Indian healthcare innovation landscape | October 2019

Indian Healthcare Innovation Landscape
September 2019
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Contents
Diagnostics
Innovations
Medical
Technology
Innovations
Digital
Health
Innovations
Part A Part B Part C

Diagnostics
Innovations
Contents

High-end Diagnostics
Executive Summary
1
Women’s Health
Public Private
Partnerships
Social Impact
Innovations
2 3 4
POCT Diagnostic
Devices
5
Artificial Intelligence
6
Remote Diagnostics
7
Molecular diagnostics, is
expected to contribute to
almost 15% of the market
Oncology, neurology, ocular,
metabolic disorders
and women's health are the
focus of these innovative dx
AI using wearables is
increasingly gaining traction
Social impact business
models are emerging /
increasingly visible
PoC are at the forefront of
of this growth, especially
driving innovative
approaches to diagnosis
Companies are partnering
with government through
PPP model to grow in their
diagnostics segments
Remote Dx is focussed on
offering easy mode of
tracking vital stats and
addressing unmet needs

1
Women’s Health
Public Private
Partnerships
Social Impact
Innovations
2 3 4
POCT Diagnostic
Devices
5
6
Remote Diagnostics
7

India’s organised Diagnostics Market is expected to grow at a CAGR of 15% by
2024
Note: E: Estimates of market sizes are estimated based on CAGR between 2016-2018 keeping the market size of 2016 as the base value
Source : UC Analysis
Diagnostics Market Size
0.3
1.4
3.1
1.9
7.7
11.9
0
2
4
6
8
10
12
14
16
2016 2019E 2024E
9.1
15
Organized
25-30%
Unorganized
12%
$ Bn
2.2
CAGR
2016-24
15%
National lab chains
• ~5 National Labs in India
• High penetration with 100+ labs and 1,000+ collection
centres each
• E.g. Dr. Lal PathLabs , SRL Diagnostics, Metropolis, etc.
Regional labs chains
• ~15 regional lab chains
• 20-50 labs and ~100 collection centres respectively
• At par with national labs on technology but limited by
penetration
• E.g. N M Medical, Suraksha Diagnostics, etc.
Standalone labs
• Estimated ~70,000 standalone diagnostic laboratories that
provide varying diagnostic services
• Single lab and few collection centres
• E.g.: Care Labs , Sanjeevani laboratories , Lifecare diagnostics

Molecular Diagnostics test is expected to grow at a CAGR of 26% and will
account for 16% of the total Diagnostics test volumes by 2022
Note: Estimate based on discussions with diagnostic labs. Molecular diagnostics growth estimated assuming static growth for pathology tests
Source: Primary Research, UC Analysis
2-4% 4-8%
8-16%
96-98% 92-96%
84-92%
0%
20%
40%
60%
80%
100%
2016 2019E 2022E
National and Regional Lab Chains –
Volume Split by Type of Tests
%
Other
Pathology
Molecular
Diagnostics
Drivers for molecular diagnostics
Multi-panel testing
Oncology and reproductive health
Growth of genomics
POCT for molecular diagnostics
Niche product segments
Large scale screening such as Nucleic Acid
Testing
CAGR
2016-22
26%

Innovations within Molecular Diagnostics are focused on offering
personalised and affordable services
Multi-panel molecular tests Affordable and
accessible clinical
genomics
Niche product focus Personalized disease
profiling
Example
Location Mumbai Bengaluru Jaipur Bengaluru
Innovation Critical care, Cancer,
Infertility and Infectious
disease panels
Specialized tests using
FISH, PCR, Microarrays
& Sequencing affordable
to Tier II/ Tier III
patients
Vertigo diagnostic
equipment suite
CANScript, a diagnostic
platform, recreates
tumour micro-
environment to predict
patient specific
treatments
Therapy area Oncology, Critical care,
Infertility, Infectious disease
Reproductive, Oncology,
Medical genetics
(Cardio, metabolic,
neuro, ocular)
Vertigo Oncology
Investment CDC Group Plc (UK Govt.) &
Manipal Education and
Medical Group (MEMG)
~$20 Mn (2017)
MedGenome-HDFC Ltd,
HDFC Life , HDFC Asset
Management
~$10 Mn (2018)
Unicorn India
Ventures
$2.5 Mn (2018)
Northpond Ventures
$ 40 Mn (2018)
Source: Company Webpages, Economic Times (12), Inc42 (14, 17), Business Medical Dialogues (16)
Logos belong to the respective companies

