suffering from major underdevelopment, but it is also confronting multiple healthcare crises caused due to increasing population and disease overburden. Compared to its peer countries, India remains below in key healthcare indicators; including its allocation of services and healthcare professionals. For example, the ratio of doctors per 1000 population is 0.6 in India, whereas 3.31 and 1.53 in the U.S. and China. Similarly, the ratio of beds in hospitals is at a level below 1 (0.7) per 1000 population, whereas, global picture is starkly ahead of India. Moreover, insufficient hospitals, medical staff and high rates of morbidity & mortality in low income areas continue to be major challenges of healthcare system. Further, limited public healthcare expenditure weighs down the system that is already inadequate to its existing challenges.

A study by the organisation for Economic Cooperation and Development (OECD) reports, per-capita spending on healthcare in India is only $157; way below compared with an OECD average of $3484. While health spending tends to rise with income, India stands below in healthcare expenditure, compared to any other OECD country.

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