Indian Startup Cooey is Building IoT Products to Bring Healthcare to Smartphones

IoT will soon become a game changer and will bring noteworthy developments in many areas of our lives. It is emerging as one of the most powerful areas in technology, which has also enabled hospitals and healthcare service providers to improve outcomes and reduce healthcare costs by collecting, recording, analyzing and sharing myriads of data streams in real time impeccably. In order to leverage IoT as a tool to bring about disruptive innovation in the healthcare space, Indian startup Cooey is tying different aspects of healthcare together with technology.

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Shown Above: Team Cooey

What is Cooey?

Bangalore based Cooey was founded by Manu Madhusudanan and TP Prabhakaran with the vision “To be known as the ‘WhatsApp’ of healthcare or digital real estate where everyone is hooked in and gets effective answers in the simplest form possible.”

Cooey is an end-to-end health-monitoring IoT platform provider that allows the users to collect, store, analyze and share their medical summary with a doctor. It provides insights and personalized health tips to patients based on their medical profile. Further, it helps connect users with various healthcare service provides to get personalized services, viz., medicines, lab tests, or homecare services, delivered to their doorstep.

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What Does it Do?

Presently, the platform allows the user to record important health vitals, medicines, and store their lab reports and manage their medical profile. Also, the users can generate a health summary which they will be able to share with their doctor for further advice. In the next phase, the company will have more engagement features introduced, viz., personalized coaching sessions, video tutorials on specific topics, and activity & diet monitoring.

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The company has an Android app for using the smart devices(made for Diabetics, Hypertension and Weight Management), and is planning to launch Cooey mHealth iOS App by July 31, 2016.

Business model

Currently the Android application is free for the users to download. The entry strategy is through sale of medical devices. Cooey has launched this app in August 2015. So far, they have close to 85,000 downloads of this application from play store, of which about 9,000 are active users. their app also has a feature called “post a query to a medical expert” where they have answered about 800 medical related queries so far.

From products per se, they have introduced three devices so far – Wireless Body Fat Analyzer and Blood Pressure Monitor. It’s Smart Glucometer is available on pre order

  • Smart Body Analyser – Available online in Flipkart and Amazon
  • Smart BP Meter – Available online in Flipkart and Amazon
  • Smart Glucometer – Launching by mid-June

Market Opportunity

Estimates suggest that there will be over 1.91 billion smartphone users by end of 2015 and it will surpass the 2 billion mark by 2016. World over the mobile health market will reach $49 billion by 2020, with a compound annual growth rate of 48% from 2013 to 2020 according to Grand View Research. Rising number of chronic diseases like cancer, heart disease and diabetes together with ageing population are driving the market space along with new connected medical devices. The market size for chronic patients in urban cities with access to smart phones is estimated to be USD 5 billion by 2020. Lack of healthcare providers coupled with expanding rural population could make the Asia Pacific market to take lead in this growth, predicts the research study.

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Also, patients often consult physician or hospital with limited knowledge of their medical illness largely due to unorganized mechanism for capturing/maintaining their health information. An overwhelming percentage of patients still tend to keep a pile of medical papers of their personal health information, which unfortunately they find it hard to trace when they actually need them. Cooey is trying to provide a well designed and easy-to-understand solutions that empower chronically ill patients to safely and securely manage health information from a single spot.

Portable glucose testers, BP monitors etc. have been around from a long time for the patients who need to monitor their health closely. However with devices which can get synced with a smartphone and give more real time data, while keeping a record, is likely to be a welcomed development by both patients and doctors.

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