This new venture between Well Tech, VCats a boon for healthcare startups
Well-Tech, collaborated with Venture Catalysts, to give birth to their partnership program, India's first Healthtech accelerator program "Healthcare Catalysts”.
The health of a country determines the wealth of the country. If the citizens do not avail the benefits of primary health care, then chances are that it will have a toll on the economic status of that nation. Well-Tech, a UK based specialist in healthcare and technology innovation collaborated with Venture Catalysts - India's first integrated incubator - to give birth to India's first Healthtech accelerator program "Healthcare Catalysts”. The program ventures to provide aid to early start ups working towards the health care sector.
The objective is that these startups transform and scale up to serve patients and medical professionals better than intended. Moreover, with advancement of technology enveloping every sphere, there in no scope of doubt that it will also spread itself intensively in the health sector. This penetration of advanced technology, artificial intelligence and better expertise from various international markets will give an overall make over to the status of the health sector, for the better.
Well-Tech and Venture Catalyst, together will utilise the latter's network to identify the best healthcare startups and will undergo screening. Healthcare Catalysts, will then try to cater for health related startups, across various domains which will include;
- Chronic disease management
- Psychological health and well-being
- Intelligent and connected care through implementation of IoT
- Child and maternal health
- Training and supporting the next generation of healthcare workers
- AI and machine learning
- Enabling public sector as payers and providers of care
- Promoting a healthy lifestyle through wearable and smart devices
- Smart back-office and administration systems
- Precision therapeutics including genomics therapy
The shortlisted 25 startups will be offered a seed funding between $0.5 million-1.5 million, along with being assisted in conducting Seed and Series A funding rounds and mentor-ship from business experts. It will also focus on startups in go to market tier I,II and III cities in India.Further, globally, it will eye the GCC, South East Asia and Europe.
The target is to get world class disruptive companies into the health sector and to also help entrepreneurs get their technological products into the market. It will not be the first time Venture Catalyst invests in the health care sector. The angel company has experimented with great healthcare platforms such as Hospal, ImpactGuru and hygeine companies like Peesafe.
On the development, Dr. Niti Pall, Chief Medical Adviser, Well Tech said, " The program is differentiated by deep clinical expertise powered by serious technical capabilities and commercial expertise across international markets, which will benefit the selected start-ups immensely."
"The program has been initiated to facilitate such a vision, and aims to cater to the best start-ups in the domain, giving them an access to not only the massive national market, but also allowing them to develop, redesign and alter their product or business model to best fit international demands." commented Dr, Apoorv Ranjan Sharma, VCats Founder.
- By Ruchika Goswamy