Health technology companies, also known as digital health companies, use various forms of technology, such as apps, databases, wearables and mobiles to improve healthcare delivery, facilitate the payment process and, above all, the reception of care. All of this ultimately contributes to global pharmaceutical innovation and market invasion.
Defining health technology is challenging because there are so many different processes, services, and players involved in the health industry. However, we can differentiate many industry sectors that are included in the digital health revolution: first and foremost, insurance, then hospitals and healthcare professionals, pharmaceuticals, consumer services and the government.
Further, the reports imply that the trajectory of the growing connection between technology and the healthcare industry is more promising than consumers or businesses currently realize. It is therefore up to them to realize the potential of this relationship and to discover the most effective ways of harnessing it to fulfill their responsibilities.
Health care affordability, inequity of access, variability in outcomes, and ever-increasing demand for services caused by larger populations and longer lifespans are all challenges facing health care systems. are faced all over the world.
Health information and digital technology are one way to address these challenges. They also improve the customer experience, help meet population health goals, and provide new insights into medical conditions. So far, several cases of public and private sector programs that offer new approaches to old problems have proven to be instructive case studies for other groups. The results give us insight into the characteristics and potential capabilities of a future health system.
How fast is the field of health technology progressing?
Usually it has taken decades of continuous growth for many different industries to reach a point in the process at which they are able to easily incorporate modern alternatives and adapt appropriately.
The health technology the industry, on the other hand, has not seen such a period: in the five years to 2016, venture capital grew by 200%, leading to an injection of US$11.7 billion into health technology companies from a total of more than 30,000 investors.
At the end of 2015, the total value of the industry in the United States was estimated at $7.2 trillion. Regulatory changes in the United States have also contributed to the expansion of the health technology industry in its largest market.
The fundamental change in financing, restructuring and modernization that has taken place here has a simple explanation: it was essential. Yet in 2010, half of American doctors used paper and pencil for patient medical records. The situation was similar in Europe and Australia. The healthcare industry was too dependent on inefficient and outdated ways of doing things. Compared to other sectors, healthcare has been among the last industries to adopt new technologies. Digital health is the shock to the health sector that consumers, investors and startup founders are all extremely interested in making a reality.
What are the main factors driving the implementation of digital health?
Various significant factors have contributed to the expansion and growth of the health technology industry. The primary cause of the growth is behavioral change, which occurred in two distinct phases. For starters, customers have become accustomed to seeing technological disruptions in other industries, such as the sharing economy, and this has given them the confidence to seek out a better experience in other industries as well. The consumer market responded to this shift in focus, with renewed interest in wearable devices in 2014 and 2015.
Second, the increased focus on health by consumers has coincided with the introduction of digital health services, particularly in the UK and Western Europe.
Also in 2009, the US Congress passed the HITECH Act (full name: Health Information Technology for Economic and Clinical Health Act) with the goal of increasing the adoption of electronic health records and the required infrastructure. The Affordable Care Act (ACA) has had a similar effect on US private healthcare facilities, encouraging them to adopt and use software. Meanwhile, the UK’s National Health Service (NHS) is working to forge partnerships with companies and organizations in the tech sector.
The aging of the global health infrastructure and the global population has created a difficult situation for the medical community around the world. As a result of these demands, advanced medical technology has emerged to address these and other issues in the healthcare system.
What challenges will Health Tech face in the future?
The protection of personal information is proving to be a major obstacle to the advancement of health technologies. If the sharing and distribution of data is restricted or prohibited, the digital health industry runs the risk of being deprived of the foundation it needs to advance future technologies.
The proliferation of data is extremely important to the future of health technologies, and it is essential for the continued development of solutions to problems related to disease prevention, patient communication services and wearable consumer technologies. And unlike many other areas of work, the stakes in healthcare are significantly higher.
However, the fail-quick philosophy that many new companies have adopted cannot simply be applied to the health sector or to digital health startups. Many new industries tend to settle for lean approaches to innovation. Seen in this light, the ethics of health technologies have no bearing on the ethics of other digital domains.
The final major hurdle is determining how the health technology company intends to expand internationally, beyond national or national borders. Many companies have the potential to use their services or products in hospitals around the world, or provide information to patients in other countries, but the laws that govern healthcare are different in each region. The only way for health technology to become truly global is if it is able to meet the standards set in each country.
Where will health technology go from here?
In conclusion, the health tech sector is currently in a great position, with financial and consumer support promising steady and continued growth for at least the next two years.
The digital health revolution is well positioned not only to develop solutions, but also to deliver them, fulfilling the promise of technology in both areas. This will be accomplished by effectively utilizing the well-positioned digital health ecosystem. The medical care industry will have to adapt in order to meet the growing demand for resources. The potential for advancement and technological improvement coincides with this requirement.
Although the health technology industry is growing, it is still very young and very fragmented in its current state. If today’s health technology sector is to grow, the regulatory framework in particular will need to evolve alongside health technology. This is absolutely necessary to ensure that the general public will get the benefits originally expected from both sides.