Praava Health Awarded as Technology Pioneer by World Economic Forum

On 15th June Praava Health, a brick-and-click healthcare venture, was selected among hundreds of candidates as one of the World Economic Forum’s “Technology Pioneers” for its contributions to healthcare innovation in Bangladesh, which offers lessons for the delivery of healthcare globally. Praava is a patient-driven company disrupting the standard for healthcare for Bangladesh’s 170 million citizens. Tripling growth every year since launching in 2018, and currently serving 200,000 patients, Praava’s tech-forward model is designed to be efficient, accessible, and scalable across emerging markets, where 85 percent of the world lives.

The World Economic Forum’s Technology Pioneers are early- to growth-stage companies from around the world that are involved in the use of new technologies and innovation that are poised to have a significant impact on business and society. Previous tech pioneers include Airbnb (2014), Dropbox (2012), Kickstarter (2012), Spotify (2011), Twitter (2010), Proteus Digital Health (2009), and Google (2002).

“We’re excited to welcome Praava Health to our 2021 cohort of Technology Pioneers,” says Susan Nesbitt, Head of the Global Innovators Community, World Economic Forum. “Praava Health and its fellow pioneers are developing technologies that can help society solve some of its most pressing issues. We look forward to their contribution to the World Economic Forum in its commitment to improving the state of the world.”

 “It’s wonderful to be recognized as a pioneer by the World Economic Forum,” said Praava Health’s Sylvana Q. Sinha. “Artificial intelligence, smart design, and biotechnology are the future of healthcare, and Praava’s brick-and-click model will continue to leverage technology to enhance patient experience, access, and outcomes for Bangladeshis. Technology can never replace doctors, but it can help patients and their care teams to better manage health.”

For the first time in the community’s history, over 30% of the WEF Technology Pioneer cohort are led by women - including Praava Health, which boasts a female-led team, with a female founder and women comprising 3/5 of the c-suite. The pioneers also come from regions all around the world, extending their community far beyond Silicon Valley. This year’s cohort includes start-ups from 26 countries, with UAE, El Salvador, Ethiopia and Zimbabwe represented for the first time. 

The diversity of these companies extends to their innovations as well. 2021 Tech Pioneer firms are shaping the future by advancing technologies such as AI, IoT, robotics, blockchain, biotechnology, and many more. 

Technology Pioneers have been selected based on the community’s selection criteria, which includes innovation, impact, leadership, and the company’s relevance with the World Economic Forum’s Platforms such as COVID Action Platform, Center for Cybersecurity, Shaping the Future of Health and Healthcare, among others.   

Praava’s win signals strong potential for the venture to have a lasting impact in its home country and other emerging markets. Bangladesh is the world's eighth-most populous country with a population density triple that of India. Bangladesh is projected to be one of the world’s 30 largest economies by 2030; GDP per capita exceeded India's in 2020. However, the local healthcare system faces challenges. The average doctor’s consultation lasts 48 seconds. The country is home to merely one internationally accredited lab, and many drugs in the market are counterfeit. As in many low- and middle-income countries, more patients are dying due to lack of access to quality healthcare than lack of access alone.