As the Covid-19 pandemic and the subsequent lockdowns caused widespread chaos, people realised the importance of a healthy lifestyle. In India, and around the world, this was reflected in the growing demand for health supplements. According to reports, there was an increase in the demand for health and wellness products in the country post-covid. Between April 2021 and May 2021, demand for foods like oats increased by 31%, while soup demand increased by 4%.
This was primarily because of the awareness about health. People wanted to try new ways of improving their overall physical and mental health. This also provided an opportunity for humane entrepreneurship to thrive. The new-age health entrepreneurs were now ready leverage this opportunity and bring innovation that could help people.
Healthcare entrepreneurship in India
The healthcare sector in India is big. However, there is still a lot of scope for the sector to improve and adapt to the changing conditions. This is giving a push to healthcare entrepreneurs in India who are willing to take the lead and bring change. Some of these initiatives include tech-based platforms that are helping healthcare facilities to reach the last mile.
As per reports, India today has more than 3000 start-ups focused on creating reliable healthcare ecosystem in the country. Healthcare companies like Pristyn Care and Innovaccer, both are using technology to solve the problems in the healthcare sector in India.
The humane entrepreneurship program has also given rise to companies manufacturing nutraceutical products. According to a report by EY, the market for dietary supplements in India expanded at a CAGR of almost 15% to reach Rs 331 billion in FY21.
According to the EY analysis, the increased demand for natural and ayurvedic products has prompted companies who are currently involved in this market to make a stronger case for their expertise while also catching the eye of participants in the pharmaceutical industry.
India has a long tradition of using dietary supplements and spices for health benefits. Ayurveda, an alternative medicine practice, has been prominent in the country for centuries and is also being accepted across the globe. The health entrepreneurs in India are not overlooking this ancient practice. They are integrating it in their technology-driven start-ups in a way that is transforming the way Ayurveda is used.
Future of Humane Entrepreneurship Program in India
India is becoming a lucrative space for entrepreneurs who are looking to innovate. Over the last one decade, hundreds of new start-ups have emerged in the country. These start-ups range from education to finance, and electric mobility to artificial intelligence.
While the idea behind every start-up, in one way or the other, is to solve a problem by filling the gap between demand and supply, the brand of humane entrepreneurs are taking it one step ahead.
The Covid-19 pandemic also taught us a very important lesson. It was the need for community partnership and the importance of helping each other. This spirit of helping the others is now beginning to reflect in the humane entrepreneurship program in India.
The health entrepreneurs, along with those working in other important spaces, can be called the flagbearers for this program. As per reports, 21% of Indians are obese, 20% have high blood pressure, and 9% have diabetes. Apart from this, many parts of the country are facing the problem of air pollution and water pollution. By 2020, 1.73 million new cases of cancer are anticipated in India, according to data from the National Cancer Registry Program.
This shows us that there is an urgent need to focus on health and wellness. While the public institutions are playing their role, the private sector can also make a huge difference. As we move forward, we can expect some of these problems to exacerbate. This way, humane entrepreneurship in India is not just a need but also a great opportunity.
Healthcare entrepreneurship: For a Better Tomorrow
As we have talked about it in the past, India has an abysmally low doctor-to-patient ratio. India ranks a pitiful 154th out of 195 nations in the Global Burden of Disease Study’s healthcare index.
The healthcare facilities in semi-urban areas and rural areas are not appropriate. In the remote parts of the country, people have to travel hours before they can find a good healthcare facility.
This is where technology and health entrepreneurs can make a significant impact. The health entrepreneurs are domain experts. They possess the knowledge of the healthcare sector and the science as well. When they form a partnership with tech-experts, they can bring premium quality health facilities at everyone’s doorstep.
Not just that, by bringing humane entrepreneurship and healthcare sector together, a large sum of money can also be pumped. This can also help in skilling of more people who can provide health assistance to others. It will not only create jobs but can also fill the huge gap in demand and supply in the industry.
Healthcare entrepreneurship in India is extremely crucial. For a country of 1.4 billion people, with a landscape so vast and varying, it is only through private partnership and technology that the lacuna can be filled. For a better tomorrow, the humane entrepreneurs must continue to march on.
Smile Foundation and Human Entrepreneurship Program related to Healthcare
Smile Foundation through its innovative healthcare initiative, Smile on Wheels has so far provided free healthcare services to more than 15,41,000 children and families. Let’s make a healthier and happier India together!