S TA R T U P S P E C I A L
7,000 , will be replaced by TB WGS . infexn reduces the TAT to 12 hours ; earlier it was 15-20 days , doing away with the necessity for numerous tests for culture , and reducing hospital spending on ICU patients . All infectious illnesses may be tested for with infexn , a single-stop shop for testing .”
Overcoming challenges Founding a pioneering genomics healthtech company like HaystackAnalytics comes with its own set of challenges , especially in the early days and during the process of scaling and mainstreaming technology . From the skeptical medical community , to technological complexity , and from regulatory approval to clinical validation , and
HUGE GROWTH POTENTIAL
market education and adoption , the company has tackled many challenges .
The medical community is traditionally cautious when it comes to adopting new technologies for diagnosis . Genomics is a highly complex and rapidly evolving field . Developing technology that accurately analyzes and interprets genomic data requires advanced bioinformatics , computational biology , and data science expertise . The team had to navigate through this complexity to create a reliable and effective genomic SaaS service .
In 2022 , the global genomics market was worth about $ 28.05 billion . It is predicted to grow and reach about $ 107.5 billion by 2031 , with a growth rate of about 16.1 % each year from 2023 to 2031 .
The largest obstacle was convincing potential customers that this innovative technology would be useful in India when we demonstrated the product . The healthcare industry as a whole is quite hesitant when it comes to implementing new technologies to make assessments . Addressing these challenges requires a combination of technical expertise , strategic planning , effective communication , and a strong commitment to the company ' s mission .
In terms of managing its finances ,
HaystackAnalytics has implemented a sensible financial strategy that involves prudently allocating resources to various aspects of its R & D endeavors . “ We prioritize investments that directly contribute to enhancing our products and services , while also striking a balance between innovation and sustainability ,” says Gaurav .
In terms of fundraising , the company is actively exploring opportunities to expedite its R & D efforts . It has commenced discussions with potential investors who not only share our vision but also comprehend the transformative potential of its work .
Way Forward
The company is reaching out to audiences while collaborating with
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BioVoiceNews | October 2023