Women’s Health
1
Women’s Health
Public Private
Partnerships
Social Impact
Innovations
2 3 4
POCT Diagnostic
Devices
5
6
Remote Diagnostics
7

Non-invasive and portable devices are driving Women’s Health associated
innovations
Affordable and Portable devices driving screening and monitoring of Women’s Health
Example
Location Bengaluru Bengaluru Bengaluru Mumbai
Innovation Affordable, Portable,
Wearable continuous,
non-invasive labor
monitoring tool & Fetal
heartrate and uterine
contraction
measurement tool
Automated, affordable
point of sample
collection screening
tool
An affordable, non-
invasive, radiation free,
privacy safe, small sized
and ideal for small cities
solution to detect early
stage breast cancer
I Breast Exam –a 5
minute-bilateral breast
scan that detects
lesions with sensitivity
higher than 85 percent
(Manufacturing plant
setup in 2016 in
Mumbai as a part of
Make in India Initiative)
Therapy area Maternal and Child
healthcare
Cervical Cancer Breast cancer Breast cancer
Investment Karnataka Govt.
Idea2PoC programme
~$36,000 (2017)
Millennium Alliance,
Villgro possible,
IUSSTF, BIRAC, IKP
Karnataka Govt.
Idea2PoC programme
~ $70,000
(2017)
Japanese VC firm Dream
Incubator, Beenext and
other investors
$6 Mn (2019)
KM Shaw & Unitus
Seed Fund
$1.2Mn
Source : Company Webpages, Yourstory (8, 10, 11,15)

Companies are developing specialised diagnostics focused on women’s
reproductive health
Source : UC Analysis
Demand for highly specialized tests (PGD, PGS and NIPT) has led to diagnostic labs investing
in high end technologies - Next Generation Sequencing and Microarrays
• 15% out of 26 Mn+
annual pregnancies in India are high
risk
• 27MnInfertile
couples in India
• IVF specialists
promoting Pre-natal
genetic screening
successful
implantation
• Pre-natal genetic
screening for
community
specific
chromosomal
abnormalities
• 1.4/1000 incidence
of Downs Syndrome
• 0.28/1000
incidence of Edward’s
Syndrome
• 2-3%
congenital
malformations

Public Private Partnerships
1
Women’s Health
Public Private
Partnerships
Social Impact
Innovations
2 3 4
POCT Diagnostic
Devices
5
6
Remote Diagnostics
7

Companies are partnering with government through PPP model to grow in
their diagnostics segments
Implementation of NAT in Odisha through PPP model
• Nucleic acid testing (NAT) used for screening blood donations to reduce the risk of
transfusion transmitted infections (TTIs)
• Tender floated in Dec 2016 by Orissa government and won by a MNC company
− Rental model for MNC Company’s instrument worth ~$0.4 Mn was adopted
− Government was responsible for providing space and electricity to the lab
− Government pays a fixed fee per test of ~$15/test
2009:
10 month old
infant infected
with HIV post
blood transfusion
2010:
Escalation of case to High
Court
Jun 2016 Jan 201818 months
2012:
NAT made mandatary
for blood transfusions
4 sites
6 centers
Source: UC Analysis
Implementation of NAT in Odisha through PPP model

Social Impact Innovations
1
Women’s Health
Public Private
Partnerships
Social Impact
Innovations
2 3 4
POCT Diagnostic
Devices
5
6
Remote Diagnostics
7

Innovations are being developed to cater to low resource settings and enable
early stage diagnosis
Suitable for low resource
settings
Portable and easy to use Early stage diagnosis
Example
Location Pune Vellore Delhi
Innovation Point of Care to detect
urinary pathogens in 60
minutes
Does not require any
laboratory or
instrumentation, trained
manpower or electricity
Portable visual field
perimeter that can be
operated via a
smartphone to perform
an eye examination for
glaucoma
iMC2 device for rapid and early
stage diagnosis of typhoid
within 6 hours as against gold
standard that takes 48-72 hours.
Therapy area Urology Glaucoma Infectious disease typhoid,
tuberculosis and gastroenteritis
Investment BIRAC, Tata Trusts,
Venture Center
Unitus Seed Fund(USF),
National Chemical
Laboratory(NCL), Pune
Social Alpha and Tata
Trusts–PATH Impact
Lab- Grant
Accelerator (Incubator) with two
independent investors
Source : Company Webpages, Yourstory

