Phable Raises $12M to Revolutionize Chronic Care in India

Phable Secures $12 Million to Expand Chronic Illness Management in India

Phable, a health tech startup focused on chronic disease management, has successfully secured $12 million in a new funding round. This investment will facilitate the company’s expansion within India, the world’s second most populous country.

Series A Funding Details

The Series A funding round was spearheaded by Manipal Hospitals, a prominent healthcare provider in India. SOSV, an existing investor based in New Jersey, also contributed to this financing initiative.

Addressing the Challenges of Chronic Disease Management

A significant portion of the Indian population is affected by chronic illnesses. A major hurdle for these individuals is effectively managing the numerous aspects of their care. This includes scheduling appointments, undergoing lab tests, procuring medications and medical devices, managing insurance, and meticulously tracking test results.

Phable’s Comprehensive Solution

The Bangalore-based company has developed a complete, integrated solution designed to streamline all these processes. Furthermore, Phable boasts what it describes as the most extensive integration globally with medical Internet of Things (IoT) devices.

Automated Data Collection and Patient Engagement

This integration facilitates the automatic collection of patient data, enabling physicians to monitor patient progress more effectively. The application also empowers patients to record their medication regimens, including dosage and frequency.

Maintaining Medication Adherence

According to Phable co-founder Sumit Sinha, patients frequently exhibit reduced adherence to their prescribed medication once they begin experiencing improvements in their condition.

Real-Time Communication and Intervention

Phable has established a more transparent and immediate communication pathway, allowing doctors to encourage timely medication intake and make necessary adjustments to lifestyle or treatment plans. The app also supports tele-consultations, which have seen a substantial increase in demand due to recent global events.

“This fosters a continuous feedback loop between patients and their doctors, even outside of traditional clinical settings, and enables proactive interventions for optimal outcomes,” Sinha explained.

Medical IoT Device Integration and Data Input

The platform also offers a selection of medical IoT devices for tracking vital signs like blood pressure and glucose levels. Phable’s application is compatible with a wide range of devices, even those purchased elsewhere. In cases where direct integration isn't possible, patients can manually input their results or submit images of readings, which are then interpreted using computer vision technology.

Industry Perspective on Phable’s Impact

“The increasing prevalence of chronic diseases in India is compounded by challenges related to patient compliance with treatment protocols – encompassing medication, lifestyle modifications, and regular follow-up care. Phable is poised to address this gap and significantly improve the quality of life for numerous patients. Manipal Hospitals is delighted to collaborate with the Phable team to enhance and expand their services,” stated Dr. Ranjan Pai, chairman of Manipal Education and Medical Group.

Partnerships and Service Expansion

Phable, with a team of 72 employees, has established partnerships with 1mg and Medlife to simplify medication ordering and delivery for patients.

Growth of Digital Healthcare in India

Recent trends indicate a surge in Indians consulting doctors and purchasing medication online for the first time. Frost & Sullivan estimated the Indian e-pharmacy market at $512 million in 2018. Analysts at Bank of America project this market to reach $2.4 billion by 2022. The preventive healthcare market is also anticipated to grow to $102 billion by 2022.

Future Plans and Scalability

Currently serving patients with cardiovascular and endocrinology-related conditions, Phable has already assisted over 220,000 patients. The new funding will be used to expand its reach to 5 million patients and 35,000 doctors by year-end. Plans also include integrating insurance purchasing options within the app or website.

Doctor Engagement and Revenue Growth

Over 5,000 doctors currently utilize Phable to maintain closer contact with their patients, without receiving direct compensation from the startup. However, the platform also facilitates patient discovery of new physicians. Sinha reports that doctors have experienced an average revenue increase of 20% through the use of Phable’s platform.

SOSV’s Perspective

“Phable began with a resolute vision of connected healthcare, powered by cutting-edge technology, and has consistently pursued this goal. It has been a privilege to support the team through our MOX accelerator and to continue our partnership as they improve the lives of millions in India,” said William Bao Bean, general partner at SOSV.