If you’ve read the first post in our new technology series, you already know which technology trends are predicted to have the largest impact in 2019, and which trends have generated the most buzz thus far.
If you haven’t read it yet, click that little hyperlink in the first sentence to get up to speed.
In keeping with our exploration of technology trends and how they continue to shape both healthcare and financial industries, today’s post explores technology’s transformative role in the vast and rapidly evolving world of global medicine and telehealth.
An era of rapid advancements
While using new discoveries and technologies to implement improved healthcare solutions is not new in a traditional sense (consider the origins of aspirin were first discovered in the Willow plant between 3000 – 1500 BC), modern advancements in telemedicine show us just how far medical technology has come in only a few short decades.
Telemedicine, which is defined as the use of digital technology to access healthcare resources and services remotely, has experienced rapid growth in the last several years. It’s also anticipated to grow at increasing rates as widespread adoption of smart devices and increased global access to the Internet continues to drive rapid expansion.
For both doctors and companies that desire to improve outcomes for more patients by making their services widely available, telemedicine provides the perfect opportunity.
For communities that may struggle with access to adequate healthcare resources, such as those in underdeveloped or underserviced areas, this also provides a more accessible way to engage with and ultimately maximise overall health.
The digital + health partnership
A perfect example of this win-win partnership is Qure Ventures, which prides itself on being Israel’s first digital health-centric fund, providing strategic innovation solutions to entities such as Discovery Health Insurance, Johns Hopkins Medicine, Janssen and Siemens.
Qure focuses on investing in emerging technologies, which improve the quality and experience of patient care, that are digitally advanced and lean toward telehealth. Additional areas of focus include a reduction in healthcare costs for patients, creating a greater level of transparency in medical decision-making and ensuring maximum levels of health-data security.
Qure describes their approach to telemedicine in radical and profoundly important terms:
“Digital health solutions are more necessary than ever as the global population ages and healthcare demands accelerate quickly while supplies and services cannot keep pace. Investments in disruptive digital solutions lead to massive impact – now and for future generations.”
Credabl has a close relationship with Qure Ventures putting us at the forefront of some of the most innovative technological advancements occurring across the world in health care, while allowing us to see just how rapidly this industry is changing.
With our sights on the future, Qure introduced us to a few of their favourite technological ventures, which have been tailored for physicians and their patients and are bound to shape the world of medicine for years to come:
What if you could experience the benefits of real-time diagnosis, without having to leave the safety and comfort of your home? TytoCare offers just that, by bundling a kit containing an Exam Camera, Basal Thermometer, Otoscope, Stethoscope and Tongue depressor with the proprietary TytoApp™.
This FDA approved kit is a truly innovative advent in the world of telehealth, allowing for a guided medical exam from a doctor without the hassle of traveling across your city or town when you’re feeling under the weather. Patients utilise the tools located within the kit while a doctor measures diagnostics in real-time, remotely.
With global telemedicine expected to increase at a compounded annual rate of 16.5 percent from now to 2023, the opportunity to synthesize this convenience with state-of-the-art technology is attractive to patients, doctors and investors alike.
Leveraging the latest mobile technology, Sweetch is an Artificial Intelligence based platform which works to encourage improved decision making to dramatically reduce the risk of chronic diseases such as obesity, diabetes, hypertension and hyperlipidemia.
Sweetch proprietary technology “automatically turns various smartphone-originated data streams – geolocation, schedule, activity patterns, walking routes, weather, surroundings, etc. – into personalised recommendations that guide the user toward achieving the desired goals.”
The creators of Sweetch believe that even small actions, when completed consistently, can lead to better patient outcomes. For example, an additional two and a half hours of exercise per week can reduce the risk of type 2 diabetes by up to 71%. When AI is leveraged within the Sweetch app to measure progress while encouraging smarter choices, patient outcomes can dramatically improve in the process.
iCON Mobile App
The iCON Mobile App was originally sponsored by Janssen Israel, the pharmaceutical subsidiary of Johnson & Johnson, and was designed to allow patients to report their health status in real-time after beginning a prescription drug.
Consider a common scenario: you are prescribed a new medicine for a sudden ailment. After visiting with your doctor and picking up your medicine, you develop other symptoms of being unwell and wish to take another regular medicine in your bathroom cabinet. Whereas patients may have previously been tempted to simply Google their inquiry (or sometimes ignore it altogether) leading to increased risk, they would instead use the iCON Mobile App to ask their question and receive a response based on their individual circumstances and risks.
Increased access, transparency and communication in this scenario like the others, will consistently lead to better outcomes.
With Qure Ventures helping to lead the way, the entire world stands to benefit from the rise of telehealth and new technologies like apps and mobile diagnostic devices.
New companies like Qure are displaying just how much room there is to grow in this emerging field, which thrives by combining the best of technology and medicine to better the lives of patients everywhere.
Whether it’s those in rural areas having access to the best care often restricted to major urban centers, or millions of patients making better health decisions on a day-to-day basis, the world of medicine is changing for the better thanks to the transformative impact of new technology.
New technology in your practice?
If you’re researching, developing or embracing new technology in your specialty area or practice, we’d love to hear more about it. Contact us today and share your story. We would also be happy to introduce you to our partners at Qure if you’re pursuing investment opportunities.
Speaker line up
Credabl is delighted to be host speakers from Qure companies from time to time. In 2018, Credabl clients were invited to hear Qure’s Managing Partner Dr Yossi Bahagon speak. When you meet individuals like Dr Bahagon you realise just how bright the future is going to be. Dr Bahagon, a practicing GP, was responsible for leading the nationwide transformation of the Israeli healthcare system into a fully digitalised world. Yes, he updated the healthcare system for an entire country!
Stay tuned for future speakers brought to you by Credabl and its partners.
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