POCT Diagnostic Devices
1
Women’s Health
Public Private
Partnerships
Social Impact
Innovations
2 3 4
POCT Diagnostic
Devices
5
6
Remote Diagnostics
7

Companies are focused on providing ‘miniaturization’ and ‘easy to use’ for
their POCT devices
Portable/easy to use
solutions
Multi-testing miniaturized POC devices
for speedy analysis
Indigenous low-cost
molecular diagnostics
Example
Location Mumbai Mumbai Mumbai Mumbai/ Goa
Innovation Focused on providing
high throughput, fast
and accurate handheld
devices
Offers QDx- Insta
check- a POC
device performing
15 clinical tests
and offering
quantitative
results in 3-15
minutes
iQuant Analyser-a
portable and
lightweight
instrument,
supporting 8
diagnostic test
results made
available in 30-45
minutes using an
immunofluorescence
assay
18 new micro PCR tests
across multiple infectious
diseases and sickle cell
anaemia are in pipeline
Therapy
area
Diabetes, cardiac, urine
and blood gas system
Infectious diseases (region specific test
focus)
Infectious disease and
Sickle cell anaemia
Source: : Company Webpages, UC Analysis

Lack of standardisation is however, limiting the adoption of POCT devices
High costs & resistance
from medical practitioners
• Lack of accuracy may lead
to requirement of
additional validation tests
• Patient volume may not
justify investment in
additional manpower and
devices at clinics
• Potential loss of
remuneration as GPs earn
commission through
referrals to diagnostic
laboratories
Uncertain policy
recommendations
Service provider
perception & culture
barriers
• Lack of clarity in policy
that regulates the use of
POCT devices across
different levels of
healthcare services
• Lack of standardization of
protocols and processes
for POCT
• GPs in India prefer to play
advisor
• Lack of skilled service
providers to perform and
interpret tests using POCT
devices
• Limited pre and post
testing counseling facilities
• Lack of empowerment of
patients to use POCT
Source: SpringerLink (7) , UC Analysis

1
Women’s Health
Public Private
Partnerships
Social Impact
Innovations
2 3 4
POCT Diagnostic
Devices
5
6
Remote Diagnostics
7

To achieve speed, ease and accuracy Artificial Intelligence is used for imaging
based Diagnostics solutions
Increased accuracy in analyzing
radiology scans
Increased speed of
diagnosis
Aid in accurate and easy
diagnosis
Company
Location Mumbai Bengaluru Bengaluru
Innovation Qure.ai - AI based algorithm to
analyse radiology images for
quick and accurate diagnosis of
diseases
Predible - Focused on Lung and
Liver scans. Offers pay-per use
sales model making it affordable
to low volume clinics and
suburban centres
AI Algorithm for blood
smear analysis, urine cellular
material/ volumetric
parameter analysis, semen
analysis
SigTuple and Verily-
Retinal scan analysis
Therapy area Oncology, Respiratory Urology, General pathology Diabetic Retinopathy and
Diabetic macular Edema
Investment Fractal Analytics (Qure.ai)
Unitus seed fund (Predible)
Qure.ai
$ 30 Mn (2016). Undisclosed
(2019)
Accel, IDG Ventures India,
Endiya, Axilor, pi Ventures,
Venture Highway (SigTuple)
SigTuple
$ 19 Mn (2018)
Silver Lake-(Verily)
$ 1Bn (2019)
Source: Company Webpages, Inc42 (4) , CNBC (5), Live Mint (6)

Remote Diagnostics
1
Women’s Health
Public Private
Partnerships
Social Impact
Innovations
2 3 4
POCT Diagnostic
Devices
5
6
Remote Diagnostics
7

Remote Diagnostics and Wearables are focussed on offering easy mode of
tracking vital stats and addressing unmet needs
Remote consultation Wearables targeting key vital stats Wearables for niche
segments
Example
Location Delhi Bengaluru Hyderabad Bengaluru
Innovation • Remote consultation
with doctors in
vernacular languages
• Voice to text search
to facilitate people
who are less familiar
with online tools
Smart-patch
worn near chest
checks ECG
parameters,
respiration,
temperature,
posture, BP, O2
saturation
Ein watch measures
multiple cardiac-
related vital signs
like live ECG, blood
pressure, SpO2,
phonocardiogram
(PCG), respiration
rate and activity
tracking
Wearable device to
diagnose vertigo
Therapy area General diagnosis Cardiovascular, Respiratory Vertigo
Investments
Nexus Venture Partners,
Omidyar Network and
Shunwei Capital
$5 Mn
Not disclosed
Unitus Ventures
$1 Mn
Source: Company Webpages, Inc42 (1), Pixr8 (2) , VC Circle (3)

