Artificial Intelligence- The next revolution

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Although Artificial Intelligence was there decades ago, this is only now that it has started gaining pace and is flourishing like anything. And no industry has remained untouched from the artificial intelligence. From one’s mobile, i.e. Siri, Cortana, to the E-class in students’ college/school, almost everything is working on AI. At present, AI is being used by the big business tycoons and some of the bigger platforms such as Facebook, Google, Microsoft, and IBM. In recent years, this field has gained much ground because of the ease with which AI can crunch vast amounts of unstructured and structured data and by the enhancements in software and hardware. One such Indian AI startup founded in 2016, is Artivatic Data Labs, which to make the most out of this opportunity established their startup and till now, has got funds amounting to a total of $350,000.

But it is also true that “with great position comes great responsibility”, so here also handling an AI startup is not at all a cake walk and there are some problems that people may come across while running their startup.

Some of the issues which may be faced by AI startups are:

  • firstly, the funding problem because of the use of cutting-edge technology a considerable amount of money will be required, so one of the best means to solve this problem is by crowdfunding.
  • The other problem can be regarding the technical know-how as in a country like India not everyone is an adept in AI, so it is hard to find such a person, so appointing an adept for this job is very important.
  • A wrong training to the AI can have a devastating effect as it may change the desired outcome. Thus, the AI should be provided with the best practice in the initial stages so that it can be more precise and accurate.

Experts and veterans believe that AI will bring about the next revolution after the industrial, computer and internet ones. There is an excellent opportunity in sectors such as automobiles and health care considering the doctor to patient ratio. So it is quite clear that with so much scope in the near future, there is a high profit in this sector as it will also reduce the labour cost.

By  Ishaan goyal

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HealthTech Startups – What, why, How?

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What are they?

These are companies that provide a wide range of services in the healthcare sector such as something as small as medicine delivery to something complex such as providing solutions to unhealthy lifestyles.

 

Why are they needed?

Indian healthcare sector is very disorganized and medical facilities are unevenly distributed, especially in rural areas. The national average ratio of doctors to patients is 1:1674 against the WHO norm of 1:1000, the cost of treatment varies from place to place; for example -average expenditure per hospitalization in 2014 ranged from Rs. 18,327 in Chandigarh to Rs. 32,503 in Goa. The low medical awareness and weak health infrastructure have created the need for such technology-based systems.

 

How are they faring in India?

The future of health tech is looking great as the Indian Healthcare Market is expected to be worth $280 billion by 2020, as per a Deloitte 2016 report. According to Sergio Pimenta, global head if industry manufacturing, agribusiness, and services at the World Bank Group institution, the International Finance Corporation are planning to invest in many startups in India. This health tech boom can revolutionize the quality of healthcare in India.

Some Prominent Startups:-

 

Lybrate

It allows users to choose and consult more than 90000+ verified doctors. Customers can have a one on one interaction with doctors. Patient information can easily be managed through the platform.

 

Medibox Technologies

It digitally enables pharmacies to place online bulk orders on medical suppliers. Additionally, manufacturers can carry out brand campaigns through launches, offers, and schemes.

 

Medika Bazaar

It is an online medical marketplace for healthcare needs. Consumers can compare prices, features of medical equipment and wellness products for purchase. There exists an option to buy refurbished equipment on the portal.

 

BookMEDS

The start-up is an online pharmacy where users can medicine delivered for free within four hours. Users can search according to product categories like orthopedic, homecare, Ayurvedic etc. At present, it works with 351 pharmacies. The medicines are dispensed only by the pharmacies that use their system.

 

– By Sashank  Bhargava