IIMPACT HEALTH : A Joint Initiative between IIM Ahmedabad Healthcare SIG and TiE Mumbai
The IMMPACT HEALTH healthcare conference organized jointly by IIM Alumni Healthcare SIG and TiE Mumbai was wonderful meet up of think tank from Healthcare, Life Sciences and Pharmaceutical Industry. It was a marquee conclave bringing together top thinker in Healthcare and Pharma industry , consulting firms , PE / VCs , startups and key opinion leaders.
The theme of the conference was “Digital Health”
The topics that were discussed and covered were diverse and ranged from the domains of Life Sciences , Pharma , Biosimilars and Healthcare namely ; Health — Tech, MedTech, Big data and analytics, Data interoperability, AI /ML, wearables and mHealth, robotics, use of AR and 3D Printing, Technology transforming healthcare, Healthcare Social Media , enabling better connections among medical professionals, Patient-Centric streamlining of processes to improve efficiencies in the healthcare supply chain ,Patient Adherence and Evolving Healthcare models.
Here are some of the key takeaways from my personal notes :
HealthTech ideas for next decade :
1) Technology
2) AI
3) Big Data
4) Connected cognitive Devices ( IoT)
5) Personalized medicine
6) Blockchain
7) Electroceuticals
8) IoT and robotics
9) 3D printing
7 Key healthcare disruptions
1) Ubiquitous Healthcare access: telemedicine , bots, DIY
2) Early prediction of disease condition: sigma probability driven AI
3) Digital therapeutics and condition management: applications will have integral part in disease management
4) Intelligent wellness applications and wearables will bring sea of change in well being: Wellness products may have huge spending
5) Faster and accurate drug development via ai based drug design
6) Personalized medicine
7) Developing Healthcare ecosystem around analytics and Digital Health applications : Pin An example ( digital healthcare company from China ) … this brings in play multiple ways to monetize the data
Critical for solutions and models for Startups or big pharma initiatives:
COST — always mean .. cost, quality and time (efficiency)
“There are lots of imaginary problems created to fit a solution”
Especially by Healthcare Startups !
“Solve problem, don’t find a solution to an imaginary problem”
“Idea is not that very important, execution of that idea is what matters , is critical and assumes importance”
“It takes time to create credibility in Healthcare sector”
“First movers do benefit in long run”
Scaling up Vs Creating Value .. Two ways to look at it :
1) Vertical niche offering, deep in a certain area of service , not much scale up but value and niche
2) Diversifying the offerings to grow in scale , broadening the portfolio services to give better customer requirement
How does a startup get traction with industry
Solutions — Outcomes — efficiency — productivity — quality — Value !! That is GOVERNANCE
Critical to have governance .. that will establish trust.
Governance model for execution is critical
Big companies DO need solutions if the governance of execution is established by startups
For venture capital , have good model with path to scale up !
Problems that Startups need to address:
Have focus on solving problem
Choose right investor / partner / capitalists
Do not worry with enterprise value initially, short term value is not for true entrepreneurs
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GOQii — Vishal Gondhal’s inputs on wellness / healthcare apps
1) Biggest healthcare influencer in India..
Currently — Modi , Akshay Kumar , Previously — Patanjali
2) Healthcare app that is most influencer and impactful — Pokoman Go
3) Why make an App?
Only if the user needs to use it 2 times a day ( Fitness app , wellness app )
Insurance app, Doctor appointment app etc dont fit this bill. Dont invest in app unless there is a use at least twice a day !
Overall , the conference had good value and was time well spent , networking with Healthcare Life Sciences and Pharmaceutical ecosystem fraternity , catching up with old friends in the industry.
