The global medical information market size was valued at $2.15 billion in 2019 and is expected to grow at a CAGR of 7.4 percent between 2020 and 2027.
India's digital healthcare market was valued at Rs 252.92 billion in FY21 and is expected to reach Rs 882.79 billion by 2027, growing at a CAGR of 21.36 percent.
Rajat Garg is a Co-Founder of myUpchar. It caters to all healthcare needs of a family - high-quality healthcare content, Tele-consultations, medicines, and lab tests; all of it affordably solving healthcare awareness and access problems for Bharat.
Services and Product Offerings of myUpchar
Rajat Garg informs, “My mission is healthcare awareness and access for Bharat and this we create a very high-quality healthcare content in 6 Indian Languages which are as follows-
The content is done in partnership with top hospitals and doctors. We have doctors from top hospitals like Medanta, Fortis, Apollo, and AIMS. We have professors to create content on our platform. The content is in all kinds of formats like-
- Alexa voice search
Based on our content, we get teleconsultation requests and we have roughly 5000+ doctors on the platform for live consultations. You don't need to book an appointment, you can just click and call the doctor right on the app and website. They are available across multiple specialties.
He further says, “We also take care of medicines fulfillment based on prescription. We do roughly 20 million visitors every month to our website. Our videos are watched roughly 100 million times per month across Youtube and instagram and shared chat. We do roughly 150k teleconsultations per month.”
USP of myUpchar
Rajat Garg says, “ Our core focus is languages and resulting customers which mainly come from tier 2 and beyond. Our 90 % of customers are tier2 and beyond V/s other healthcare providers which typically have majority customers from tier 1 and some from tier 2.
When we talk about doctor to patient ratio, it is actually 32k doctors for 6 lakhs patients. Doctor to patient ratio is skewed as you go from tier 1 to tier 2 to tier 3 and beyond. This is the core customer that we are addressing. Our consultation experiences and default hindi language is also our prime USP. Our messages and SMS come in hindi. Everything has been for customers in hindi.”
Patient lives touched so far by myUpchar
Rajat Garg states, “As far as content is concerned- we have touched 2 billion views. In terms of consultation- we have crossed 2.5 million. These are people from Kargil to Kanyakumari from across the country.”
Funding for myUpchar
Rajat Garg says, “We raised an angel round of roughly 2 crores from 2017. Then we raised another 5 million from Nexus in August 2018. We are not looking at funding at this point. Our core focus is getting into profitability and that is our mantra.
The funds that we got were mainly for two purposes-
- To increase the content creation and build the largest healthcare repository in many Indian languages
- Focus to monetize this particular customer base
We have done a lot of experiments during the past few years. Going to remote areas and checking how they consume healthcare services along with checking for challenges. Finally, we have come to the conclusion of creating a new pivot or strategy for high-quality medicines starting with one or two therapy areas for Ayurveda. One of the things we have realized during the journey is that a lot of the medicines are not of A+ quality “
Revenues in FY22 and FY23 myUpchar
Rajat Garg informs, “It's hard to reveal the revenue number. On a unit economics basis, we make money every time and sell something. Our focus is to address consultation requests and close them and increase the particular sales from that thing. The revenue has been growing yearly.”
Expansion Plans for myUpchar
Rajat Garg informs, “Our teleconsultation is happening across India. And of course, teleconsultation can happen anywhere in the world. Our expansion plan is focused on how we take content creation next. We are in talks with multiple media houses.”
He further says, “On the consultation side, we have now built our APIs which are created and leveraged by different partners and companies who are enabling our consultation for tier2 and tier3. We are also launching medicine APIs which will allow and build search and browse experience within their app and website for medicine ordering. This is how we are thinking of expanding. On the backend, we are expanding the selection of medicines that we are building so that customers who are coming from cross-therapy areas can provide them with A+ quality products.”
Motivational Message myUpchar
Rajat Garg says, “For all healthcare entrepreneurs, its long grind takes time. Stay tight and keep running a business and things will change as time goes by.”
Edited By: Dr.Rati Parwani
Contributed By: Rajat Garg, Co-Founder of myUpchar