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Geriatric population can benefit from Agetech services for good health in potential areas of health monitoring, safety, fall prevention and medication management, said Kanishka Acharya, founder and CEO, Welldercare.
He further added that although India remains a relatively youthful nation, its population is rapidly ageing. The critical challenge ahead lies in how the country swiftly reacts and adjusts to this ageing demographic, ensuring that its citizens not only live longer but also lead healthier lives.
Agetech basically refers to technology products, services, and solutions specifically designed to cater to the needs and challenges faced by older adults or seniors. The elderly population in India is projected to undergo a two fold increase by 2050, making up 20% of the total population.
In the area of health monitoring, Agetech devices and apps can help seniors monitor their health regularly. This includes tracking vital signs, medication reminders, and even early detection of health issues. Agetech often includes smart home technologies that can detect falls or unsafe situations and alert caregivers or medical professionals in the area of safety and fall prevention. This can prevent accidents and injuries. Agetech solutions can also assist seniors in managing their medications, ensuring they take the right doses at the right times.
Acharya informs that Welldercare's primary objective is to utilise technology to address the gaps in human caregiving and overcome the relatively low adoption rates of technology among older adults. Welldercare's fundamental technological approach revolves around the use of non-intrusive ambient intelligence to tackle the significant challenges faced by older adults and their children. As technology advances and artificial intelligence (AI) algorithms become more sophisticated, we will transition from a preventive approach to a predictive one. This means that algorithms will have the capability to anticipate an individual's susceptibility to certain conditions.
Welldercare is a platform that is positioned for individuals and their parents as well as a PAAS model – Platform As A Service offering to hospitals to offer senior care and remote Care management to their customers. The company’s Internet of Things (IOT) and AI powered devices are being launched through a country-wide retail as well as institutional channels.
“Elderly individuals often find comfort in familiar surroundings, which can be considered their comfort zone. The greatest potential for age-tech lies in addressing the limitations of traditional care methods. To begin with, there is a need for a comprehensive understanding of their health, but achieving this is easier said than done. Seniors generally do not want to undergo frequent health checks for parameters like blood pressure or blood sugar throughout the day, as it can be psychologically taxing for them. If we could develop technologies capable of continuously monitoring vital signs, tracking health metrics, and identifying irregularities before they manifest as symptoms, it could significantly contribute to the establishment of a preventive healthcare ecosystem. This is especially crucial for the ageing population in our country. We don’t see a challenge in technology being used to improve healthcare outcomes. The challenge is when you expect them to adapt to the technology. We were aware of this critical issue, hence all our technology is built around ambient intelligence – requiring no user compliance,” Acharya explains.
Talking about the growth plans, Acharya informs that the company wants to first cover the Indian market and then expand to the Asia Pacific (APAC) and Gulf Cooperation Council (GCC) markets and finally by 2025, we wish to be in the European Union (EU) and the US markets. We are working on some very promising partnerships that will help augment our AI and data analytics capabilities to move from a preventive to predictive healthcare model targeted only for older adults.
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