With an experience of more than 15 years in Investment Banking and Management Consulting, Amit Munjal, Co-founder & CEO of Doctor Insta, has donned various hats successfully. As CFO, Amit spearheaded Investments/Divestments at $120 Billion Division of CitiBank, USA.He also served asSenior Vice President of Investments (managing $100 Billion Fund in US) at Bank of America-Merrill Lynch, with prior stints at Deloitte Consulting (Clients: Yahoo, Google, Expedia.com etc.) and Johnson Center of Entrepreneurship and Innovation & Kauffman Foundation.
He also serves as a mentor and a business coach to various dot coms as well as to Capital Innovators, a Start-up Accelerator Program in the US. Amit is also a Charter Member of TiE, Delhi and Los Angeles Chapter of CFA Institute. Amit Munjal in an interaction with Ekta Srivastava, Health Technology.in
Please share the journey of Doctor Insta so far.
Doctor Insta is Indian “Video-Medicine” consultation platform to provide the best-in-class medical help instantly: Anytime, Anywhere at your own comfort and ease. The state of the art and innovative service allows the patients across age groups, demography and social strata to receive professional 24*7 medical consultation over video through any of the widely used platforms including Smartphone’s & Web over PCs without leaving one’s home or office. Using video chat/service as a platform, the highly educated and trained Doctors at Doctor Insta across Psychology, General Medicine, Diet & Nutrition and Paediatric fields can Look, Listen, and Engage with the patient to diagnose first level issues and provide smart diagnosis and an effective treatment consultation. The start-ups intends to establish world’s biggest virtual medical clinic providing best-in-class care and position Doctor Insta as the “One App” that everyone must have, to ensure better health.
Although the company was incorporated in July 2015, the services were formally launched in early December, 2015 after robust alpha and beta testing. So far, our journey has been very rewarding and encouraging. We take great pride in being a Triple bottom-line company which places Planet and People first and Profits second. So far, we have done various strategic alliances with almost all online pharmacies and diagnostic labs so that we could provide one stop solution to Patients’ healthcare needs. We have also empanelled some of the best and brightest doctors and caregivers in the country on this beautiful journey of ours. Our journey in India has just begun and we feel that best is yet to come for us. The idea, at this point of time, is not to maximize the top line but to increase customer adoption and engagement. Doctor Insta’s app which is available for Android and iOS users, having more than 300,000 downloads and the start-ups are doing over 900 consultations a day. We have also planning to open the concept of health ATM and insta health walls to cater repute health care which will be first in India.
Could you please elaborate on the importance of analytics of mHealth?
Healthcare is making a huge impact on businesses and lives of people. The internet of things in healthcare encompasses heterogeneous computing and wireless communication systems, apps and devices that help patients and providers alike to monitor, track and store patients’ vital statistics or medical information. Analytics of mobile health can easily track and assist medical data; location specific data can be easily derived. Obtaining data will help to provide the vital picture of health issues of specific area and find easy ways to tackle the issues.
An overview of mHealth sector in India, what is it worth & how much growth do you foresee?
Widespread adoption of mobile technology in healthcare, or mHealth, is now viewed as inevitable by more than half of doctors and healthcare payers in developed and emerging markets around the world, including in India. Healthcare service providers in India are adopting mobile health to reach out to patients and customers in remote areas, in order to offer them high-quality health services. Telemedicine is becoming a huge trend in India, and it is helping to eliminate geographical barriers and increase access to medical services in distant and rural parts of the country. As investments in internet and broadband technologies increase, telemedicine is set to grow significantly as well. The sector holds immense potential and mHealth is set to become an important and indispensable part of Indian healthcare delivery system. According to PricewaterhouseCoopers (PwC), the mHealth sector will become Rs 3000 crore market by 2017.
What are the major challenges you see in the introduction of mHealth in India?
The vast majority of rural residents of India lack access to doctors of any sort. With the new Government’s focus on embracing technology, there is s significant opportunity to improve the delivery of healthcare services. Through the application of technology solutions such as two-way videoconferencing, there is a distinct opportunity to leapfrog existing healthcare delivery challenges, and enable availability and access to quality healthcare for patients in remote, rural communities. With the new Government’s focus on embracing technology, there is s significant opportunity to improve the delivery of healthcare services. E-pharma companies are also bearing the torch while leading the e-pharma race and educating people around various medications, their compositions and cheaper alternatives of the same generic drugs. Apart from these Video consultation companies like us bridge the gap between doctors and patients through a digital channel pertaining to primary healthcare service. It aims to provide best-in-class telemedicine experience to empower people helping them in leading healthy lifestyles, enhance productivity and reduce infection rate Anytime Anywhere.
MHealth is touted as a solution to getting healthcare services to rural areas, but how relevant are they in urban areas, where quality healthcare is within reach?
From last couple of years many players and entrants have disrupted the health care space with their unique offerings. Multiple platforms are also there that allow patients to get easily connect with the doctor like video telemedicine. The Doctor Insta application offers a plethora of services across key healthcare services including Psychology, General Medicine, Diet & Nutrition and Paediatric. It delivers a platform to patients for engaging with a doctor requiring medical help 24*7 and also acts as a database to keep personalized e-records with uploaded notes and prescription pertaining to each consultation. The company taking the convenience to another level for its users also empowers the users by offering them assistance in ordering consulted medicines, lab/tests required through the brands partners. This service not only helps patients in getting an instant consult but also with Home Delivery of medicines, E-lab reports & e-diagnostic test reports right to their smart phones through on mobile/web mail. Doctor Insta can be accessed via any Smartphone with a minimal bandwidth of 512 mbps over android & iOS powered devices. Doctor Insta app allows users to communicate with doctors and seek professional help at home, at office or any where through Smartphone or tablet.
Does rapid urbanization mean mHealth will lose importance?
Urbanization will not majorly affect mHealth as the pain points will continue to exist. Doctor Insta is one among the start-ups providing remote consultation services. Now we are bringing in two new innovations which will be a first for India. One of them is called Health ATM and it, essentially, comprises a mini laboratory in itself. These ATMs are big kiosks that will be placed in malls or corporate parks. The customer can walk in and get a basic check-up done, such as getting one’s blood pressure, sugar levels, heart rate and more checked. The other new product Doctor Insta is bringing to the market is Insta Wall. Not as advanced as Health ATM, it will be more accessible though. Insta Wall will be using Android tablets for remote consultation sessions with the experts at Doctor Insta.
The start-up plans to cater to rural areas as well, where they have appointed doctors or partners who will have the tablets with the application installed. Patients will be able to visit the doctors and get a basic consultation. In the villages, the consultation fee has been fixed at Rs 100-150 and for cities where the consultation will be done by specialist doctors with M.D. degrees; the fee has been fixed at Rs 400-500.
Road map ahead for Doctor Insta.
There are 1 Million Allopathic Doctors in India, each doing 50 consultations a day. That means 50M consultations happening in India every day. In 2 years, we want to acquire just 2% of this market i.e. 1 M consultations a day. We also want to expand our services to other developing and less developed nations in alliance with strategic partners in these countries.