Digital innovation has become increasingly important in the field of medicine due to its potential to transform various aspects of drug development, manufacturing, distribution, patient engagement, and healthcare delivery. Over the past few years, a number of tech-med start-ups have been continuously upgrading, bringing in new ideas and concepts into play in the digital domain. This is drawing the attention of big ticket pharmaceutical companies looking to stay competitive, improve patient outcomes, and address the evolving needs of the healthcare ecosystem.
In a bid to expand its digital health capabilities and bring in innovative solutions, Sun Pharmaceutical Industries, the largest pharma company in India and the fourth-largest specialty generic pharmaceutical company in the world, recently acquired minority stakes in two of India’s rising tech-med start-ups.
The company announced the acquisition of a 26.09% stake in Agatsa Software Pvt. Ltd. and a 27.39% stake in Remidio Innovative Solutions Pvt. Ltd., both of which are digital health startups.
Agatsa Software is an early-stage digital diagnostic devices company that specializes in creating pioneering medical devices and software solutions. Sun Pharma bought it for Rs. 30 crore.
Remidio Innovative Solutions, meanwhile, is a healthcare technology company that focuses on providing high-quality, affordable, and accessible eye-care solutions. The company’s flagship product, a portable fundus camera, can be used to detect and diagnose eye conditions, such as diabetic retinopathy and glaucoma. This camera is especially useful in remote and rural areas. Sun Pharma bought the company for Rs 149.9 crore.
A lot goes into the making of a start-up that becomes successful and is sought after. Besides having a strong product, a well-researched go-to-market strategy and a strong organizational culture & governance, it’s vitally critical to have financial backing to kickstart the idea.
In three funding rounds so far, including the latest one by Sun Pharma, Remedio has acquired over $18m. Luxembourg-based deep-tech investor firm, Boundary Holding, and Cipher Plexus are the other two. Boundary Holding participated in seed round while Cipher took part in Series B round.
Agatsa, on the other hand, has received over $6.2m so far and has used the funding to expand and innovate. Besides individual investors, the company received financial support from the Technology Development Board, GoI and Indian Angel Network.
With Sun also putting its money in these companies, the growth trajectory is expected to be redefined.