Medical
Technology
Innovations
Digital
Health
Innovations
Contents

6 7
Executive Summary
Value Segment
1
Specialized Sub-
Segments
Social Impact
Innovations
3D printing Solutions
2 3 4
Innovative Material
Technology
5
Robotics-led surgical
assistance
6
The "Value Segment" with a
compelling price value
equation is set to dominate
more mature segments of the
market
Further, we are witnessing
the emergence of specialised
segments like Advanced
Wound Care and Neo-natal
care
Customizable implants in
orthopaedics is developed via
3D Printing to enable precise
surgical procedures
Focus on driving
portability, accessibility,
affordability and overcoming
skill deficiencies are highly
visible
Robotics-led surgical
assistance helps in minimising
invasive surgeries as well as
provides better and precised
dexterity
Innovative technology
material like the natural based
materials are biodegradable
and easily available

$ Bn
India’s Medical Technology Sector
3.5
6.2
2.0
3.6
0.5
0.9
0.5
0.8
0
2
4
6
8
10
12
2016 2020
Medical
Equipment
Consumables
& Disposables
Implants
Reagents
Note: *Not exhaustive
Source: NIC, DIPP, AIMED, SKP, Medical Buyer Report, (2018), Make in India website (26)
11.4
6.5
Indigenous Sales Vs Imports
(2016)
20%
25%
10%
60%
40%
80%
75%
90%
40%
60%
Patient Aid
Implants
Equipments
Consumables
Stents
Indigenous Sales Imports
India’s MedTech Sector is largely dependent on Imports

Price capping and undefined policies in India have caused a decline in FDI
Investments in MedTech
161
439
184
66
0
50
100
150
200
250
300
350
400
450
500
2015 2016 2017 2018
FDI Investment in MedTech
$ Mn
Source: Business Today(25) Business Line(24) , The Hindu
Factors responsible for
investment slowdown
• Price Capping
• Lack of clarity in the
Medical Device Rules, 2017
Government
allows 100%
FDI in medical
devices

However, the new regulatory framework helps MedTech companies with
hassle-free and clarity in regulation process
Benefits for the MedTech Companies from the New Medical Device Rules
Risk Classification of Medical Devices
Class A
Low Risk
Class B
Low-Moderate Risk
Class C
Moderate Risk
Class D
High Risk
Island dressings, wounds
strips, gauze dressing,
corrective glasses and
frames, dental impression
material
Hydro gel dressings,
refrigerators for storing
blood, non-medicated
impregnated gauge, tracheal
tubes
Dressing for chronic ulcer
wounds, dressings for severe
wounds, blood bag, stents
Central nervous system
instruments (CNS), and
heart defects
Hassle-free
Application Process
• Online application for approval and grant of the licenses
• Defined rules, regulations, audit requirement
Clarity in the
Regulation Process
• Clarity in risk-based classification and guidelines to be followed
• Quality documents to be in-line with the new rules
• Approval and registration certificate is valid for five years as opposed to three years
Stricter Usage
Guidelines to benefit
the end users
• The shelf life should not exceed five years
• Audit Requirement for Manufacturing facility to prevent manufacturing spurious goods
Source: Drug regulatory paradigm and challenges for Medical devices in India, IJDRA(23)

Value Segment
Value Segment
1
Specialized Sub-
Segments
Social Impact
Innovations
2 3 4
Material Technology
5
Robotic Assisted
Surgery
6

Phase
Status Quo – MNCs build
market
Indigenous Rise
SalientTrends
Emergence of Market Leaders
Emergence of value players has taken place due to technological advancement
and conducive local manufacturing ecosystems
Source: UC Analysis, Medical Devices Growth in Emerging Markets, Lessons from other industries (IN VIVO: The Business & Medicine Report)
Dominance by MNC’s
Technological
advancement
Enhanced research
and development
Favorable govt.
regulations
Conducive local
manufacturing
ecosystem
Market gap filled by
economy players
Underserved market
Market Leaders in
Indigenous Players
• Develop high quality products
• Work in partnership with MNCs
for technical superiority
Market Leaders in MNC
• Launch innovative products
• Work with the distribution
network of the local players
• Tie-up with local manufacturers
• Unequalled quality MNC products
• Limited indigenous players
• Indigenous players start
manufacturing high quality products
• Increased share of value
players

