Post-Pandemic Healthtech Sector Transition
The healthtech sector is still quite attractive to investors with 11 funding deals, incl Halodoc ($100 million) and Good Doctor ($10 million)
Technology-based health (healthtech) is still in the spotlight of the 2023 Startup Report published by DSInnovate. Even though the pandemic is over, this sector has proven that it can continue to develop and start exploring new fields.
From an investor's perspective, sector healthtech is still quite popular, as can be seen from the 11 funding agreements for health startups and 3 funding agreements for startups in the field of genomics. The bulk of the funding goes into pockets Halodoc at $100 million (series D), followed by Good Doctor at $10 million (series A), and FitHub at $6,5 million (pre-series A).
Investor confidence in the sector healthtech is also believed to be thanks to their efforts to transition in the post-pandemic era, prompting them to expand their service approach from online to hybrid.
This transition primarily focuses on telemedicine platforms whose adoption has skyrocketed significantly during the pandemic. Now telemedicine platforms combine offline channels to accommodate greater needs. For example, services that require direct interaction with patients or delivery of medication.
"The hybrid trend is growing in the health technology industry. This approach ensures a unified experience for patients thereby reducing offline visits. Apart from its convenience, the hybrid model also offers cost-effectiveness, making it a model that is anticipated as a future health trend," said Co-Founder & CEO of Smart Clinic Harya Bimo.
Services digital treatment & care is estimated to contribute the largest revenue with $781 million to the total digital health market in Indonesia. Specifically for telemedicine alone, this service contributed $222,8 million.
Furthermore, this report highlights the trend in genomics, a new health sector that is being explored for product development and innovation. The funding trend is also starting to grow. It was recorded that three biotechnology startups received initial funding last year, namely Asa Ren, Etana, and Moosa Genetics.
Considering that this sector is new, the development of genomics is still at the R&D stage so it will take a long time and patience to reach the market. Moreover, the population in Southeast Asia is very diverse. Likewise the regulatory aspect.
Startup Report 2023 can be downloaded via this link.