Medpiper and information asymmetry in India’s Healthcare

With information asymmetry, healthcare providers gain monopolistic power which if left unregulated can result in distorted prices for diagnostics and treatments. Learn how Medpiper wants to help solve India’s information asymmetry.

Economic Survey 2020-21 stressed the need for a regulator to supervise the healthcare sector, given the failures stemming from information asymmetry. With information asymmetry, healthcare providers gain monopolistic power which if left unregulated can result in distorted prices for diagnostics and treatments. High medical costs combined with India’s low insurance penetration result in greater out-of-pocket expenditure, that is 65% out-of-pocket expense.

Nitthin Chandran and Pranay Suyash’s Medpiper is on a mission to eliminate this information asymmetry, especially related to the existing healthcare workers. The venture verifies profiles of healthcare professionals and connects them with healthcare-based organizations for duty vacancies, clinical assignments and more. At the same time, they offer the professionals to hone their skills and build better resumes by attending medical webinars. 

Chandran has experience in Healthcare and Media for over 7 years. He had previously led growth at a mobility startup. Suyash had previously Worked as a Business Consultant. 

They are building a professional network for pre-verified and peer-authenticated professionals and practitioners. On their platform, they use blockchain technology to enable the verification of profile credentials by peers, educators and employers and match those verified profiles to job requirements. For healthcare organisations, the gain is that after they have registered as a verified partner on the platform, they can gain access to verified candidates and thereby reducing the effort and cost spent behind hiring. 

They have since its inception in 2020, created a database of over 65,000 verified HCPs and have partnered with 35 healthcare organisations. They are affiliated with MeITy, IIM Bangalore, the Indian Dental Association (IDA), Private Hospitals & Nursing Homes Association (PHANA) and others. The Bangalore-based startup has gained $850,000 as Seed funds from Y Combinator, Kube VC and MSA Capital. 

Last year in May they launched an online prescription tool named MScribe. MScribe helps keep constant communication between doctors and patients to update each other regarding any illness while maintaining security regarding the patients’ information. It tracks the patient’s medical history, unique patient IDs and medicine consumption slots to help doctors provide the right treatment. Last month the YCombinator-backed startup started MConnekt which helps doctors discover, connect, and track their professional engagement across online digital platforms and offline hospitals. 

Will Medpiper help solve India’s information asymmetry?

Tags : #Medpiper #NitthinChandran #PranaySuyash #informationasymmetry #MScribe #MConnekt #YCombinator #KubeVC #MSACapital #MediSpeak #smitakumar #medicircle

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