Big Data, Artificial Intelligence (AI), Block chain, Internet of Things (IoT) and Virtual Reality (VR) are revolutionizing the delivery of health care. Game changingpatient centric Apps released by US, Asian and European start-ups and unicorns, empower patients and doctors, conduct lifesaving diagnoses accurately, faster and more intelligently. It also ensures personal wellbeing of people in a timely manner by alerting probable health complications and preventing deceases rather than curing.
According to Goldman Sachs, Digital Healthcare market could reap $32.4 Billion in near term revenue.
Health care in coming decades will be more proactive, predictive, empowered and highly personalized or tailor made to suit the individual. Digitalization and Smart Phones are the catalysts of these changes. Technology advancements lower the barriers to entry in developing countries.Remote and Self diagnostics, Self-care reduce the workload of Health Workers and decentralize or democratize health care while narrowing the gap of the digital divide.
The Asian online health care industry is more pragmatic and focus mainly on unclogging the bottlenecks in the incumbent health industry. It also understand the importance of having offline brick and mortar hospitals and recognize the involvement of physicians in the value chain such as diagnose and prescribing drugs. Therefore Asian online health care sector will not become a disruptor and replacement for doctors or hospitals. Instead, it will provide additional online tools for better health care to increase productivity and accuracy and reduce wait time for patients at traditional hospitals. Online complements Offline.
However only few Next Generation Health Start-ups had reached the levels of Unicorns (Valuation over US$ 1 Billion) in comparison to popular start-ups from e Commerce, Ride Hailing on demand services and Fin Techs. The reasons are many.
- Difficulty in raising start-up capital due to slowness in creating a massive two way network effect or virtuous loop (between patients and hospitals/doctors/pharmacies).
- Tight government regulations in the medical sector such as patients’ privacy and accessing patients’ records at hospitals
- Difficulties in integrating the Apps with health systems and hospitals
Internet Plus Asia .com identify next generation health care in four dimensions as depicted in Figure 1 to engage patients, augment capabilities of doctors and personalize treatment and we will showcase Start-Ups and Unicorns under these four dimensions. (See Figure 2 to 5)
1.0 Facilitators (Telemedicine/ Doctor Search and consultations)
This is the most popular form of e- Health Care. There are more than two unicorns handle Doctor Search and consultations in China. Valuation of Start-ups are high due to revenue generating potential and monetization.
2.0 Intelligent (Vitro) Diagnosis
Lot of AI start ups' core area of development is intelligent diagnose. More rigorous trial and error testings are still needed before mass adoption. The developers should work closely with the physicians and human intervention in diagnosis cannot be completely replaced by AI, machine and deep learning applications.
3.0 Empowering Patients. Personalisation, Remote Patient Monitoring (RPM)
4.0 Personal Well-being
Figure 5: Applications that ensure Personal Wellbeing