What are the current trends shaping the health technology space in India?
The advent of health technologies such as telemedicine, wearable medical devices, digital prescriptions, electronic health records, online pharmacies, electronic diagnostics, fintech for health (digital loans in the field of health), home healthcare services and digital therapies is transforming the landscape of India. health care system. India is on the cusp of a digital healthcare revolution. By harnessing the power of digital technologies, the country aims to achieve universal health coverage. The digital health market in India is expected to reach $130 billion by 2023, growing at a CAGR of 39%.
Healthtech is on an unprecedented growth journey. Due to the crippling effects of Covid-19 and the growing need for personalized treatments, access to affordable healthcare services has become the need of the hour. Although this has introduced various changes in the healthcare industry, the most important is the integration of technology in every step of the patient-doctor interaction.
More and more healthcare organizations are turning to technology trends to keep up to date with the industry. Key drivers of this growth include the massive adoption of digital technologies by physicians and hospitals; greater trust among patients and a trend towards technology delivering better care and the rise of innovative business models that create a win-win situation for all stakeholders.
Do you think teleconsultation is a step towards transforming the healthcare landscape in India?
Teleconsultation was an important step towards transforming the healthcare landscape in the country, as it taught every individual in the country to start using technology for healthcare. Most of us have used teleconsultation for ourselves or our family members in the past 2 years, which has helped us start to trust technology for better health care. Not only us as patients, but also our physicians have started to use technology and have realized the potential it has in better patient care and clinic management, as well as realizing higher benefits for their practice.
Are there any challenges health tech companies are currently facing? If so, how do you think these issues should be addressed and where should the impetus come from?
The health technology industry is undoubtedly growing at an exponential rate, with both risks and opportunities. Combined with tech banking, this can be seen as a golden age for health tech companies. Although the industry is booming, there are still some challenges that cannot be ignored. The industry still faces trust issues, which is one of the most prevalent challenges today.
In addition, there is also a need to create an infra layer in the industry similar to the integration of UPI in Fintech. On top of that, there are many stakeholders in the ecosystem, including payers (insurance), providers (hospitals and doctors), patients, treatment companies (pharmacies, diagnostics, etc.) and even “fintech for health” companies. Therefore, collaboration and integration between these is important for high-quality and cost-effective health care delivery.
What are the different technologies or pathways that drive patients to seek care online?
The Covid-19 pandemic forced the entire healthcare industry to shift to digital health almost overnight. Countless doctors and patients were scrambling to find alternatives to physical appointments and consultations. In addition, there are serious concerns about the confidentiality of patient records and private information shared online. Navia’s connected care platform makes quality digital healthcare accessible to everyone. We provide physicians with robust digital tools to seamlessly automate their practice and increase their reach. As an ABDM compliant platform, we also allow patients to remotely connect with expert physicians and securely share their confidential records. Our platform also facilitates the seamless transfer of information across the healthcare ecosystem.
Along with this, patients are facing many issues regarding the affordability of care treatments and the platforms that enable digital lending to patients to reduce the cost burden on patients and their families. Additionally, our Aarogya Pay platform is designed to provide digital loans to patients.
How do you think Navia Life Care is different from other health technology companies and what are the company’s future plans?
Navia is one of the most trusted health technology companies in India. Trust, for a doctor or a patient, is one of the most important factors when adopting a digital health platform. Focusing on improving patient health outcomes using technology, we have built India’s fastest e-prescribing platform.
For decades, valuable patient data has been stored in paper records, and every time a doctor crawls through a plethora of files to access the patient’s health record, wasting crucial time. Digitization is enabling healthcare to break away from traditional paper-based medical records and embrace electronic medical record (EMR) systems. Navia Smart EMR offers a smarter way to digitally manage medical records. It allows doctors to access a patient’s health record and manage it digitally with just a few clicks. In addition to this, it provides one-click access to a patient’s medical and family history to bring efficiency to medical treatment.
Apart from this, using Navia Smart EMR, doctors can create digital prescriptions which can be directly delivered on Whatsapp. The e-Rx can be easily shared with patients in seconds and delivered to pharmacists, reducing the risk of human error, misinterpretation of handwriting, and misplacement of hard copies of prescriptions.
Currently, the Navia Connected Care platform provides AI-based queue management, digital prescription generation, electronic medical records and smart device integration services, as well as information on disease management. By leveraging our digital tools and resources, physicians can fully automate their clinical practice and improve the quality of care. Our visions for the coming years are to onboard over 250,000 physicians and help over 200 million patients in over 10 countries through our digital platform.
In addition to this, at Navia, we are also working to build the largest healthcare transaction platform which has the potential to reach a transaction value of US$2 billion in a few years.