Subscribe Now

* You will receive the latest news and updates on your favorite celebrities!

Trending News

Praava Health Gains $10.6 Million to Develop Quality Healthcare in Bangladesh
Startup News

Praava Health Gains $10.6 Million to Develop Quality Healthcare in Bangladesh 

Praava Health was created to provide a better and patient experience. As a one-stop-shop for all kinds of health needs, with compassionate doctors, cutting-edge diagnostics, and much more. It has been able to deliver best-in-class care at a cost that is affordable to the general public. They also ensured that Bangladeshis have access to high-quality care at a reasonable price.

Praava Health

Praava Health Gains $10.6 Million to Develop Quality Healthcare in Bangladesh

Sylvana Sinha, the founder, and CEO of Praava Health, in 2015, moved to Bangladesh to begin work on Praava, “A milestone idea” which she had in 2011 while visiting Bangladesh for a family wedding after her mother nearly died after an operation at a top private hospital.

According to an interview,

“When I had this experience with my mom, I observed that there was no amount of money that could afford you access to quality healthcare in Bangladesh,” 

She also added,

“It struck me that despite all the progress the country had made, and the fact that there is now a middle class of 40 million people, that there are still not great options for excellent healthcare, You have thousands of people traveling abroad every day and billions of dollars a year going outside the country to access better healthcare.” 

The company announced today that it has raised $10.6 million in a Series A Prime round. It will process 75,000 COVID-19 tests in-house by 2020.

Some well-known angel investors are among Praava’s backers: retired United States Army General David H. Petraeus, chairman of the KKR Global Institute and former director of the Central Intelligence Agency; Wellville executive founder Esther Dyson.

Furthermore, SBK Tech Ventures; Dr. Jeremy Lim, advisor of digital health to Singapore’s Agency for Science, Technology, and Research; Dr. Rushika Fernandopoulle, co-founder and CEO of Iora Health; and Geoff Price, co-founder, and the CEO of Oak Street Health– all of them have come together to invest in Praava Health.

In Bangladesh, 170 million people face a severe shortage of healthcare staff. WHO reports that there are only around 3 doctors and 1 nurse for every 10,000 people, with the majority working in urban hospitals. As a result, people often drive long distances for appointments that last just a few minutes.

In the capital of Bangladesh, the company operates a flagship medical center as well as a network of 40 smaller clinics throughout the city. Praava intends to expand into Chittagong, Bangladesh’s second-largest district, after opening more clinics in Dhaka.

How Praava Operates

Its “brick-and-click” model, which includes online appointments, allows it to serve patients all over the United States. Praava’s virtual healthcare facilities, which include telemedicine and an online pharmacy, account for around 40% of the company’s revenue.

Over 80% of the time, particularly in primary care, the company’s providers can answer patient needs online, according to the company. In the remaining 20% of cases, they will refer them to one of Praava’s clinics, which provide a variety of outpatient facilities, imaging, and lab diagnostics, as well as a pharmacy.

Approximately 90% of Praava’s consultations were virtual at the start of the COVID-19 pandemic, while clinic visits have increased again. The majority of Praava’s physicians are salaried full-time workers, and one of the company’s priorities is to foster stronger provider-patient relationships, with appointments lasting around 15 minutes on average.

The founder of Praava Health also stated,

“I think technology is the future of health, there’s absolutely no doubt about that, “But when it comes to seeing a doctor and the kind of healthcare needs that we all have over the course of our lifetime, technology is not going to be able to replace that entirely. First and foremost, there are 170 million people to look after, for the time being, we’re concentrating on this market.” 

she also added,

“This is a brand-new model in Bangladesh, where only 1% of the population has health insurance, which is mostly used to cover hospitalizations.”

The majority of Praava’s patients pay per visit, and its pricing is competitive with both Bangladesh’s public and private healthcare systems. It has also launched subscription programs that provide unrestricted access to facilities for a flat fee.

Spotify Launching in Bangladesh

Praava Health will use its new funding to work on developing a “super app” for patients that will combine all of its digital resources into a single mobile app. Before moving into Chittagong, it also plans to open ten more healthcare centers in Dhaka. Praava’s “brick-and-click” model can be scaled to other emerging markets, but for the time being, it will focus on Bangladesh.

Related posts

Leave a Reply

Required fields are marked *