How HealthCube’s AI-powered diagnostic devices are making rapid screening of patients a reality

HealthCube is a leading global health-tech brand that designs and manufactures point-of-care diagnostic devices that can perform over 30 tests within 5 minutes. The devices are accessible on laptops and mobile phones, and HealthCube has already completed over 2.5 million tests. In an interview with Bizz Buzz, Runam Mehta, CEO of HealthCube, explains how the company's devices are a combination of smart diagnostics and artificial intelligence to facilitate rapid screening of patients

What is the business model for Health Cube?

Countries worldwide are faced with the challenges of quality healthcare services leading to inaccurate diagnosis and inappropriate or unnecessary treatment. More than 64 per cent of the country’s 1.3 billion population lives in rural India. Government guidelines mandate that there should be one sub-center (SC) for every 5,000, one primary health centre (PHC) for every 30,000, and one community health centre (CHC) for every 1.2 lakh people. At each level, the types of diagnostics tests that must be available have been specified. However, by the government’s own estimates, there is a 23 per cent shortage of SCs, 28 per cent shortage of PHCs, and 37 per cent shortage of CHCs. Even in PHCs and CHCs that are operational, equipment is often outdated or poorly maintained, leading to unreliable results and uncertain outcomes. Although building up the public health infrastructure remains a priority, there are significant barriers to achieving this. The need for electricity and water, sophisticated instruments, and trained personnel are major challenges. While the private sector can overcome some of these issues, their services remain unaffordable to most. Thus, delivering diagnostics of reliable quality to underserved communities remains an unfulfilled public health goal.

HealthCube designs and manufactures point-of-care screening devices that can perform over 33 tests. The technology measures key blood parameters and vitals, detects infectious disease markers, and even performs ECGs. The HealthCube device aggregates well proven, tested modules into a single, integrated electronics platform. The device is run using a power bank and generates results in 1 to 15 minutes. The tests use finger-prick blood samples with no sample handling requirements. The device is paired with an app on the phone or tablet allowing the data to be automatically saved. Further, the app offers step-by-step instructions in pictorial format, enabling operators with minimal formal education to become proficient users. The device makes it possible to deliver the major tests required for primary care without huge investments in infrastructure and manpower. Thus, it effectively addresses the need for high-quality, affordable health-screening services in under-resourced areas. We are working towards bettering lives and through entrepreneurial endeavours we provide more accessible, inclusive, and effective healthcare solutions for under-represented communities

What are the products and services available under your brand umbrella?

We have the HealthCube-SE/XL which are multi-parametric point of care devices intended for screening and monitoring different health conditions. The results are generated instantly and saved electronically. It helps in deciding the direction of further laboratory tests and medical examinations.

How big is the industry that your company is involved in?

HealthCube operates in the Indian medical devices market which is projected to achieve a substantial growth to reach $50 billion by 2030, at a CAGR of 16.4 per cent. The Indian medical device market's share in the global market is estimated to be approximately 1.65 per cent. India ranks as the fourth-largest medical devices market in Asia, following Japan, China, and South Korea, and is also among the top 20 medical devices markets worldwide.

What is your share in the market and what are your annual revenues?

We are unable to give out details about our share at this point. However, our revenues are more than $2 million.

Are you available pan India and what is your push for exports?

We are available pan India and have our footprints in 4 continents.

What is your distribution model?

HealthCube’s revenues come from three streams: Sales of device and consumables, project-based screening services, subscriptions. Our customers are spread across multiple segments:

• Government/corporate social responsibility – Our projects that are aimed at populations in rural or remote areas can effectively use HealthCube as a primary point of testing because of the devices’ compactness and its ability to operate without electricity or internet. Population trends provided on HealthCube’s analytical dashboards can also help governments in understanding and preventing any looming epidemics.

• Individual practitioners – Physicians pertaining to any field of medicine would find value in using HealthCube to test any incoming patient for vitals and other biochemistry tests. This eliminates the need for every patient to be sent to a lab to get tested and increase the diagnosis time. HealthCube is also a functional tool for practitioners who provide home visit services, as it can be easily transported and set up. Additionally, it provides them with their very own EHR system with access to patient’s past medical records.

