In a bid to foster entrepreneurship in India’s nascent healthcare sector, Bengaluru-headquartered Aster DM healthcare, investment firm Life Science Vision Capital and non-profit start-up incubator Social Alpha have jointly set up an incubator-cum-accelerator, per a report by news agency PTI.
The platform called XHealth Innovation Lab will reportedly have an initial corpus of $50 million. The two investors have so far given a commitment for 60 per cent of the funding, the report added, quoting a source privy to the development.
While sectors across the country are bearing the brunt of the COVID-19 pandemic, healthcare services backed by technology are witnessing significant growth as consumers are looking to embrace disruptive solutions in peripheral sectors such as diagnostics, and remote ICU diagnostics, among others.
This, in turn, is opening up opportunities for entrepreneurs across India who are adopting measures to not only shift healthcare delivery online but also incentivising telemedicine, among others.
XHealth Innovation Lab aspires to accelerate the discovery of new therapies by leveraging deep tech in the field of healthcare, the report quoted Aster DM Healthcare Chief Innovation Officer Satish Prasad Rath as saying.
Going forward, XHealth Innovation Lab plans to incubate as many as 10 startups in each cohort twice a year.
India’s digital health market stood at $1.2 billion in the 19-20 financial year, per data available with RedSeer Consulting. It is expected to touch $4.5 billion this fiscal and $25 billion in FY25.