Innovations brought in by medtech players can be vital in improving healthcare delivery and meet underserved needs
In the Union Budget 2023-24, the government has allocated Rs 283.5 crore for the Startup India Seed Fund Scheme in additional to a National Data Governance Policy which will be brought out to unleash innovation and research by start-ups and academia.
Nirmala Sitharaman in her budget speech mentioned, “Entrepreneurship is vital for a country’s economic development. We have taken a number of measures for start-ups and they have borne results. India is now the third largest ecosystem for start-ups globally, and ranks second in innovation quality among middle-income countries.”
The pandemic itself presented an opportunity before healthcare start-ups. Especially, the innovations brought in by medtech players, helping in improving the overall healthcare delivery. While the last two years brought the much-needed attention to the start-ups ecosystem via medtech players mentoring them, it is now important to stabilise this progress. Hopefully, the slew the measures announced in the budget will also help in nurturing an ecosystem for sustainable medtech innovation for India and the world.
Top trends and opportunities for medtech start-ups
As mentioned earlier, integration of tech with the startups in medical devices sector has been the top most trend in previous years and is expected to boom more in 2023 and beyond. AI on medical images, low cost point of care diagnostics have the potential to create impact with a force multiplier effect when deployed along with digital public goods launched by the government like NDHM.
Vinay K Mayer, Director-Market Research & Consulting, Asia Research Partners LLP shares, “The medtech industry has seen tremendous growth in recent years, and it shows no signs of slowing down. Innovation is vital to help maximise the potential of some start-ups, but thought needs to be given when analysing what developments are propelling this dynamic sector forward.”