This is the era of healthcare innovation, as many entrepreneurs have shown interest to start their ventures as health startups. In 2015, around $4.5 billion of venture funds have been invested in health startups, it was $4.3 billion in 2014. The interest of venture capitalists in health startups indicates that these startups could gain momentum. Amid the myriad of problems that exists in healthcare, these companies emerged as specialized units targeting particular health issues.
Many health startups launched in the segments like – patient empowerment, healthcare coordination, payment reforms, personalized medicine and others. The companies in patient empowerment aim to empower patients, to educate about their role in maintaining better health condition and medications. These are patient friendly those urge them for their active participation in the treatment.
The startups in healthcare coordination have been the bridging connection between healthcare stakeholders. While others have been onto providing payment solutions to the health industry focusing on realigning financial incentives.The startups in personalized medicine have been advocating for custom-tailored treatment to a specific patient. In other words, they have been offering services through which patients would get personal diagnostic and genomic-based treatment.
The impact of the services on the healthcare sector by these forayed companies is loud and clear. These companies might not able to fix the all the challenges being faced by the sector, but they were successful in addressing a few of them.
Some companies have introduced consumer diagnostics, those products are really useful for patients. Instead of going to medical labs, a self-test and check could reduce all the major hassles. Diabetic patients use many products for self-care without visiting medical labs time and again.
Of late, the trend of using health and fitness gadgets has been rising rapidly. These gadgets will track the data and metrics about your health. Some of the major mobile companies have added similar features on their devices to make their consumer of health conscious.
Many startups have forayed into healthcare IT and Electronic Medical Records (EMR) to address healthcare issues by providing better solutions. The use of big data in the healthcare sector could bring a revolutionary change, which these companies have been aiming for.
Health startups are not the remedy for the healthcare sector, but certainly able to address few of the challenges through their services and solutions.