Building Trusted Health-Tech Platforms for the Indian Market
Exploring the potential for HealthTech platforms to replace trust traditionally associated with physical healthcare institutions.
Hi there!
This week on Eximius Echo, we explore how can HealthTech platforms replace the trust built by physical institutions. In recent years, the intersection of technology and healthcare has transformed the landscape of medical services in India. With the rapid digitisation of healthcare, there's a growing need for trusted health-tech platforms that can cater to the diverse and complex needs of the Indian market and we’ve been having many insightful conversations about it recently.
If you’ve not heard of us, Eximius is a pre-seed stage fund focusing on FinTech, SaaS, Online Media & Gaming, and HealthTech. You can find out more here. This newsletter is an attempt to share ideas, insights, and context within the realms of our chosen sectors. Let’s dive in.
In recent years, India's healthcare landscape has undergone a remarkable transformation, driven in large part by technological advancements. Amidst this revolution, HealthTech platforms have emerged as pivotal players, offering innovative solutions to bridge the gap between patients and healthcare service providers. However, amidst the proliferation of these platforms, the critical factor of trust remains paramount. Building trusted HealthTech platforms in the Indian market requires a delicate balance of innovation, reliability, and user-centricity.
Understanding the Indian Healthcare Scenario
India, home to over 1.3 billion people, grapples with significant healthcare challenges, including accessibility, affordability, and quality of care. According to WHO, India spends only 3.6% of its GDP on healthcare, significantly lower than the global average of 10%. Moreover, the doctor-to-patient ratio is strikingly inadequate, with approximately one doctor for every 1,457 people, far below the WHO-recommended ratio of 1:1,000. In this scenario, HealthTech platforms have emerged as game-changers, leveraging digital platforms, data analytics, and AI to provide accessible, affordable, and efficient healthcare solutions to inaccessible sections.
As healthcare becomes more consumer-centric in India, there's been a rapid uptake of technology by both patients and healthcare providers. This trend has spurred the rise of technology-driven healthcare services across various domains. However, sustained adoption hinges on the development of deep trust over the long term.
The Role of Trust in Healthcare
The reliance of most patients on their local doctors or general practitioners (GPs) creates an understandable reluctance to embrace the services offered by health-tech startups. In our communities, doctors represent not just healthcare providers but respected and trusted figures. Replicating this level of trust on digital platforms is challenging, yet essential for the sustainable success of health tech ventures. Patients demand assurance that the platforms they engage with are trustworthy, secure, and compliant with regulations. While omni-channel platforms have emerged to foster online trust, scalability remains a significant hurdle.
Drawing from discussions with numerous founders and thorough research, here are recommendations for healthcare startups aiming to build trust:
Clinical Expertise: Incorporate clinical expertise into the startup's foundation by appointing a clinical advisor or chief medical officer to guide service development and establish protocols, while highlighting top doctors for personalised care.
Operational Transparency: Maintain transparency across all operations, including pricing, policies, and data handling practices, while enhancing customer service for effective communication and resolution of concerns.
Data Security: Prioritise robust data security measures and proactively communicate about data protection, ethical practices, and the commitment to patient health.
Patient-Centric Approach: Adopt a patient-centric approach by actively soliciting feedback, addressing concerns promptly, and incorporating patient suggestions for improvement. Assigning a dedicated concierge per patient can provide personalized support and regular health reminders, demonstrating responsiveness to patient needs and fostering trust and loyalty.
Provider Collaborations: Partner with established healthcare providers, such as community hospitals and reputable doctors, to enhance credibility and garner endorsements, ultimately bolstering patient trust.
The Ayushman Bharat Digital Mission (ABDM) and similar government initiatives are poised to strengthen the foundational infrastructure needed to foster consumer confidence in the nation's integrated digital health system. By creating digital highways, these schemes aim to bridge gaps among various stakeholders in the healthcare ecosystem. Harnessing this momentum, our portfolio startup, Eka.Care is leveraging the health stack to develop a comprehensive healthcare platform that can efficiently deliver critical care services nationwide.
In conclusion, building trusted HealthTech platforms for the Indian market is both a challenge and an opportunity. By prioritising transparency, quality assurance, and regulatory compliance, startups can earn the trust of patients and stakeholders, paving the way for sustainable growth and impact. With the support of the government and a commitment to ethical practices, the Indian HealthTech sector is poised to revolutionise healthcare delivery, making quality healthcare accessible to millions and driving positive outcomes for society as a whole.
If you're an entrepreneur building in this space, we would love to hear from you. Please write to us at pitches@eximiusvc.com with your ideas.