Prime Minister Narendra Modi invited startups to focus on research for innovative medical devices and use technology to make healthcare more affordable.
“India should manufacture its own medical devices to bring down the cost. Recently, the government reduced cost of stents by 85 per cent,” said Modi while addressing oncologists at Tata Memorial Hospital.
To recall, in March, Department of Industrial Policy and Promotion (DIPP) has moved a cabinet note and suggestion that the maximum age for classifying a biotechnology or a medical devices firm as a startup be raised to 8-10 years from the current 5 years [Read Here].
In an address to mark 75 years of cancer treatment by Tata Memorial Hospital, Prime Minister Narendra Modi said plenty of things pointing to startups working in medical devices, healthcare and health-tech but he seems to be either unaware of the fact that there exists many such medical device startups and health-tech startups in India that are innovative and working towards bringing down the cost of healthcare, or may be PM Modi wants to start everything afresh for startups working in health technology segment.
In medical device startups segment, Bangalore-based PathShodh has made a device that can perform 8 health tests on single platform and for this the startup has been shortlisted by National Health Systems Resources Centre (NHSRC) as a very important and useful device.
An another Bangalore based medical device startup called Museinc has built a ‘Smart Stethoscope’ to make Stethoscopes a common household device. Ten3T is also one such medical wearable device startup trying to help patients with real-time cardiac monitoring.
SigTuple is an another innovative healthcare technology startup where it has build an intelligent solutions that aid in medical diagnosis using state of the art artificial intelligence and machine learning. The startup has recently raised funding of $5.8 Million from a private VC.
All these startups are funded and backed by private venture capital firms and investors and unfortunately government has less or no role in encouraging or bringing the products or innovation developed by these startups to masses.
So much so, going with call for medical device startup innovation by PM Mod it will be interesting to see what Modi-led government has to offer to these existing startups that are not only innovative but affordable as well.
Soon, We at IndianWeb2 will feature Medical Device Startups based out of India, just in case if PM Modi can select few for his ambitious plans.