Startups: Catalysing healthy and mindful cultures
Oct 18, 2022
New Delhi [India], October 18 (ANI/Mediawire): Do not count startups for their size. For, it is their disruptive impact to the economy and policies that makes startups engaging and in constant limelight. Startups are not only catalysts in innovation and help create jobs to fuel economy, but they also leave a lasting impact on cultures around cities. Cities such as San Francisco, London, Austin, Helsinki, Stockholm and countless others, for instance, are startup-hubs that spark innovation; drive the ambitions of young entrepreneurs; and build digitally savvy economies that would have been challenging for the traditional business to architect. By 2030, startups and small-medium enterprises are expected to fulfill 70 per cent of jobs according to a 2019 World Bank report. 
Post the pandemic, global focus has shifted to the ability of startups in driving valuable healthcare and wellness through their new-age communications and technologies. The healthcare spending in developed economies ranges from 16 to 20 per cent of the nation's GDP. In 2019, US spending on healthcare increased by 4.6 percent to USD 11,582 per person or a cumulative USD 3.8 trillion. For developing economies like India, a McKinsey report highlights savings of up to USD 10 billion in 2025 by switching to telemedicine instead of in-person doctor consultations.
Startups are clearly disrupting with their innovative offerings in several healthcare practices such as radiology, diagnostics, telehealth, therapeutics and others. In addition to offering a nuanced customer experience and improving the quality of healthcare, these startups are enabling access which was previously challenging for traditional healthcare sector. Startups are notably acting as a bridge to the pre-existing gaps. For the curious, the Covid-19 pandemic offers a glaring example of how startups helped in rebuilding the healthcare system.
Besides innovation, startups also enable affordability and instill mass-appeal to innovative products. There are countless examples of out-of-the-box business practices that helped commercialise a range of benefits such as drug-discovery, business-acceleration, and medical-devices. Several innovative startups have reached a scalable enterprise and are evolving in a dynamic business environment. All this is revolutionising the healthcare infrastructure and we can see the improvement in all the segments. Innovative startups are disrupting thanks to their in-depth understanding of telemedicine, electronic health records, IoT, AI, robotics, genetics, and digital therapeutics that helps leapfrog the gaps in the global healthcare system.
Wellness industry too has scope for growth in an age where health is a priority for the internet-savvy consumers. According to McKinsey, the wellness industry is a lucrative USD 1.5 trillion industry. Smartphone apps, devices and subscriptions are expected to contribute to the sector which is anticipated to grow at a rate of 10 per cent on an annual basis. Venture capitalists and investors too are aware of this wellness revolution and are expected to invest with mindful ideas. There is large scale understanding that several technological platforms revolving around wellness are likely to include content driven strategies to inculcate newer habits. Mobile apps and physical hardware therefore is rapidly evolving to embrace this new culture. Together with mindfulness, wellness, and health is not only a trillion dollar opportunity but also a strategy to better health, fitness, nutrition, appearance, and even sleep.
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