Big Topics in Small Doses Episode 5: Healthcare Technology and Innovation
Healthcare technology and innovation
Hello everyone. Thanks for joining us for another special edition episode of Healthy Dose of Dialogue podcast. In this episode, we'll be focusing on health innovation, technology’s growing role in it, and how these two factors are changing our expectations and access to care.
When COVID-19 limited in-person care, it not only opened the door for innovation, but it also compelled it. Telehealth, artificial Intelligence, data sharing, analytics, wearable devices, and point-of-care solutions all took the spotlight and received an unprecedented amount of interest, investment, and adoption.
Looking at telehealth alone, demand skyrocketed. McKinsey & Company reports that investment in telehealth jumped to $14.7 billion in the first half of 2021 — a figure higher than all investment in 2020, and more than double 2019’s pre-pandemic levels, at $7.7 billion.
In a conversation with our guest Christina Farr, principal investor and health-tech lead at OMERS Ventures, she said the public's new appetite for digital innovation has led to diverse solutions and increased access to healthcare.
"I have seen telemedicine kind of go from being, really horizontal, or really one-size-fits-all platforms—like a Teladoc or a Doctor on Demand. And now you're seeing more focus from these startup companies on individual patient populations."
One of these telehealth companies seeing a demand surge is Headspace, a platform specializing in mindfulness and meditation therapies. Dr. Dana Udall, chief clinical officer at Headspace Health, said that since the pandemic the company has seen significant and lasting demand.
“So telehealth initially was kind of an alternative, or one avenue of care. And at least when it comes to mental health, it has become a primary channel where many, many people are seeking telehealth services. And they didn't just do it temporarily during the pandemic but they've actually remained in care in a way that we haven't seen in other parts of medicine.”
Looking at the larger picture for health tech innovation, Scott Becker, host of the Private Equity & Business Podcast, said current market trends show you don’t need to be a giant organization to deliver disruptive and cutting-edge services. Rather, he said digital innovation in healthcare is a level playing field.
“So, I think it's a mix of the big, big companies and then there's a whole level of next-level and smaller companies that have just huge impact…there are kind of these next-level companies that I think are much better at specific solutions for healthcare then are the mega, mega companies.”
As evidence of a startup with breakthrough solutions, meet Sami Inkinen, the co-founder and CEO of Virta Health. Grounded in technology and data science, Virta has uncovered a care model to reverse type-2 diabetes through specialized dietary assistance.
The company has surprised the medical community and been so successful it’s set a goal to reverse diabetes in more than 100 million people by 2025.
“So just in terms of the results, we've been able to show that at one year 60 percent of our patients have type-2 diabetes reversed, which means they are completely off of diabetes medications like insulin — completely off. So indeed, as bold as it sounds to say that we reversed or put type-2 diabetes, or put it into remission, it is possible.”
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