iCliniq, a virtual hospital service provider, is now in discussions with the venture capitalists and private equity players to raise US$5 million to scale up operations in India and US. It has seen a huge opportunity in online medical consultation going by inaccessibility of doctors in remote India.

The four-year-old company has roped in 1,100 doctors and 90,000 patients across 160 countries. Its medical experts ascertain the health conditions putting forth precise queries to guide the patients’.

“Currently, 90 per cent of our services comprise patient guidance where 10 per cent of medical conditions warrant a prescription. These could be a simple cold to a suggestion on a diagnostic report or a tweak in current medication,” Dhruv Suyamprakasam, founder, iCliniq told Pharmabiz.

“We are only healthcare company in India to have a bot on Telegram, an instant messenger app and the first company in the world to develop it. With the help of iCliniq bot, users can send their health issues with pictures and medical reports to doctors, any time. Using the mass messaging platform Slack, which is the largest enterprise platform we have simplified communication. We have been applauded as the 5th Best Tele-health portal globally by Healthline & Treato. Recently we tied up with Thyrocare for diagnostic services,” he added.

Online consultation is an employment generator for both fresh and experienced doctors and pharmacists. A dedicated moderation team comprising of pharmacists who monitor high quality consultations is on par with ‘in-person’ consultations, said Suyamprakasam.

“The company has built its reputation on trust of patient-doctor equation which led us to seek out to VCs and PEs for a US$5 million funding because they are convinced that online consultation is a viable business model for the future. Moreover Telehealth has a great potential serve the healthcare needs of rural communities,” he said.

While 60 per cent of its revenues come in from global markets, ICliniq with its server in the US is looking to strengthen its services in this developed market apart from penetrating into rural India where mobile usage is increasing.

Between 2010 -2015, Indian Telehealth services and equipment market reported CAGR of 20.4 per cent and is envisaged to touch Rs.109 crore by 2020 with its growth led by smartphone usage boom.

Union government would need to come out with a tele-health policy to bring in clarity on tax system for med-tech start-ups sector. Tele-health for rural India will spur inclusive growth and improve health indices. However, a specific IPR guideline can sees more early-stage med-tech companies register in India. Presently, many billion dollar med-tech start-ups by Indians registered operations in Delaware, US for lack of IP clarity in the country. A strategic foreign investment is needed to ensure a hyper growth product which could happen when India strengthens its IP regulations, noted the ICliniq chief.