2070 Health, India’s first Healthcare Venture Studio, has raised $30M from W Health Ventures to create a unique platform that will build healthcare companies from scratch to make high-quality healthcare more accessible and affordable in India.
“Even as India has made tremendous progress in healthcare over the past 20 years in areas such as infectious diseases and maternal health, there are several other areas in healthcare with large unmet needs. The healthcare industry is slow to change, relationship-driven, highly regulated, and complex to navigate for new entrants. As a result, building healthcare companies in India is particularly hard. The rules of building fast-paced technology start-ups seldom apply when you’re dealing with people’s lives and the resulting need for regulation,” said Sunil Wadhwani, Serial Technology Entrepreneur and President of W Health Ventures. “We invested in 2070 Health to address these challenges that founders face while innovating in healthcare. Via companies launched by 2070 Health, we aim to impact the future of healthcare for one billion Indians over the next decade”.
2070 Health is creating a first-of-its-kind venture creation platform that combines deeply validated and de-risked venture ideas, experienced and mission-driven founders, and a seasoned cross-functional team. The platform helps founders rapidly test, launch, and iterate on their ideas, giving them a greater chance of success than if they were trying to do this on their own.
Several pillars of 2070 Health’s Innovation Platform work together to build a venture. The Studio evaluates hundreds of potential ideas that address white spaces in healthcare. Each short-listed concept goes through a stringent validation process involving hundreds of conversations with doctors and patients, clinical studies, and go-to-market experiments to arrive at a solution. Nine out of ten ideas are killed at this stage. Once the founding team is in place for prioritised ideas, 2070 Health deploys various playbooks across clinical development, product, marketing, omnichannel growth, and enterprise partnerships. “We are developing these playbooks leveraging the team’s decades of experience building healthcare, technology, and consumer companies. The goal is to scale our companies faster, better, and cheaper than traditional start-ups in the riskiest early months of company building,” said Dr Pankaj Jethwani, CEO of 2070 Health.
Digital adoption and the change in consumer mindset due to COVID-19 have ushered in the possibilities of newer models of healthcare. Over the past few years, several companies have digitised traditional healthcare workflows at scale, leading to platforms facilitating doctor bookings, tele-visits, e-pharmacy, e-diagnostics, and surgery navigation.
“The next wave of innovation will be different. It will build from this starting point and address large white spaces that still exist from a clinical standpoint,” added Dr Jethwani. “For example, 270 million Indians live with chronic back, neck, or joint pain. Care for such patients continues to be siloed and ineffective, resulting in patients living with pain for many years. Several such large clinical problems exist in India, forming our core focus at 2070 Health. Within these areas, we prioritise problems where we feel confident about building a 10x better solution than what exists today. Our guiding principle is keeping patient experience and results front and center. I’m grateful to the 100+ incredible team members of the Studio and our three companies. I’m confident that what we are building will attract the best talent, partners, and capital, and together with them, we will transform the way healthcare is delivered in India.”
2070 Health has launched three companies in the past nine months: ElevateNow, Nivaan Care, and Reveal HealthTech. The funds from this capital raise will be used for building the 2070 Health platform as well as seed newly launched companies.
Like
Dislike
Be a part of Elets Collaborative Initiatives. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook , connect with us on LinkedIn and follow us on Twitter , Instagram.
