There has been a lot of hype around digital health and telemedicine in the last five years. In reality, the adoption of digital health technologies is not standing up to the hype. Some of this is because it’s an emerging field and buy-in by physicians is very early. So in spite of the hype, I believe we are still in the early days of this revolution. Talking about patient-centered platforms, talking about the integration of genomics into our day-to-day health, talking about utilizing artificial intelligence in our day-to-day healthcare and so on; this is still very, very early.
Dr. Yossi Bahagon, a family physician and Managing Partner at Israel’s first digital health VC fund, talks about patient-centered healthcare, new companies to watch, and why Israel is a unique place to start a med tech company.
Innovative digital-health solutions, which are patient-centered, are a vital component in future delivery of healthcare. These innovative solutions, which empower people to play an active role in managing their own healthcare, will improve clinical outcomes, reduce costs, enhance patient-physician relationships and enrich patient experience.
The pharmaceutical industry is in early stages of adapting to this new environment. In the pharma industry, the upcoming era of technology-enabled participatory medicine is named the Pharma 3.0 era. Where Pharma 1.0 was focused on blockbuster drugs, and Pharma 2.0 around increasing operational efficiencies, Pharma 3.0 will develop multiple and new business models with new skills around analytics, customer segmentation and the new “blockbuster drug" ‒ patient engagement (referenced by Leonard Kish).
Everyone knows it, but few dare to disturb the hype.
No doubt, patient-centered digital-health solutions are a vital component of the evolving healthcare industry.
The Digital-Health industry is the fastest growing domain in means of investments when compared to the general software, biomedical and medical devices industries. By the end of Q3 2014, an astounding $5B were invested in Digital-Health initiatives in the U.S. only. Currently, the market is flooded with a massive VOLUME of Digital-Health initiatives promising to "revolutionize healthcare", but only a few will – those who will start building their EVIDENCE-BASED VALUE, TODAY.
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