HeyCare: Indian Healthcare Market Stands At $68.6B & is Growing 30% Annually
The app is more than just another app to set pill reminders, it is your virtual caretaker.
HeyCare is a mobile app platform designed to empower patients in taking care of their health and medications. The app is more than just another app to set pill reminders, it is your virtual caretaker. Upload prescription; order medicines from the local chemist; monitor your child's upcoming immunity shots, - you can do it all with the HeyCare app.
BWDisrupt spoke to Deepak Tomar, who has been the senior executive with over 15 years of extensive experience in international business and technical leadership in the Information, the Internet, and Services industries.
Edited Excerpts from the Interview:
Brief us about your business model like how did the idea came to start and how does it work?
HeyCare is a healthcare mobile app, catering the medical services within a single platform. Right from the beginning, HeyCare has focused on making healthcare as convenient as online shopping. The app started with the basic features including pill and vaccination reminders and doorstep medicine delivery further expanding in terms of features and services like Doctor Appointment, Diagnostic Labs, and Patient Counselling etc. We have started our operations in October 2016 from Gurgram and now covered most of the cities in India and very soon will provide our services in PAN India
What are the unique key points of your company?
They are the only healthcare platform catering the maximum health services on a single platform. Unlike other healthcare applications, HeyCare focuses on providing complete healthcare with a personalized wallet for making easy payments.
How are you different from the existing competitors?
They have implemented a hassle free medical bill payment via Care Wallet & feel good factor with Patient Counseling feature
What is the funding status and monetization model?
They have launched their Phase 1 in Oct 2016 last year, and currently generating almost 4 Lac per month. Targeting 10cr revenue in 2017.
What challenges are you facing in running your business?
The basic challenges they faced are-:
Lack of popularity
No user base
Short of service offerings
How has been the people`s response so far?
They have received a good response, as a startup & are able to manage a decent number of monthly orders with positive reviews from the customers
What are the traction details?
Users – Approx. 14k
App Downloads – Genuine App Installs ranging from 10k – 50k
Daily orders – 40-50 without much of marketing investment
How do you look at expansion?
They aim to make healthcare services simpler, convenient & better! They have launched some of the services in their app from the below & will enhance it over the time & provide complete healthcare services platform having features like:-
Online Medicine Delivery
OTC and Wellness Products
Care Wallet (Easy Payments)
What are your marketing plans?
Their aggressive user marketing would be implemented soon. Innovative marketing campaigns have already being implemented and they will enhance the budgets once they will receive the investment.
What has been the biggest learning’s so far?
Ecommerce being such a big market for new opportunities in India, the only way to succeed & win is only Great customer experience and satisfaction & thankfully HeyCare has been able to achieve the same in a very short span of time and they aim to maintain the same.
What is the market size and opportunity?
Currently Indian healthcare market is approx. $68.6billion and is growing with the rate of 30% annually. Also, approx. 40 % share would be driven by online services
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