Abstract
Healthcare start-ups across the globe are on rise and are creating new horizon. Healthcare is evolving industry with newest technology and compliances requiring young talent and entrepreneurs to establish healthcare and tech start-ups. The present study was planned with the primary aim to analyse the challenges faced by entrepreneurs in starting and operating healthcare start-ups. A questionnaire-based survey was conducted among 50 healthcare start-up founders. A structured questionnaire containing 15 questions were used to understand the challenges faced by start-ups on health industry. The study results revealed a statistically significant association between the experience of the founder and opinion regarding the growth of start-ups in the healthcare field [c2=16.22; p=0.013]. Furthermore, there was a statistically significant association between financial aid for the start-up and consumer credibility and growth of the star-up [c2=20.19; p=0.01]. The present questionnaire survey-based study delineated that financial aid, data safety & security for electronic data are the major challenges faced by healthcare start-ups. Hence, this study supplies a vital information source for the upcoming venture healthcare start up founder to consider highlighted challenges and its impact on the success of healthcare start-ups for their successful endeavour as health care entrepreneur.
Highlights
Healthcare is one of the largest sectors in India, both in terms of employment generated and revenue earned
Due to low insurance penetration, over 60 per cent of the total medical costs are by and large paid by people from their own reserves[4]
A sound healthcare scenario leads to healthier citizens, which would eventually help to build a progressive nation. Keeping this goal in mind, there is a need to augment the scope of healthcare start-ups in India, which is still not at par with the global healthcare landscape
Summary
The Indian Healthcare sector has grown manifold in recent years to become one of India’s largest sectors contributing to. B2C Start-ups in India have been in the Health-tech sector. This means that the sector has already secured ample traction from investors owing to its huge potential. As a change agent has been working diligently with the government to bring about requisite policy change that can provide impetus to the growth of health services sector in reaching out to the masses. This joint study by FICCI and KPMG evaluates the role and need for healthcare start-ups in India, their evolution in the sector and the funding scenario. We are sure that the deliberations in the conference will help us in developing concrete recommendations that will be submitted to the Government at the highest level for consideration
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