Rising demand from price sensitive tier 2,3 markets is also driving growth of
value segment in India
Percutaneous
Coronary
Intervention Market
Total Knee
Replacement
Market
69% 52%
Intra-Ocular Lens
Market
48%
Orthopedic, Cardiac and Ophthalmic implant markets
Overall market CAGR : 10%
Value segment CAGR : 12%
Overall market CAGR : 3.7%
Value segment CAGR : 6.8%Overall CAGR : 18%
Note:
*: Figures mentioned inside the circle represent value segment market share
IOL- Intra-Ocular Lenses; PCI - Percutaneous Coronary Intervention (commonly known as Angioplasty) ; TKR – Total Knee Replacement
Assumption - Tier 1 cities mainly consists of premium products and Tier 2 cities mainly consists of value products
Source: UC Analysis
Rising demand
from price sensitive
tier 2,3 markets is
driving growth of
value segment in
India
• Tier 2, 3 cities are witnessing infrastructure development
• Value segment products acceptance in tier 1 cities
• Offering products specific to customer segments w.r.t features and price points
- Premium - Value - Economy
- Economy + Value - High Value + Premium
Value segment market share (2016)

Specialized Sub-Segments
Value Segment
1
Specialized Sub-
Segments
Social Impact
Innovations
2 3 4
Material Technology
5
Robotic Assisted
Surgery
6
Specialized Sub-Segments

Advanced Wound Care is expected to grow at a CAGR of 9% by 2023
11.14
16.37
0.91
2.08
0.50
0.71
0.50
1.15
0.86
1.42
0.00
2.50
5.00
7.50
10.00
12.50
15.00
17.50
20.00
22.50
2018 2023
India Advanced Wound Care Market Volume
In Mn
Foams
Hydrocolloids
Hydrogel
Others (Iodine based dressings,
silver dressing, collagens, Hydro Fibres,
Calcium Alginates)
Paraffin Gauzes
8%
CAGR
2018-23
18%
7%
18%
10%
13.92
21.73 9%
Source: UC Analysis

Neonatal care is an emerging focus area of MedTech start-up companies
Neonatal Care
Example
Location Bangalore Gurugram
Innovation SAANS – first in the world
neonatal transport Continuous
Positive Airway Pressure) – can
be used with minimal skills
MiraCradle(R) – affordable and non-
electronic portable device which helps
in maintaining the temperature of a
baby through an innovative polymer
Therapy area Respiratory/Neonatal care Neonatal care
Investment BIRAC Echoing Green
$2 Mn
Source: UC Analysis, , Company Webpages

Social Impact Innovations
Value Segment
1
Specialized Sub-
Segments
Social Impact
Innovations
2 3 4
Material Technology
5
Robotic Assisted
Surgery
6

Affordable Med Tech innovations are developed within renal and orthopaedic
therapy areas
Source: Company Webpages, Economic Times(21), Wellcome Trust(35) Website, Inc42, Yourstory(22)
Cost-focused Innovations
Example
Location New Delhi Hubli, Karnataka Bangalore Hubli, Karnataka
Innovation Device for Fecal
Incontinence
ReMotion Knee -
affordable knee joint
to remobilized knee
amputees in India
PURAK – device
for distal arm
functionality
rehabilitation
Bed-side, neonatal care
equipment which works
on the principle of
phototherapy for the
treatment of Jaundice
Therapy area Renal Orthopaedic Orthopaedic Jaundice
Investment Accel, India Venture
Partners and India
Innovation Fund
$5 Mn
Wellcome Trust Wellcome Trust Not known

Value Segment
1
Specialized Sub-
Segments
Social Impact
Innovations
2 3 4
Material Technology
5
Robotic Assisted
Surgery
6

Customizable implants in orthopaedics is developed via 3D Printing to enable
precise surgical procedures
Source: Company Webpages, Institute Webpages, Yourstory(20)
Customizable implants in orthopaedics
Example
Location
New Delhi Mumbai Mumbai Bangalore
Innovation 3D printed implant
for a patient
suffering from
Ameloblastoma
Personalized
prosthetics based
on the patient’s fit
Customizable implants
based on design and fit
3D printed
customized
surgical guides to
enable precise
surgical
procedures
Therapy area Jaw Fracture Dental Oral, maxillofacial implants Head & neck, hip
& knee areas
implants

