Hyderabad: Differentiation, innovation, collaborating on data and quality research are key for start-up success in India — this was the takeaway on the final day of a panel discussion at BioAisa 2019.
Though a third of the world’s investments in the healthcare licences space are in start-ups, its success rates have remained low.
Looking at ways the space could improve, four panellists gave their insights and advice to a roomful of budding entrepreneurs at the seminar on Wednesday.
While Dr Uday Saxena, CEO of Reagan Bioscien-ces summed up his thoughts in one word — differentiation, Prof Dr Harmut Kuhn, from Berlin encouraged India to improve its quality of basic research.
Dr Saxena who started four start-ups in the US and India, said it was not deep science and hi-tech science that sells a product, but differentiating oneself from competitors does.
He said: “A patient really doesn't care if the medicine came from a hi-tech environment or a low-tech environment as long as he is relieved of his ailment.”
“Differentiation from others, to have people remember you is key.” Prof Dr Kuhn from Institute for Biochemie agreed, while stressing India needed to work on quality research. He pointed out that quality research had been the backbone of China’s success. He said: “In order to select a potentially successful product, you will have to have a very strong high quality basis in basic science. My impression is that the quality of basic research in India could be better.
“India had kept it’s level in the last 15 years but the number of Chinese publications have exploded. Quality research might be one of the reasons why China in the space of science doing very good work while India is doing okay.
“So high quality basic research may not be rewarding at first, but it is not a sprint, it is a marathon.” He added that innovative and the degree of innovation was as important as differentiation.
George Mumdassery, Global Head of Artificial Intelligence and Automation at Tech Mahindra added that startups should not only focus on technology such as AI, but see the value the user is able to generate, and if could mean taking help from deep science and deep research.
He added: “Another keywords are to collaborate on data.” Agreeing, Rajesh Dhuddu, Global Head-Block Chain at Tech Mahindra added: There are lot of cases to use technology and think of the differentiator one can bring in, and operate in an area where it can add value to the customer. And if it means block chain or AI, so be it.”
