These are the two Indian companies to feature in CB Insights 150 most promising digital health startups
CB Insights Digital Health 150, which surveyed over 8,000 startupsfrom across the globe, saw two Indian companies make it to the list – Pharmeasy, and Qure.ai.
- India’s health-tech industry is expected to grow to $372 billion by 2022 and is expected to create 40 million jobs by 2030.
- Qure.ai made headlines recently because of its artificial intelligence-led solutions for fast-tracking COVID-19 high-risk patients.
AdvertisementThe US-based business analytics platform CB Insights has shared its list of 150 most promising
The digital health sector is of prime importance in the current scenario, with the coronavirus pandemic in mind. In this Independence Day speech, Prime Minister Narendra Modi too made a case for digital health with the launch of National Digital Health Mission, which will create a digital health ID for every Indian.
India’s health-tech industry is expected to grow to $372 billion by 2022 and is expected to create 40 million jobs by 2030, according to a report by Invest India. The most recent one to join the list has been Amazon, with Amazon Pharmacy's pilot offering of medicines in Bengaluru.
Here’s a look at what helped Pharmeasy and Qure.ai secure a place in the CB Insights list.
According to CB Insights, the selected startups were marked based on patent activity, business relations, investor profile, news sentiment analysis, proprietary Mosaic scores, market potential, competitive landscape, team strength, and tech novelty.
The Mumbai-based PharmEasy offers medicine delivery and home diagnostic tests across 700 cities in India. According to MoneyControl, the startup was most recently in talks to acquire its rival company Medlife for $200 million, and its revenue for FY19 stood at ₹400 crore.
It is one of the most funded Indian health-tech startups with total funding of $294.72 million. The five-year-old startup, co-founded by Dr Dhaval Shah and Dharmil Sheth, was last valued at $700 million after it raised $200 million from Temasek.
The health-tech platform Qure.ai uses artificial intelligence to fast track medical tests and diagnostics. The startup most recently made headlines for its COVID-19 solution. The startup came up with an AI-led solution which can detect high-risk patients of COVID-19, through chest X-rays and CTs. Its chest X-ray AI tool, qXR is currently being used in 28 countries.
Founded by Dr Pooja Rao and Prashant Warrier in 2016, the startup has raised just about $16 million from Sequoia India and MassMutual Ventures Southeast Asia.
Amazon's India foray into medicine delivery is in-line with its global healthcare bets
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