Medix Global, an innovative and digital health and medical management solutions provider, has launched the inaugural edition of Digital Health Innovation Challenge India to address the gaps in the healthtech ecosystem.
Through this initiative, Medix is looking to support Indian healthtech startups developing digital health solutions to address problems related to healthcare accessibility, affordability, quality, and democratise healthcare and advance the sustainability of the healthcare ecosystem in India.
Early to mid-stage startups developing digital health management solutions (powered by data analytics, AI & machine learning), remote health management services, health IT applications, and providing consumer engagement for better medical outcomes are encouraged to apply for the challenge. The applications will be open till March 30th.
“India is one of our main strategic markets. India is a tech-driven nation and provides tech services to the whole world. Now, the government commitment is there as well with Prime Minister Narendra Modi’s commitment to supporting digital healthcare,” Sigal Atzmon, Founder and CEO, Medix Global told YS.
She added that the COVID-19 breakout has been a “real wake-up call” for the Indian as well as global healthcare sector. Complimenting India’s efforts to manage the pandemic, Sigal explained that with Medix working in so many different countries, she has seen that India’s mortality rates are much lower than in other countries.
“Social distancing, wearing masks and lockdowns were effective, but the focus was also on how to treat the disease. India started to implement treatments faster than many other countries, and therefore, they have actually moved forward much faster in how to treat COVID-19 rather than just avoiding it,” she added.
Digital Health Innovation Challenge India
Sigal reveals that the pandemic outbreak may have worked “in favour” for India as it has opened up a huge opportunity in the healthtech space.
“We will see a tremendous drive in this segment, and this is one of the reasons we feel that it’s the right moment for India. Thus, we are launching this innovation challenge. We are actually looking to attract and invest in Indian startups that have great disruptive innovative working solutions ready, and are looking to implement them to grow. We have received applications already, and we are looking forward to many more,” she added.
Sigal also revealed that Medix is especially looking to invite women-led healthtech ventures to participate in the challenge. As a part of this initiative, the startups will be able to onboard Medix Group as potential investors, strategic partners and expand their business across India and the world.
Founded in 2006, UK-based Medix has over six million client members, and is spread over 90 countries. Apart from the UK, it has offices in India, Shanghai, Hong Kong, Indonesia, Malaysia, Singapore, Thailand, and Australia.
Focused on specialised care, Medix team includes 300 in-house doctors alongside nurses, medical admin, research teams, and a global network of over 4,000 specialists and 2,000 leading hospitals.
What’s in store for the startups
Finalist startups will be able to pitch their story to investors and potential partners for raising funds, gaining traction through strategic partnerships and building relationships, on April 29th, the demo day.
Apart from this, the winning startup will receive $10,000 funding, while three runner-up ventures will get access to three months of mentorship by Medix’s expert team.
Sigal believes that the Indian startup ecosystem has a very crucial role to play in the development of the healthtech sector, and making the country one of the forerunners in global space. However, she added, startups alone will not be able to do that, and there is a need for public-private partnerships to achieve this goal.
She also added that startups should focus on creating shared models where more profit for the venture would mean higher social impact.
“What we are looking for is to invest in companies that drive accessibility, make good quality care affordable, and reduce the inequality of care in different cities and hospitals,” Sigal said.
If you are a healthtech startup looking to create a social impact, address the healthtech gaps, and scale up your solutions, then this innovation challenge might be the one for you.
Register here for participating in Digital Health Innovation Challenge India.