AUGUSTASIA BUSINESS OUTLOOK9HEALTHY STRIDE, WEALTHY MINDBy Asia Business Outlook teamIMPRESSIONSThe Ancient Indian practices of `Yoga' and `Ayurveda', are a witness that India, even in the past and in present is richly-aware not just about the physical aspect of health but also the mental fraction of it. Most ancient practices are inclined towards the basic needs of an individual in the need hierarchy, the health, nutrition and relaxation. At present, the definition of concepts like, `wellness and health' has taken a multi-dimensional form, encompassing the individual's desire for social acceptance, exclusivity and collective welfare. Predominantly influenced by the changes in the society, and lifestyles of individuals, this change has also been accelerated by extrinsic factors such as, Globalization and a greater awareness of the need for wellness among individual.Technology, the mastermind behind all human activities in this century, it has been observed that the health and well-being sector has also been largely influenced. Technology has been dramatically transforming the health and well-being sector, resulting in fast-paced innovations and advancements, As startup ecosystem being the primary reason behind it. While there have been numerous revolutionary changes in the `health and well-being' technology over the few years, there has also been a major spike, in the role of startup play within the healthcare system. These emerging organizations are ambitious, flexible and lean; continuously striving to shape the industry on a global scale moving forward. The health and well-being sector has rapidly evolved in India from its nascent unstructured beginning in early 1990s, to a comprehensive ecosystem today. This ecosystem comprises consumers, providers, adjacent industries, facilitators and the government. While the consumers mainly comprise young population with increasing income levels and an upsurging need to look good, and feel good, which has led these young consumers to seek wellness solution to meet lifestyle challenges, the Providers offers wellness services and products to meet the hygiene, curative and enhancement needs of the consumers. The Adjacent industries, such as healthcare, media, retail, gaming, hospitality, and education capitalize on growth of the wellness sector to generate additional revenue streams, leveraging existing competencies and offer a wider array of services products to the customer. The facilitators include employers, insurance companies, and schools, who are likely to play a key role in encouraging and inculcating pro-wellness habits among consumers going forward. The last participant, the Government wears multiple has multiple roles as a provider, facilitator, enabler and regulator in the industry.Startups in Health & Well-being Sector- A Demand of TimeA widening gap between the needs of the care-seekers and traditional healthcare services has been observed, as a major challenge. It adds to the unaffordable situation and inaccessibility of healthcare. All the factors have collectively contributed towards the growing healthcare startup ecosystem and motivated them to innovate. Further these startups not only help the patients gain access to quality healthcare but also create job opportunities. The sector will create 40 million jobs by 2030, according to Invest India. With a conducive environment available for startups in India, they will continue to generate more employment in India. And therefore, will solve several issues related to the healthcare sector in India.Digital Healthcare, Indian Government & the Crucial StakeholdersDigital Healthcare is a key focus of the Government's plan for Digital India. Even the Ministry of Health and Family Welfare has unveiled
< Page 8 | Page 10 >