Startup City Magazine
A monthly magazine for business startups and young entrepreneurs.

Entrepreneurial Opportunity in the Healthcare Industry

0

Entrepreneurial Opportunity in the Healthcare Industry

Every challenge is an opportunity for a visionary. Healthcare industry in India is one area where numerous opportunities are present for entrepreneurs. Weak public health infrastructure, the scarcity of trained emergency personnel, lack of trained medical human resource and minimal focus on preventive care are only a few challenges that are present in the Indian healthcare industry.

At one side, these challenges are major threats for the country having the population of over a billion people and on another side, the same challenges are offering a massive opportunities for entrepreneurs who are looking to make an impact in the healthcare industry. They have a chance to create some amazing success stories by launching helpful and innovative solutions for healthcare, their keenness will also help them to fill major voids in services and care delivery.

Following are the opportunities that every healthcare entrepreneur should look forward to and work to solve them:

Expansion towards the rural population

People living in urban areas can’t imagine how people are living in rural areas and what kind of situation they are facing in their daily lives. Majority of Indian population is living in rural areas where the healthcare facilities are not as good as in urban areas.  According to some stats by National Rural Health Mission (NHRM), the ratio of person to doctor is almost 6 times lower than in urban areas. Almost 30 per cent of the rural population of India has to travel for more than 40km for any medical treatment. Even most of the small towns of India lack the proper and quality health care services; therefore, people have to travel to major cities to avail treatments.

People who have an entrepreneurial mindset watch these problems and challenges as opportunities. Setting up clinics or hospitals in or near the rural areas and designing them to work at minimalist costs can be the change in the health care industry of India for good. As huge hospitals are set up in major cities, now the healthcare sector should expand towards the rural population as maximum opportunities lie there.

Low-cost healthcare solutions

Jaipur foot, which is a cost-effective highly workable artificial limb, was invented in the year 1968 and this proved to be a complete game-changer product. This was an amazing life-transforming product for many disabled people who were unable to buy those costly artificial legs present in the market. The same kind of innovation is required in India now. 

In a country where less than 35 per cent of the people have health insurance, most healthcare requirements from diagnosis to surgery are paid out of pocket. Therefore, creating and promoting helpful innovation and cheap healthcare solutions are not just social charity but also an awesome business opportunity to start in a country like India. Innovators can create some low-cost diagnostic kits, cheap sanitary napkins, low-cost dialysis technology and many more for rural households. Innovation like these in the healthcare sector can boost up the country’s social as well as economic growth.

Remote care through telemedicine

With the help of telemedicine or remote care, now doctors can access to a large population who live in rural areas. This will also drastically reduce the burden on district hospitals that attends thousands of patients every day. Many entrepreneurs and independent innovators are focusing on creating technology for telemedicine. Every hospital should have a telemedicine centre so that they can attend several hundred patients at the same time. This will allow people with minor health problems to get treated without even visiting the hospital and hence more serious people can be called up for personal examination. This process will drastically reduce the crowd at the hospital.

Strengthening emergency situations

In the year 2009, the Medical Council of India recognised emergency medicines as a separate speciality in medical schools but the area of emergency medicine is still in a budding stage in India. There is a massive scarcity of emergency departments and protocols; also there is a shortage of nurses as well as paramedics trained in emergencies to help doctors in the trauma department.

Another opportunity for entrepreneurs in the healthcare sector is that there are not many ambulances which are equipped with accurate emergency tools. According to stats, only 4 per cent of the ambulances persons are well trained and certified in India and almost one-third of all the ambulances works as a medium of transportation with no paramedical staff. Unluckily, there are no pre-hospital services present for rural and semi-urban areas and more than 30 per cent of the patients die before they reach a nearby hospital.

Conclusion

Every entrepreneur should look forward to these opportunities; they can launch educational and training initiatives to fill the above-mentioned gaps and by investing in developing new and helpful ambulances with all the types of equipment can enhance the complete healthcare industry in India.

Why travelling is best for mental health?

What are the most delicious and healthy food?

You might also like
Comments
Loading...