Hello, friends!
Some interesting and still up to date stuff about companies, products and trends in #HealthTech from the conference "Future Health", organized by CB Insights, I was lucky to visit in October 2019)
Full summary: https://t.me/asobepanek
Short summary:
1. Problems being solved:
1. 1 of 2 Americans (157 mln) have this or that chronic condition (32 million americans with diabetes, growing 500 000 people a year). Dealing helps to save a thousand dollars per employee per year: less emergency room visits, less physicians visits, healthcare savings
2. 72% of diabetes, hypertension, weight management are behavioral and mental health
3. 17 million people have sleep disorders, and 80% are not diagnosed, and it’s not yet well reimbursed
4. Humana (insurance): we try to detect loneliness as well. The goal is to improve quality of communities by 2020 by 20%
2. Technologies being used:
1. AI: is used in ultrasound diagnostics and over the electronic medical redords (to enable decision support)
2. Telemedicine:
1. Only 4% of Americans have tried telemedicine, although practically everybody has it for free in their insurance plan
2. Teladoc - 4 million virtual visits this year - 10x to the next competitor. Utilisation - from 9 to 100+ % - 5x the utilisation of the closest competitor. 472 dollars saved every time using telemedicine
3. Babylon - expenditures on salaries - 2/3 from the classical clinic (overall cost savings - 70%). Average waiting time - 2 minutes, NPS - 94%. Doctor’s voice recognition - minus 25% time on taking the notes. Accuracy of the doctor - 80%, together with AI - 98%
4. Trend: at home digitalized eye exam + glasses + prescription lenses
3. ePharmacy: Alibaba has tracked 95% of pills sold in China
4. Gene therapy: is a $2,5bln market
5. Interoperability: #3 reason of death is doctors' errors - 250 000 a year - many could be solved. Absence of interoperability in clinics is one of the reasons: old computers, old operation systems (should be put out of use), anarchy; MRIs, bearing devices, alarming systems should all be integrated in a single workflow; there is information, but not in the right place, not «loud» enough and not linked
3. Economics & business models being applied:
1. Some companies struggle to make Medicare for all and take the issue of payment away from the doctor
2. Immunotherapy is transformative only for a little number of chances (and very expensive), so it’s an ethical issue, whether to give / approve it to the client or not
3. Uber is 14 mln rides a day. The essence of the Uber Health service is to order the ride from the care provider (non-emergency home-clinic transfer). 4 billion dollars a year (1% of Medicare expenses) are spent on that. #1 in terms of complaints. 15 bln market, including pharma and meal (in Medicare) delivery. Currently Uber Health is growing 400% a year
4. Half of the Americans are Amazon Prime clients
4. Overall entrepreneurial advices:
1. Do your best and then the client will forgive you
2. Entrepreneurs are just stupid - they don’t see all the problems, they just solve the one that’s in front of them, that’s why it’s not as hard
3. You need to have people who will think only about that narrow problem
#summary, #future, #cbinsights, #health, #HealthTech, #biohacking, #longevity, #transhumanism, #wellness, #medicine, #healthylifestyle, #trending, #entrepreneurship, #investment, #telemedicine
