India, June 22 -- India's health care sector has long been seen as a sleeping giant. Over the last decade, it has begun to stir - and now, in many ways, it is fully awake. Between 2022 and 2025, the sector attracted over $20 billion in cumulative investments across private equity, venture capital, and mergers. Hospitals, diagnostics, biotechnology, insurance, and digital health all drew significant interest, with 2023 marking a peak year, recording more than 330 deals.

Yet, amid this optimism, cracks have also appeared. During the same period, over $600 million in capital was eroded across more than 40 health care startups - a stark reminder that capital alone doesn't guarantee value, especially in a sector where trust, outcomes, and lon...