COMPAT: a novel business model to drive business innovation in indian healthtech industry

Abstract

Healthcare has become one of India’s largest industries, both in terms of employment and revenue. The Indian healthcare sector is growing rapidly due to its strengthening coverage, services and increasing expenditure by public as well private players. The digital healthcare market in India was valued at INR 116.61 Bn in 2018 and is estimated to grow at a CAGR of ~27.41% in the period of 2019-2024 to reach INR 485.43 Bn by 2024. With the increasing demand for better healthcare quality and value, this sector is challenged to reduce costs, improve coordination with care teams, increase value proposition, and focus on improving patient care. Physicians and nursing shortages are pushing existing overworked professionals to be even more productive. Competition in this industry is fierce with new businesses entering the market having innovative approaches to healthcare delivery. The daunting challenges faced by this industry make for compelling arguments to expand the role of analytics. Companies with analytics competencies aim to harness big data to create actionable insights, leverage AI and automation that can be used by healthcare providers, hospital and health system leaders, and health and human services to improve outcomes deliver value for the people they serve. Since 2010, several startups like of Lybrate, DocTalk and SigTuple in India and Innovacer in the US are leveraging AI and automation to bring about rapid technological advancements in the existing healthcare system. The Healthcare Analytics Market size globally exceeded USD 11.4 billion in 2020 and is currently growing at a CAGR of more than 11.4%. The industry has been booming in recent years and we have various market players providing diverse solutions to healthcare. We will analyze the broad competitors in our market in terms of their offerings, business strategy, execution, and performance. Next, we will analyze the challenges in the industry. In addition to challenges, we would also need to explore potential white spaces in the market. Basis an appropriate fit of challenge and white space, we would like to test the desirability, feasibility and viability of various ideas. Eventually, we would like to pinpoint a particular product idea. Next, we would also design a business strategy, incorporating both go to market and product design aspects.