Addressing India's Healthcare Challenges: The Call for Innovation and Venture Investments

A recent DHN Forum Mumbai panel discussion brought together eminent voices from the healthcare industry to dissect the intricacies of innovation in healthcare, particularly within the Indian context. Led by Vishnu Saxena, the founder & CEO of ScaleHealthTech and Digital Health News, the discussion featured valuable insights from Tushar Sadhu, VC at W Health Ventures, Dr K Ganapathy, principal clinical advisor at ScaleHealthTech and distinguished visiting professor at IIT Kanpur, Feby Abraham, EVP chief strategy and innovation officer at Memorial Hermann Health System in Houston, Texas, and Arvind Sivaramakrishnan, CIO of Karkinos Healthcare.

Investment Innovation for Healthcare Challenges

Feby Abraham set the tone by underlining the strategic importance of investment in driving transformative change within healthcare systems. He said, "Investment in innovation serves as a catalyst for aligning efforts within a health system, although it's not always sufficient to drive change on its own."

Highlighting Memorial Hermann's investment approach, he elucidated, "Our strategic investment in numerous companies, totaling 42, aims not only for financial returns but also operational alignment within our system. This alignment is crucial for realizing value both financially and operationally."

Tailoring Solutions for Local Needs

Arvind Sivaramakrishnan provided context from the Indian perspective, advocating for solutions that are intricately tailored to meet local healthcare needs. "It's imperative to fall in love with the problem, not the solution," he articulated.

"Understanding the socio-economic fabric and diverse healthcare landscape of India is paramount in devising effective solutions." His emphasis on economic viability within India's vast scale resonated deeply, urging innovators to consider scalability and sustainability in their endeavors.

Dr K Ganapati echoed this sentiment, offering practical insights garnered from his extensive experience evaluating healthcare projects for funding. "Rigorous research and clinical validation are imperative in developing successful healthcare solutions. Understanding patient needs and creating solutions based on these insights are critical for adoption and scalability," he emphasized.

Hospital-Led Innovations

Transitioning to the topic of hospital-led innovations, Tushar Sadhu introduced a paradigm-shifting approach through venture studios, exemplified by the 2070 Health initiative.

"We aim to foster innovation in previously underexplored areas of healthcare. These venture studios focus on creating new healthcare companies, prioritizing specialized diagnostics and treatments over traditional mobile app solutions," he explained.

Standardization & Collaboration

Sivaramakrishnan addressed the pressing need for standardization in healthcare innovation, stressing the importance of adherence to regulatory frameworks. "India boasts existing standards and regulatory frameworks. However, greater adherence and adoption of these standards across healthcare organizations are imperative to drive innovation at scale," he articulated.

His call for a cultural shift towards compliance and discipline resonated as a fundamental requirement for sustainable healthcare innovation.

The panel discussion provided a comprehensive overview of the multifaceted realm of healthcare innovation in India. From strategic investments and tailored solutions to hospital-led initiatives and standardization efforts, the conversation encapsulated the collaborative spirit essential for addressing India's healthcare challenges.

As stakeholders navigate this dynamic landscape, a commitment to locally relevant, economically viable, and scalable solutions emerges as the cornerstone for transformative change in the Indian healthcare ecosystem.