Case Study Example for a 3D Printing for Pre-Surgery
Funding and
growth
• Received fund of ~$70,000
from Government of India
through the BIRAC grant in
2015
• Karnataka Govt. granted
Idea2POC grant of ~$70,000
in 2017
• Osteo3D built a network of
over 120 doctors within a
year of its inception
Founded in 2014
• Started off as a DFD3 –a B2C
marketplace 3D printing player
in 2014
• Entering surgical 3D printing
segment as a B2B player
• Designs and fabricates 3D-
printed pre-surgery models and
guides specifically for dentistry
work, neurosurgeries and
maxillofacial surgeries
Value Proposition
• Fabricates the models in-
house with its third-party 3D
printers and its processes thus
ensuring faster delivery and
low cost
• Extru3it- gives pricing quote
for model building to the
doctors- first app in the world
to do so for 3D printing
Assisted Over 350
Cases
• The company fabricated a 3-D
printed cranium helmet within 3-
4 days at a cost of ~$300 to
resolve craniosynostosis (rare
genetic condition)- saving a five-
month-old girl from Karnataka
Source: Yourstory, Forbes India(19)

Material Technology
Value Segment
1
Specialized Sub-
Segments
Social Impact
Innovations
2 3 4
Material Technology
5
Robotic Assisted
Surgery
6

Innovative technology material like the natural based materials are
biodegradable and easily available
Source:, Inc42(18), Startups.venturecenter (27)
Shift towards natural-based materials
Company
Location Pune, India Pune, India
Innovation SynOst; PoroSyn - synthetic bone graft
substitute products made from bioactive glass
materials for dental and orthopaedic surgeries
Biocompatible maxillofacial volume filling
implants made up from PLA is a biodegradable
biomaterial made from corn, sugarcane or
sugar beets
Therapy area Dental, Orthopaedics Dental
Investment 1Crowd- Crowdfunding platform
Biotechnology Industry Research Assistance
Council (BIRAC) SEED scheme via Venture
Center
None

Robotic Assisted Surgery
Value Segment
1
Specialized Sub-
Segments
Social Impact
Innovations
2 3 4
Material Technology
5
Robotic Assisted
Surgery
6

Robotics-led surgical assistance helps in minimising invasive surgeries as well
as provides better and precised dexterity
Precision & better dexterity Minimally invasive surgeries
Example
Location Mumbai Haryana Kochi Bengaluru
Innovation Multi-articulated
instruments with
single-use
replaceable tips with
a single-arm mobile
patient cart for ease
of set up
Da Vinci Surgical
System - distributed
by Vattikuti Tech in
India - pioneer
instrument to
perform surgeries
with minimal
invasion.
Cranio Bot - Assist in
surgeries to correct
craniosynostosis – a
birth defect related
to skull
Da Vinci Surgical
System - distributed
by Vattikuti Tech in
India - pioneer
instrument to
perform surgeries
with minimal
invasion.
Therapy area Range of surgeries Hip Surgery Cranial Surgery Bariatic, Urology, etc.
Investment None None BIRAC None
Source: Company Webpages Logos belong to the respective companies

Contents
Digital
Health
Innovations

Healthcare PlatformsOnline Pharmacy
1
Home Healthcare
Services
Digital Social Impact
Initiatives
2 3 4
Executive Summary
E-Pharmacies and
Home Healthcare are
spearheading the growth of
digital healthcare in India
Home healthcare is expected
to offer most of hospital-
based services at home,
thereby bringing down
overall expenditure
From a patient standpoint,
digital services are innovating by
providing multi-lingual support
and financial assistance during
medical emergencies
Many indigenous companies
are at the forefront of these
innovations resulting in
significant PE and VC interest

Online Pharmacy
Online Pharmacy
1
Home Healthcare
Services
Healthcare Platforms
Initiatives
2 3 4

