After the COVID-19 pandemic, there was a major breakdown in our lives. We are now aware that health risks are much closer than previously thought. And until recently, the healthcare industry was really not digitalized and was really in the “past” in view of the digitalization of other industries. But with active digitalization and increasing healthcare software development, we started to take care of ourselves and our families differently, and the main thing here is easy access and security in any service.
But what is digital medicine all about?
Globally, the future of medicine is Big Data, which includes telemedicine, artificial intelligence, the Internet of Things and portable devices, cloud technologies, robots, and blockchain. What’s more, it all operates in every ecosystem of the project and looks after the individual.
Living longer has always been the main desire of any person. And the medical services of the future are already helping to realize it. The global health care market is over $12 trillion, which actually means its limitlessness. But at the same time, it is the most archaic system in the world, which actually creates an ocean of possibilities.
Facilitating the care pathway
Data exchange is not only necessary in the context of a health care crisis, but it is also difficult to set up. This is all due to the fact that the healthcare sector is very fragmented. Each entity – hospital, doctor’s office, pharmacy, analytical laboratory, EMD, home care services, etc. – has its own system for storing data of its patients.
This fragmentation is not without consequences for patients. For some, “the path of care resembles the trajectory of a pinball.” Hence the importance of facilitating the exchange of data between different medical professionals, which is why healthcare software development exists, and is constantly evolving.
As practice shows, digital technologies can significantly improve the quality of healthcare. So, for example, artificial intelligence in a fraction of a second analyzes the data collected by doctors around the world and makes a more accurate diagnosis than a specialist who, encountering a particular disease for the first time, can easily mistake it for another ailment. Moreover, telemedicine is gaining popularity, which already today allows patients to be in regular contact with doctors, which is especially important for people with limited mobility or patients who are examined by a foreign doctor. It is important that thanks to telemedicine, the patient can get the opinion of another doctor anywhere in the world.
E-health
The electronic healthcare system E-health is a fairly new direction for the world. The rules of the game, terminology and philosophy are still being developed. But it is already finally clear that this is a promising, particularly financially, industry. And this is good news for Ukrainian startups. After all, they can not only compete on an equal footing with competitors from all over the world but also literally create projects that have every chance of changing the world one day.
What investment opportunities exist in the sector?
The process of establishing a digital medicine system is an absolutely correct step in the development of modern society. Now, probably, only a lazy person did not argue and talk about his vision of health care reform. But the problem lies in the fact that few patients actually felt the changes due to the lack of convenient, fast, and transparent conditions. This is exactly what new technologies can provide. Cooperation between the private sector, for example, companies like Intellectsoft, and the state is more important here than ever. After all, it is the state service sector that needs significant modifications. Any reform must have a result, obviously quantitative and qualitative.
Why now?
Quarantine and restrictions on physical contact exposed serious problems in the health care system:
- How to pass another medical examination?
- Where to find a doctor when you are forced to isolate yourself in a foreign city?
Yes, the number of telephone consultations on “hotlines” increased, but what was their quality?
Technologies can already solve age-old questions and old problems with access to quality medicine. After all, at the end of the day, the medical service that thinks about the patient in the morning wins. Despite the obvious synergies and benefits offered by digitization in healthcare, this is only the beginning. It is necessary to create appropriate know-how, and specialized companies and adapt the technology. However, the prerequisites for a serious leap forward are certainly there. On the one hand, there is a great demand, the regulatory and legal framework ensures stability, and technologies are also sufficient to ensure a wide market and diversification. On the other hand, this topic is quite “fresh”, but at the same time promising, so it is of interest to investors.
How can digital technology reduce operational costs?
One way technology can help reduce operational costs in healthcare is by automating and digitizing many processes that are currently performed manually. Considering that labor accounts for an average of 60% of hospital costs in Canada, it seems desirable to minimize the amount of manual administrative tasks that fall on each employee so that they can spend more time with patients.
Among the digital health technologies that have gained popularity over the past decade, online appointment booking is probably one of the most well-known. After all, each appointment made by the patient on his own frees up time for the administrative staff responsible for processing telephone calls. Thus, administrative staff are more available to receive patients upon their arrival at the clinic and support medical staff.
Medicine in the post-coronavirus era
As the world recovers from COVID-19, the focus is likely to shift public health strategies to embrace digital tools. Especially in the context of prevention. Most of the world’s medical leaders will build their work with an emphasis on the digital health care system with an eye on human safety after the emergence of COVID-19. Thanks to what, this direction will become the most profitable and attractive for investors.
The world will not be the same as it was before COVID-19, it will change fundamentally. The main advantages for modern investors are the speed of accepting challenges and the ability to analyze a large amount of data in a short time in order to react more quickly to threats. Innovations in the field of health care will not only make it more comfortable to receive any medical services, but they are also able to prolong a person’s life.