• Hospitals – Healthcare institutions can employ HealthCube as a one-stop-shop for all their diagnostic needs rather than having multiple devices at the nurse station. It reduces the diagnosis time and enhances patient experience. It can also be used by hospitals to provide extended services like homecare to the elderly.

• Organizations and businesses - Employers in every field be it IT, retail, manufacturing, etc., can use HealthCube devices to ensure employee wellness through regular check-ups. They can also deploy HealthCube’s Covid-19 risk management solution to screen employees for a safer return to work. Similarly, it is helpful for schools, gyms, and sports clubs.

What is the USP of your company?

The key innovative features of our device are as follows.

One platform, many tests: The HealthCube system can perform a 12-lead ECG and provide an interpretation, measure blood pressure, oxygen saturation, blood glucose, hemoglobin, total cholesterol, and uric acid and test for various infectious diseases such as malaria, typhoid, Hepatitis, HIV, syphilis, leptospirosis, chikungunya, all on a single platform.

AI-based interpretation of results: Our RDT reader is based on an AI based algorithm for interpreting results.

Easy to perform: The blood tests are performed by simply pricking the finger, obviating the need for a phlebotomist.

Requires no electricity or internet: HealthCube works on a power bank and is ideally suited for health camps, door-to-door screening, and rural or tribal areas. Report generation does not require the internet.

In-built electronic health record system for tracking and monitoring: Patient records are created and reports are saved on our proprietary app, EzDx, eliminating the need for a separate software for report sharing and data access.

Minimal training requirements: HealthCube can be used by anyone with minimal training, with the aid of step-by-step visual instructions in the app.

Portable system: The diagnostic device weighs less than 2 kg and is so compact that it can be easily carried in a backpack.

Expanding menu of tests: The HealthCube system allows for easy integration of additional tests via external ports or through the software. Our future road map includes the addition of a digital stethoscope, tests for drug abuse, electrolytes, and renal and liver function.

What are the challenges you face?

Our biggest challenge was finding the right product-market fit. Although we have a medical product, many doctors prefer lab tests over point-of-care testing. Getting the business model and pricing strategy right is critical and needed some trial and error. Many startups fail because they waste money and resources on products that no one wants to buy. We prioritized product-market fit above all other goals, building products based on market feedback. We also conducted a market survey, brought down production costs, and explored new markets to achieve product-market fit.

What is your business plan for the future?

Our current growth strategy encompasses several key initiatives. First and foremost, we are actively working on reducing production costs across all our products, with the aim of making them more affordable and accessible to a broader range of customers. Additionally, we are exploring new business opportunities and potential use cases for our products, such as their application in elder care facilities. To streamline our product portfolio, we have begun phasing out non-performing products and shutting down projects with low profitability, allowing us to allocate more resources to projects with higher visibility and growth potential. Simultaneously, we are investing in enhancing our brand position and conducting awareness campaigns to ensure that our company's performance garners the attention it deserves. Furthermore, we are committed to building strong sales capabilities tailored to different geographies and verticals, underpinning our strategy for sustainable growth and market expansion. The significant milestones we have attained so far:

HealthCube has won Gold Award under the ‘Digital Solutions for Rural India’ category at IHW Digital Health Summit 2022 for developing innovative, accessible and affordable product/service.

HealthCube’s partner, Tech Mahindra received the 'Best Technology Solution for Covid-19' at ET HealthWorld Intelligent Health and Tech Awards 2020 for a Covid-19 screening solution for the workplace. The technology was designed and implemented on HealthCube.

HealthCube received the SKOCH order of merit in 2021. HealthCubed collaborated with CDDEP to compete for the “Trinity Challenge Award” by MIT Solve and was shortlisted in the top 16 out of 380 applications in 2021.

We are expecting 10x growth in the coming year and 50 per cent for the subsequent 2 years. During this period, we aim to capture a significant share of the public and rural primary healthcare market. Several new startups are emerging to set up health ATMs / kiosks, and our technology is a great fit for this upcoming business model set to disrupt traditional diagnostics. Over Rs 3000 crore of CSR funds is spent every year on healthcare and job creation. Our ecosystem is a good fit for both these kinds of impact projects.