Indian cybersecurity consultant Panacea Infosec, along with human resource R&D firm Panacea Bioedge, has collaborated with Healmed Solutions, a mental health tech company in the US, to develop an AI-powered online mental health platform in India.

WHAT IT DOES

Panacea Healmed offers a range of mental health assessment tests for individuals, healthcare organisations, corporations and educational enterprises.

Its mental health assessment system for healthcare providers can automate up to 80% of their workflow by capturing a patient's history and converting it into an electronic medical record. The platform enables psychiatrists to review quantified, identified, and colour-coded symptoms through a dashboard, assisting in their medical decision making. It also features a digital assistant that interacts discreetly with patients. 

Meanwhile, its corporate offering of a mental health assessment tool helps employers to alleviate staff burnout and supports employees to self-manage their own mental wellbeing. 

WHY IT MATTERS

In a press statement, the companies said there is a "huge demand" for mental health services in India.

According to the World Health Organization, mental health disorders claim 2,443 years of life per 100,000 population in India. In 2017 alone, one in seven Indians is suffering from mental health disease.

The country also has a suicide rate of 21.1 per 100,000 people. By 2030, mental health illness will cost India an estimated $1 trillion.

MARKET SNAPSHOT

Panacea Healmed claims to be India's first AI-powered mental health platform. Innerhour, an Indian startup, also runs a mental health and wellness platform that offers assessments, a range of Cognitive Behaviour Therapy tools, personalised content and one-on-one support to individuals and corporate clients. Recently, it extended free online services to support the mental health of healthcare workers. 

A mobile app dedicated to supporting healthcare professionals' emotional wellbeing was also launched lately by Roche Diagnostics India.

ON THE RECORD

"We are pleased to announce the joint initiative of Panacea Infosec and Healmed Solutions to transform mental healthcare delivery in India. Both the organisations have excellent track records in their respective domains and have created successful collaborations. We look forward to working together to unlock the huge potential in mental healthcare services," Panacea Healmed co-founder and CEO Megha Sharma stated.

"We have an aggressive multi-pronged Indian expansion plan for mental healthcare services. We recognise the significant opportunity and need for mental health support in India and can support healthcare organisations, corporates, educational institutions and NGOs to better manage the mental health needs of the people. With Panacea Infosec’s local presence, expertise and infrastructure in place, we expect to see significant growth in India as we continue with the integration of our solutions," said Healmed Solutions CEO Dr Nidhi Goel, who is also a co-founder of Panacea Healmed.