Tech entrepreneur Marek Sacha is sharing his views on why health tech is hotter than ever when it comes to new opportunities.
Heath tech is blazing hot at the moment and I believe few industries stand to gain more from the recent innovations in technology than healthcare, shown by the recent investments that have been flooding to the health technology industry over the last few years. In fact, between 2010 and 2014, venture funding in health technology grew nearly 200%.
And I'm not surprised. The combination of an ageing population that creates increased demand and spending and the availability of cheaper technology that lowers the barrier to entry, are the driving forces attracting start-ups to an industry that has historically been challenging to disrupt.
The $6.5 billion invested in healthcare ventures in 2014 already created success stories in consumer health technology; think wearables. Products such as Nile FuelBand and Jawbone became instant hits as they bridged the gap between software and hardware and refocussed the industry onto the consumer.
Taking this one step further, we now need to focus on creating products and solutions that will help people in later life, as this demographic is currently far down on the list of priorities when it comes to funding and care.
For example, it's been shown that each year, over 100,000 elderly suffer abuse or negligence in care homes or their own homes as a result of lack of suitable and adequate help available.
By targeting individuals that require technologies to perform monitoring on a day-to-day basis to big data and analytics that can provide actionable insights on a national level, technology can help all of this and allow people to age with dignity, whilst also remain in their own home.
But in order for this to happen, the industry is dependent on forward thinking entrepreneurs that are willing to disrupt and change our current system. As each innovation wave generates more data, disruption-cycle times will shorten, thereby forcing all players in the health care ecosystem to address inefficiency as they compete on quality and value creation. Those who fail to act will be washed away by the tide that lifts all other boats to greater productivity.
At Revere Care we're working on just this; to disrupt the home care sector and provide a transparent and efficient care solution that will help to improve the quality of life for people in later life.
That care homes are impersonal and expensive to run is a well-known fact and, as a result, most seniors would much rather stay at home for as long as possible. But home care as we know it is mostly low quality, and with little resources, operational complexity and the lack of technology, has blocked scale in the sector.
In a move to tackle these issues and make great home care available, we're launching an on-demand 'Uber' App for home care, where vetted carers are available for call outs 24/7, whether that's to someone who needs it for medical reasons or perhaps it's just a matter of wanting some company or help with the shopping. The model is simple and allows people to take matters into their own hands, rather than waiting around for someone else to step in, as we know, this isn't likely to happen in today's society.
We're working towards a total change within the care system and by the use of artificial intelligence and technology by putting transparency at the heart of all services. Soon we will show you how.