In a bid to enable the HealthTech ecosystem in India, international health-focused innovation platform Well Tech announced its collaboration with Venture Catalysts, India’s first integrated incubator, to initiate a HealthTech-oriented acceleration program ‘HealthCare Catalysts’. The program strives to help early stage start-ups in this sector to scale up and serve millions more patients and customers. New-age technological advancements are undoubtedly transforming the healthcare sector, and this accelerator aims to bring businesses that are leading the change at the forefront.
The program will provide HealthTech start-ups with access to capital, industry partnerships, and product and technology support along with helping them scale to new markets.
“Digital technology is transforming healthcare and our accelerator program intends to work with the most impactful companies that are making things happen. India is a country that will be particularly affected by the growing workforce challenge we are seeing in healthcare. Digital technologies, designed well are a powerful solution to most of these growing challenges” said Dr. Niti Pall, Chief Medical Advisor, Well Tech. ‘The program is differentiated by deep clinical expertise powered by serious technical capabilities and commercial expertise across international markets, which will benefit the selected start-ups immensely.”
Commenting on the opportunity, VCats Founder Dr, Apoorv Ranjan Sharma said, “HealthTech is one of the most promising emerging segments with a lot of potential, specifically in a country such as India that has a poor health infrastructure framework. By leveraging the power of technology, premium healthcare services can be extended to a large demography that still lives without access to fundamental healthcare. The programme has been initiated to facilitate such a vision, and aims to cater to the best start-ups in the domain, giving them an access to not only the massive national market, but also allowing them to develop, redesign and alter their product or business model to best fit international demands.”
The program intends to cater to early and growth stage start-ups and is looking to scale up across diverse categories within the domain, including:
· Chronic disease management
· Psychological health and wellbeing
· Intelligent and connected care through implementation of IoT
· Child and maternal health
· Training and supporting the next generation of healthcare workers
· AI and machine learning
· Enabling public sector as payers and providers of care
· Promoting a healthy lifestyle through wearables and smart devices
· Smart back-office and administration systems
· Precision therapeutics including genomics therapy
The selected start-ups will be offered funding opportunities ranging from USD 0.5 million-1.5 million, along with being assisted in conducting Seed and Series A funding rounds.