When we think about healthcare challenges, Covid-19 is first on the list. We all witnessed healthcare systems around the world be completely overwhelmed by the pandemic, with professionals doing unspeakable efforts to keep them afloat. But we also saw how the industry implemented innovative solutions with record-breaking speed, and how technology was at the forefront of it all.
As we begin to emerge from the crisis, it’s time to set our sights on the future. Where is the healthcare industry headed? EIT Health (the European Institute of Technology and Innovation‘s health branch) has identified 6 focus areas that predict major trends in coming years:
1. Reforming Care Pathways
Care pathways refer to the entire chain of healthcare, from diagnosis to treatment. Current strategies focus heavily on the treatment phase, but EIT predicts that pathways will have to be optimized to provide end-to-end care before the onset of disease through to end-of-life support. That will give way for companies enabling people with chronic conditions to live as well as possible, for example.
2. Modernizing healthcare
The industry needs solutions for its current fragmentation, in order to create a sustainable healthcare system that can support an ageing society.
3. Harnessing real-world data
Data can deliver prediction models for early diagnosis, enhance treatment and inform how we can lead healthier lives. But it’s not being used to its full potential at the moment, so companies that harness data to improve the lives of patients and citizens will gain momentum in coming years.
4. Bringing Care Home
In anticipation of a growing ageing population, the industry should prioritise innovative solutions that support healthcare delivery in the home and away from the hospital. Enhancing the integration of health and social care will be vital in releasing pressure on hospital services.
5. Health in the Workplace
Work-related stress affects one in four employees in Europe, leading to significant levels of absence. There’s many work related conditions that can pose entrepreneurial opportunities, namely in terms of better education, improved personal awareness and helping to make healthy choices easier
6. Fostering Healthier Lives
There’s a market for tools and incentives for patients to change lifestyle behaviours and help protect their health, preventing early ageing and reducing disease and disability.
Like we always say – all challenges are also an opportunity. The industry needs disruption, and scale-ups will know how to “ride the wave” posed by the pandemic, leveraging the digital transformation momentum that came along with it. We looked in our community to find examples of resilient teams that continue to innovate and implement breakthrough solutions in various fields across the industry. Here are 3 of them:
Incision is a learning platform that contains 500+ video courses on surgical procedures. Doctors, nurses, residents and surgeons can use Incision to prepare for their work in the operating room through 2D and 3D videos of step-by-step surgical procedures. Last May the company received €5M funding from SHS and Rubio Impact Ventures, which will support the company’s international expansion, in a step towards achieving the founders goal of connecting 10,000 clinics around the world. Ultimately the team aims to improve 100 million operations per year.
Healthcare goes from disease prevention, diagnosis, treatment to home care. How do we promote collaboration across this continuum? Forcare allows for data flows between medical systems through innovative interoperability software solutions. At the end of 2017 the company was acquired by Philips, which adopted Forcare’s software as the tool to identify and understand different challenges in the healthcare environment. Now called Philips Interoperability Solutions, the software improves communication across the chain through a smooth exchange of data, which is beneficial for both patient care and clinical workflow.
Combining advanced technology with medical expertise, Pacmed‘s software generates recommendations to support decisions in intensive care, emergency care and oncology, by analyzing routine healthcare data. It allows healthcare providers to learn from previous decisions made by others in similar situations, while also ensuring that patients receive care adjusted to their personal needs. Pacmed is at the forefront of AI and machine learning applied to healthcare, and it shows in its performance – only one year after being founded (2014) the company was already able to grow through its own revenue.
These three companies are successfully tackling some of the major challenges that healthcare is facing at the moment. They show us that to make a real impact in medical care, companies must scale. At ScaleUpNation we help impact-driven, innovative companies to achieve growth. Are you and your team ready to scale your impact? Contact our venture scout Lars Ramler at firstname.lastname@example.org to find out how we can work together.
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