Healint at INSEAD - Technology distruption in Healthcare
Technological disruption in healthcare – INSEAD
Veena Swaminathan, Sanofi
Julien de Salaberry, Galen Growth CEO
Francois Cadiou, Healint CEO
Bharathi Sathurappan, healthcare advisor
Ted Baldwin, HealthTech entrepreneur
With the growing middle-class population and rising incomes, people are spending more on healthcare, together with internet and smartphone penetration that is growing, while the technology infrastructure is moving to cloud-based services.
The digital age is inevitably moving towards innovative technology and business models, which are disrupting the healthcare market.
The panellists discussed several hot topics in the healthcare space:
• How will the healthcare look like in 10 years?
We are moving towards a patient’s centricity, one of the most important areas of improvement within all sectors of the healthcare industry. The increase in healthcare spending does not necessarily lead to better outcomes due to the complexity of the healthcare systems. Instead, the key stakeholders should focus on whether they will likely deliver better value or outcome of healthcare per unit cost in the following years. The new healthcare funding model should be the one that moves away from the episodic, fee-for-service model to the outcome- or value-based care for a population; it should be patient-centred, where healthcare providers are caring for all the needs of a patient as a whole. All this, powered by digital solutions developed to help patients better manage their illnesses.
Therefore, Digital health is moving from a vertical system doctor-patient to a more horizontal engagement across all industries, mentiones Julien De Salaberry.
• What are the key barriers in Digital health and are they coming from the key stakeholders?
According to Healint’s CEO, Francois Cadiou, the pharmaceutical companies are challenged in executing virtual clinical trials, which is significantly slowing down the development of the drugs and therefore increasing the value and the price of medication and disrupting, at the same time, the entire value chain.
On the other side, the doctors and therefore the patients are not confident enough in adopting the digitalisation of healthcare. The regulatory stakeholders are challenged with the fast-growing advancement of innovating tools related to diseases, while the sharing and the consolidation of gathered data from those resources remains limited.
The Future Health Index (FHI) 2017 and 2018, by Philipps, has shown some of the vital areas that governments and healthcare organisations are dealing with in their bid to digitise and modernise amidst shifting demographics and consumer demands. The study shows that population and healthcare professionals are satisfied with the adequacy of their healthcare system with two-thirds agreeing that the level of care meets their needs. More than three quarters agree to have appropriate access to wellness information and resources.
For example, the Asian population underestimate how their healthcare system is adapting with the connected care technology, with one of the most significant perception gaps in the adoption of connected care technology, behind Europe and Australia.
The population and healthcare professionals recognise the benefts of connected care technology, but not across the entire system; as it is often perceived as a tool for elderly healthcare services/services. However, the FHI study shows that the main barrier to broader adoption of connected care technology could be the cost and lack of training on the benefts.
• What role can Companies play in the rise of the Healthcare industry?
As the industry continues to move towards this value-based system, here are a few trends healthcare organisations should focus on:
- Collaboration between governments, pharmaceutical companies and technological start-ups: these partnerships will accelerate a tangible outcome of acceleration of technological adoption and drive a significant change in the healthcare industry.
- The shift to wellbeing rather than illness
- How technology can help in patient’s centric healthcare focus
- Increased adoption of virtual care options
- Focusing on the education of new workforces and recognising Engineers as the real strength in this value chain, adds Francois Cadiou.
• What are the career implications when working in the healthcare Industry and more in particular, in HealthTech?
The entire panel agreed that it is an industry with a high sense of satisfaction, facilitating innovation, bringing ideas to life and having the pleasure in improving the quality of life of patients.
According to Healint’s CEO, Francois Cadiou, each time we make healthcare more efficient, patients are rewarded by the freedom of choice in their healthcare management.
Healthcare is a more tangible industry, the improvement of access to medicine is driven by technology from patient’s point of view, but also as a society, concludes Julien De Salaberry, CEO at Galen Growth.