E- pharmacy is expected to contribute 15-20% of the total pharma sales by
2030
Company Value Proposition Funding
Online pharmacy, online
consultation, tie-up with
diagnostic labs, doctor's
appointment, health blogs
Prasid Uno Family Trust
$17 Mn (2019)
diagnostic labs, health blogs
Korean based investors
$100 Mn (2018)
Softbank (2019)
$100 Mn (2019
diagnostic labs, health blogs
$45.4 Mn
consultation, health blogs
Corsiol Holding, AG’s subsidiary
KWE Beteiligungen, Redwood
Global
Online pharmacy
Orios Venture Partners
$300,000
512.0
3,657.0
0
500
1000
1500
2000
2500
3000
3500
4000
FY18 FY22
E Pharmacy Market in India
$ Mn
Source: Industrial Report, Live Mint, Inc 42(31,32, 33, 34, 35, 36)
E- pharmacy is expected to contribute 15-20% of the total pharma sales by 2030
due to multiple factors including ‘Digital India’, e-healthcare initiatives, increasing
health insurance and schemes like Ayushman Bharat

Home Healthcare Services
Online Pharmacy
1
Home Healthcare
Services
Initiatives
2 3 4

Home healthcare is expected to offer most of the hospital-based services at
home, thereby bringing down overall expenditure
Example Services Value Proposition Funding
Diagnostics, Care services
at home
End-to-end patient
care
Alteria Capital
$3.6 Mn
Home ICU, maternity,
neonatal care
Plan to enter Tier II
Quadria Capital
Advisors
$40 Mn
Laboratory, doctor
appointment, ambulatory
support
medical tourism-
based services
SPA capital
~$1 Mn
Oral Healthcare
24/7 emergency
services
S-Squared Capital
Investments
~$1.5 Mn
24/7 availability of service
Verification of
caregivers
SAIF Partners
$4 Mn
Focuses seniors care-giving
services
subscription-based
service
GROUP SOS
$150,000
Treatment & Diagnostic
service at home
24/7 personalized
delivery
-
3.2
6.2
0
1
2
3
4
5
6
7
FY16 FY20
Home Healthcare Market
India
$ Bn
Source: Industrial Report, Livemint(29), Your Story(30) , Company Web pages, Inc 42, Economic Times(37)

Online Pharmacy
1
Home Healthcare
Services
Initiatives
2 3 4

Healthcare Platforms has increasingly invited VC and PE interest
Examples Service/Product Funding
End-to-end service: provides information on
ailments, doctors, hospitals, treatment and their
implications
Tolaram Inc. (PreSeries)
$1.5 Mn
Browse doctor profiles, compare prices, book
appointments, manage patient records, book
diagnostic tests
Trifecta Capital, Internal Investors
$17.2 Mn
Choose doctors and compare prices and pay in
installments. Allow digitization of records
Individual investors
$350,000
Computerize patient records, maintain history,
digital diagnostic images, collaboration of patient
and doctors based on reports
None
Book doctor appointment, sample collection,
physiotherapy, wellness services
BCCL
$7.8 Mn
Source: Business Standards(28), ET Rise(39), Inc 42(38), Company webpages

Online Pharmacy
1
Home Healthcare
Services
Initiatives
2 3 4

Digital Innovation targets population in lower tiers with customized language
and financial assistance in medical emergencies
Example Product Target Population Funding
Cloud-based patient
engagement platform – free
voice operated health query
platform – Available in Hindi
Lower Middle Class Tie-ups with NBFCs
Privilege card that allows a
user financial assistance in
medical emergencies at no
cost EMI
Lower Middle Class
Nedfi Northeast Venture
Fund
$35,000
m-WELLCARE – mhealth
system to prevent and treat
chronic diseases
Lower income group –
study to be started in
Haryana and Tamil Nadu
Wellcome Trust
Foundation UK
Source: Institute web pages

Healthcare
Platforms
Healthcare Innovation Areas
Diagnostics MedTech Digital Health
High-end
Diagnostics
Women’s
Health
Public Private
Partnerships
Social Impact
Innovations
Point of Care
Testing
Artificial
Intelligence
Remote
Diagnostics
Value
Segment
Specialized
Sub-Segments
Social Impact
Innovations
3D printing
Solutions
Material
Technology
Robotic Assisted
Surgery
Growing Online
Pharmacy
Home-based
Healthcare Services
Social Impact
Innovations

