Innovative health care is no longer limited to big pharmaceutical or medical institutions. It has now gone digital and can be accessed by anyone having a smart gadget from the comfort of their homes.
In India, the health care sector is expanding and becoming one of its largest sectors, in terms of both revenue and employment. The health care market in India is said to grow to more than USD270 billion by the year 2020, says a recent report by Frost & Sullivan. The CAGR (Compound Annual Growth Rate) is said to touch around 17% by the year 2020.
For startups and small industries in health care, this means business. In an urban area, there is an exponential rise in demand for easily accessible health care. These startups are filling the supply-demand gap in the health care industry and overcoming the country’s health service problems one by one. By merging the latest tech and medical services, the urban populace can now use mobile applications or online from their PCs.
That being said, there are many reasons why a health care startup in an emerging economy would fail. Two of the main reasons are lack of innovation and not enough funding. If you don’t have an idea that’s disruptive enough, investors are unlikely to be interested in your pitch. Added to this, hiring unskilled employees and inadequate leadership further lead to failure of a startup before it even enters the market.
But there have been many successful health care startups in the country, which have braved the odds and established themselves as reliable health service providers. Read on to know a little bit about a few of the disruptive ones here:
هذه القصة مأخوذة من طبعة May 2018 من Small Enterprise.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة May 2018 من Small Enterprise.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Job Creation: Startups Starting Up!
Do startups create jobs? This could unarguably be one of the most sought after questions in recent times. While it is out and clear that startups make way for employment opportunities, the discussion boils down to the importance of startups in creating jobs. The startup ecosystem indeed plays a major role in job creation and is touted as an economic panacea.
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We, humans, by nature, tend to be lazy. We always try to make tools, machines, gadgets, etc., to save us time and energy and give us satisfactory results. Technology is the charisma that kept changing our way of living and our style of doing things drastically. Our way of conducting business is also not spared by the Tsunami of technology.
Importance Of Digital Economy
Economic activities that result from billions of interactions between individuals, businesses, data, devices, and processes constitute a digital economy and India is well on its path to becoming a digitally advanced economy. Driven by cheap data cost, faster connectivity, and affordable smartphones, India had over 1,160 million internet subscribers in February 2020, as per the Telecom Regulatory authority of India (TRAI), second only to China.
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Recent years showed a considerable rise in the startups of India. During globalization, MNCs or Multi-National Companies had a massive role in India’s economic growth. Now, it seems that startups are revolutionizing the Indian economy. These startups are amplifying the revenue generation and enriching the GDP.
ENTREPRENEURSHIP EDUCATION FOR BUDDING MINDS
In the present economic situation, having knowledge of an academic subject is no longer sufficient for a new graduate. Students are increasingly required to have skills and abilities which will increase their employability, such as: the retrieval and handling of information; communication and presentation; planning and problem solving; and social development and interaction.
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The Economic survey in 2019-20 using World Bank’s data on entrepreneurship stated that India ranks third in the number of new firms created. However, India ranks significantly lower in terms of intensity when compared with countries like UK and US.
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ROLE OF WOMEN ENTREPRENEURS IN INDIA – THEN AND NOW
As per the 2019-20 annual report of the MSME ministry, among 63.3 million MSMEs that India has, women–owned 20.4% of them up from 13.72 % in 2013-14. This data supports the fact that there has been growing acceptance of women in entrepreneurial roles but it hasn’t always been the case.
TECHNOLOGY AN ENABLER FOR SMALL BUSINESSES
Today times are such that firms operate in a dynamic environment and they must act dynamically too, at least firms should keep an eye on obsolete processes and technologies and replace them with updated versions to stay competitively ahead.
