Phable is an AI-Powered Doctor-Patient Management Platform, it helps doctors improve patient treatment compliance by 70% with continuous patient monitoring via our machine learning-enabled IoT platform. We have signed the #2 hospital group in India and are growing 35% MoM. At Phable, they work hard every day to align technology and healthcare together and create a solution that positively impacts millions of lives.
Mr. Sumit Sinha is the Co-founder & CEO at Phable. He has spent 12 years at multiple corporations, and started a food tech company in 2016 and sold it at a multimillion valuation in 2017. At Phable, while managing sales and tech, he got involved in the delivery of lab tests and pharmacy to their patients or interacting with parents for support queries and feedback. His passion is to bridge the gap between great tech and its actual use case.
In an interaction with Techxty, Sumit Sinha talks about the new technologies that are modifying the healthcare industry. Read On!
Tell us something about yourself and what does your company do?
Phable (SOSV-MOX Batch 7 Summer 2019) is an AI-Powered Doctor-Patient Management Platform that is the most advanced personalized and predictive care system, which is expanding fast in India and SE Asia. Phable is helping doctors improve patient treatment compliance by 70% with continuous patient monitoring via their machine learning-enabled IoT platform. Within 11 months of launch, we have over 16000 users (patients) and generating monthly US$8K revenue. Our 12-week user retention numbers are through the roof at 66%. Phable is already working with major hospital groups with a presence in India, SE Asia, and the Middle East and is getting ready to hyper-scale.
This is my second venture. My first venture was Kristys Kitchen which was acquired by CureFit (Mukesh Bansal and Ankit Nagori). Kristys Kitchen was a great deal as it gave great returns to all including investors. I have always enjoyed building growth teams and have worked for Indian and Global companies. At Phable, I lead growth and fundraise.
Can technology solve healthcare accessibility and affordability issues? How?
Indian healthcare has many systemic problems – not enough doctors, poor patient compliance, lack of awareness, lack of incentive for patients to manage their health, no interoperable system. Technology can actually spur innovation and reforms in the sector. For example, A Centralised Digital PHR platform, which works on patient consent for data sharing, will work wonders for all stakeholders. It will help improve treatment outcomes. Startups will be able to train their algorithms and make decision making at doctors’ end more efficient.
How artificial intelligence is transforming the health care industry?
AI has very good use cases in healthcare. For example, there are so many startups who are looking at MRIs and scans and using AI to improve the decision making of Radiologists. In a recent interview Vasant Narasimhan, Novartis’s CEO, told everyone that Novartis is not just a drug research company but truly is a data science company. New pathways for treatment, new drugs, and repurposing of existing drugs for different ailments are today possible by the use of big data and AI.
What benefits are the internet of things causing to the healthcare sector?
Medical IoT is just starting out and it will have a big impact on the health outcome of the patients. There is so much innovation happening on this front, it’s phenomenal. Every day we hear new devices coming out which can track vitals and biomarkers of the patients better and more accurately. For example, Sleep labs that are cumbersome to create within the hospital and have limited capacity can now be replicated in a home care setting with a simple mat. These devices have the capability of capturing much more continuous data at a fraction of the cost. These innovations are great assets for the doctors and the new-age health industry.