A recent McDermott roundtable on European private equity for health provided key insights into the future of medtech, digital health, and data analytics, and identified opportunities for businesses and investors.
Digital health solutions are widely seen as the next big market for innovation. When it comes to digitisation, healthcare lags far behind other sectors, but the potential opportunities are pushing developers, healthcare providers and investors to find solutions.
A key point to bear in mind regarding healthcare technology is that success and acceptance can often be assessed by the quality of user experience, the resulting clinical results, cost savings over the short and long term, and the resulting benefit for both consumers and the overall healthcare system. The demands for I greater efficiency, and ii) better patient outcomes best illustrate these multifaceted goals.
Of example, reliability is characterized by automated bookings and appointment reminders, algorithms that triage patients to ensure that the right person sees them at the right time, and in-house patient tracking after patients are discharged.
For example, a high-tech product that tests and monitors blood sugar is of no use if the design is too complex for an older population.
Better outcomes benefit from the gathering and use of data by physicians to determine the right treatment as quickly as possible and are illustrated, for example, by positive changes in lifestyle, progress in self-care or care outside the hospital, appropriate prescription and use of medications and, in direct contrast to other industries, decreased rather than expanded use of facilities.
The data privacy and security is one of the most apparent issues found in digital health. Issues relating to data access, the right to use it, and possession of the study benefit from this. The most successful companies are those who understand the regulatory landscape in which they operate from the very beginning; are transparent in terms of where their data originates; make clear the type of data at issue, whether it is identifiable, pseudonymised, anonymised, or something in between; and identify who will control what data in what form. The opportunity to combine certain variables is an essential part of the value proposition of any new entrant.