Indian healthcare is experiencing a new wave of opportunity. Providers are reinventing existing delivery models to bring healthcare closer to the patient. One of the Leading light in this sector, Medzin (holding company of Medhealix Health Tech Pvt. Ltd.) is a hyper-local healthcare aggregator app connecting the users with the nearest healthcare facilities and services. Catalyzing growth and innovation in the Healthcare sector, one can buy Medicines and Daily Supplements at Your Convenience, Book Appointments Based on Recommendations and Healthcare and Daily Supplements, Book Appointments with Doctors Nearby.
According to, Economist Intelligence Unit of World Healthcare Outlook,
“Healthcare is a high-cost sector for both end-users and providers, billing at an average of 10.5% of GDP on a global basis. The costs support several ancillary industries, be it pharmaceuticals on one end or the health insurance segment on the other.”
Healthcare has become one of India’s largest sectors – both in terms of revenue and employment. The sector is a complex system made up of people, facilities, laws and regulations.
Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
According to the Indian Brand Equity Foundation (IBEF),
“ The overall Indian healthcare market is worth around US$ 100 billion and is expected to grow to US$ 280 billion by 2020, a Compound Annual Growth Rate (CAGR) of 22.9 per cent. Healthcare delivery, which includes hospitals, nursing homes and diagnostics centres, and pharmaceuticals, constitutes 65 per cent of the overall market. The Healthcare Information Technology (IT) market which is valued at US$ 1 billion currently is expected to grow 1.5 times by 2020 ”.
As talked earlier about one of the stalwarts of this sector Medzin, their model is basically an aggregator model where we aggregate vendors who can fulfill our customers’ requirements by adding their products and services to our network. Their USP is the on time delivery of medicines within 2 hours from confirmation of the order as well as the guarantee of availability of all the medicines ordered, their genuineness and quality. Moreover they also ensure that their partner labs and doctors provide top quality services and attention to their customers.
Talking about the men who made the road to success this far for Medzin, Vishnu V Shankar (CEO), Madhav Shankar(COO), Suyash Mohan(CTO), Raghav Sarda(CFO) have to be credited for the awesome work done so far.Also on the monetary aspect, they have made a strong name for themselves.
Medzin has raised two round of funding so far, from Mr. Sikander and Mr. Haridas of Rs 20 lakhs in the first round on November 2015, and by Mr. Sikander of Rs 30 lakhs in March 2016. They have used the money to develop the product for both iOS and Android Mobile Platform and also did it before the expected timeline.
Truly trailblazers like these are spurring innovation, growth in the healthcare sector. The bigger problem that they are solving are adding brighter prospects to the sector timely. To name a few, they have done above 1,000 Orders, and have developed a well-built functional and highly scalable technology platform for Medzinviz the apps and back-ends. Within just 1 year in this competitive sector, they also have around 30 odd pharmacies in the network along with 150+ doctors, collaborations with big giants of the sector, and well known labs across Delhi.
The idea of a platform where healthcare services could be provided to anyone and everyone at affordable prices just like Medzin is doing is being seen as the way forward to control the rising medication cost, increasing the life expectancy and promoting medical wellness among people. While healthcare providers are looking for Innovative business models to stay competitive and cost effective in the Indian landscape, Organizations like Medzin are seen as the way forward to ensure wellness of all.
INDIA: A LAND OF OPPORTUNITIES IN THE HEALTHCARE SPACE
India is a land full of opportunities for players in the medical devices industry. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of population. Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep.India also offers vast opportunities in R&D as well as medical tourism. To sum up, there are vast opportunities for investment in healthcare infrastructure in both urban and rural India.