India’s startup ecosystem in health tech is set for growth, but success hinges on two critical factors and these are regulatory speed as well as increased financial infusion. Health tech entrepreneurs voiced concerns on these challenges in a discussion aptly titled “Made in India, Made for the World” at THE WEEK Health Summit 2024. The pace of approvals and a limited pipeline of financial support are throttling the potential.
Padmini Janaki, CEO and Co-founder of Mind & Mom, said that slow approvals can be a death knell for startups that rely on rapid market entry. She emphasized that time is everything in startups and this is a truth that many entrepreneurs face. Funds and momentum cannot withstand lengthy regulatory timelines. Regulatory frameworks are important for credibility and they also need to evolve with the tempo of startup ecosystem.
Arindam Sen, Director of Heartnet India, pointed out that a one-size-fits-all approach to trials creates unnecessary delays.
Dr. Karthik Ramesh of CardioBionic compared India’s approach to the proactive stance of the UAE where Vision 2030 has created a fertile ground for innovation. Indian incubators are producing world-class products but there is a lack of powerful support to transition the ideas from incubator labs to market shelves. The statement resonates widely across India’s health tech space. Talent and innovation are abundant and yet without accessible financial backing.
Another critical aspect raised was the challenge of funding rare disease solutions. Narayana Venkatasubramanian, founder of Peptris, noted that rare diseases often fall outside big pharma’s focus and leaves startups to fill the vital healthcare gap.
India’s health tech ecosystem needs an infusion of agility as well as financial commitment. Public-private partnerships could propel this transformation. Corporate Social Responsibility (CSR) funding directed toward health tech startups can also offer a win-win solution.