Annexure

Bibliography (1/2)
Sr. No Reference Type Referencing Convention Date Published Slides
1 Article Healthcare App myUpchar Raises $5 Mn Funding In Series A Round, Inc42 Aug, 2018 21
2 Article MedTech Firm Cyclops Secures $1 Million in a Fresh Funding Round, Pixr8 21
3 Article ITI Venture Fund leads funding in medical wearables maker Ten3t Apr, 2019 21
4 Article Healthtech Startup Qure.ai Is Using AI To Speed Up Radiology Diagnosis, Inc42 May, 2019 20
5 Article Alphabet’s Verily gets $1 billion in funding round led by Silver Lake, CNBC Jan, 2019 20
6 Article SigTuple in talks to raise up to $50 million in fresh funds, Live Mint Oct, 2018 20
7 Research Article N. Engel et. al. Barriers to Point of Care Testing in India and South Africa, Springer Link Jun, 2018 19
8 Article Biotech funding round pushes the envelope of tech-based innovation, Your Story May, 2019 14
9 Article Module Innovations wins Discovery Award seed funding grant, Biovoicenews Aug, 2017 17
10 Article These innovations from Indian startups are transforming women’s health for the better, Your Story Apr, 2019 14
11 Article Janitri’s portable smart device monitors mother and baby to keep them safe through childbirth, Your Story Apr, 2019 14
12 Article iGenetic diagnostics raises Rs 130 crore from CDC Group Plc and Manipal Group, The Economic Times Feb, 2017 13
13 Article MedGenome-HDFC Ltd, HDFC Life , HDFC Asset Management, Business Line Mar, 2018 13
14 Article Unicorn India Ventures Invests In Jaipur Based NeuroEquilibrium Diagnostics, Inc42 Dec, 2016 13
15 Article KM Shaw invests in UE LifeSciences, developer of affordable breast cancer screening devices, Your Story Oct, 2016 14
16 Article Mitra Biotech raises Rs 270 crores funding from Northpond Venture, Business Medical Dialogues Jul, 2018 13
17 Article HDFC Group Invests $10 Mn in MedGenome To Complete Its $40 Mn Series C Funding Round, Inc42 Mar,2018 13
18 Article 1Crowd And BIRAC Invest In Healthcare Startup Synthera Biomedical, Inc 42 Jul 2018 35
19 Article 3D printing in healthcare: A prescription for the future, Forbes India Jul 2014 34
20 Article Forget VCs, Indian govt funds this 3D printing startup, Your Story Oct 2015 33
21 Article How potential entrepreneurs can tap India's affordable medical devices market Feb 2017 32
22 Article With these startups, healthcare services are getting better in non-metros, Your Story Mar 2019 31

Bibliography (2/2)
Sr. No Reference Type Referencing Convention Date Published Slides
23 Article
Drug regulatory paradigm and challenges for Medical devices in India, IJDRA, VOL 7 NO 1
(2019): VOLUME 7, ISSUE 1
2019 26
24 Article Dwindling FDI in pharma, medical devices worries industry, Business Line Jun 2019 25
25 Article FDI in medical device dwindles, industry blames government policy, Business Today Apr 2019 25
26 Article Medical Technologies- A roadmap for unlocking future growth opportunities for India 2018 24
27 Websites
http://startups.venturecenter.co.in; https://www.aimedindia.com/; https://dipp.gov.in/;
https://www.nic.in/; https://wellcome.ac.uk
Aug 2015 35, 32
28 Article Five apps that revolutionised healthcare in India, Business Standard Jan 2018 42
29 Article Market for home healthcare services in India to double in a year: report, liveMint Jan 2018 40,41
30 Article Healthcare startup Care24’s loss widens to Rs 13.98 Cr for FY17, Your Story Apr 2018 41
31 Article Venture Debt Fund Alteria Capital Invests $3.6 Mn in Portea Medical, Inc 42 Dec 2018 40
32 Article Healthtech Startup Zoctr Raises Pre-Series A Funding From NB Ventures, Inc 42 Jun 2018 40
33 Article Exclusive: Epharma Startup Medlife Gets $17 Mn Top Up, Inc 42 Apr 2018 40
34 Article
Online Pharma Netmeds Raises $35 Mn Series C Funding, Onboards Second Cambodian
Investor, Inc 42
Sep 2018 40
35 Article Exclusive: PharmEasy Close To Raising $100 Mn Series D Funding Round, Inc 42 May 2019 40
36 Article PharmEasy in early funding talks with SoftBank at double its valuation, Inc 42 Mar 2019 40
37 Article S-Squared Capital to invest Rs 20 crore in Vatsalya Dental, The Economic Times Oct 2017 41
38 Article Practo Raises INR 120 Cr From Trifecta Capital, Internal Investors, Inc 42 Jun 2019 42
39 Article CallHealth to raise Rs 50 crore in latest round, tweaks biz model Dec 2018 42

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