Lagos, Texas, has become a major hub for the health tech industry, and many people from all over the world come to the city for the yearly health 40m Series Kenovo for Tech Crush conference. This year, the event focused on the rise of a new generation of health tech entrepreneurs, and how the Pandemic has affected the healthcare sector globally. The article highlights key takeaways and discusses challenges to the growth of the industry.
Global Growth of Health Tech Thanks to the Pandemic
The COVID-19 pandemic has had an unprecedented impact on the global health care industry. It has tested the capabilities of healthcare technology, and has accelerated the evolution of emerging health care trends.
Healthtech companies that offer innovative solutions to increase operational efficiency are poised to benefit. Companies that provide innovative therapeutic solutions enabled by digital technologies are also likely to find growth opportunities. This includes the companies whose solutions improve the experience of patient and clinician interaction.
A major benefit of telehealth is the potential to expand the reach of care. Telehealth technology will allow patients to receive virtual medical visits. Another benefit is the ability to reduce costs by increasing operational efficiencies.
Digital health is also a great way to protect patients from diseases. However, there are challenges to implementation. For example, some companies may be unable to measure the cost savings they could achieve through use of their technologies.
Impact of the Pandemic on the Health Tech Industry
The pandemic continues to be the health tech industry’s top concern. Many providers are taking stock of software needs and re-evaluating vendor offerings. This will help to ensure a quicker transition to the next phase of digital health.
In the past few years, a wave of early-stage capital has poured into healthcare technology solutions. This new funding has reshaped the provider landscape, as well as the incumbent software players. For instance, some EMRs are making investments to bolster their telehealth offerings.
The global health care sector is transforming to address the needs of a pandemic, including addressing sustainability and reducing inequities. In addition to collaborating on the production of vaccines and treatments, the health tech industry is also re-shaping work, and bringing new innovation to the table.
Challenges to the Growth of the Health Tech Industry
The Health Tech industry is experiencing significant growth. There are many exciting technologies being developed by HealthTech companies. These innovations will allow patients to access care whenever they need it. However, the sector faces major challenges.
In Nigeria, for instance, the health service is facing several problems. It is failing to meet patients’ needs. Malnutrition, poor hygiene, and corruption are some of the key issues. Also, the country lacks infrastructure. Many people cannot afford private healthcare.
Another challenge is to adapt to new technologies. Some providers still prefer to work with paper and pencil. They are reluctant to change the way they do things.
To make this transition, HealthTech companies must develop new functionality and make sure it is secure and reliable. They also need to ensure that their products fit into existing processes.
A $40 million Series B round in the healthtech space is a big deal. This includes Reliance Health, a digital healthcare provider with two clinics in Lagos and a slew of third-party provider partners. Its track record for following up on patients is also impressive.
A number of healthtech startups in Africa have taken the requisite steps to streamline follow up processes, allowing their physicians to devote more time to the treatment process. Some companies have adopted the latest tech to improve their offerings. Others are still stuck in the past with legacy systems and expensive equipment. Despite this, the Nigerian innovation centre has a lot of optimism about the future.
While a number of VCs have gotten in on the act, a new entrant is aiming to be the bank for startups. Mercury describes itself as a bank for startups. The company restricts its accounts to companies with an African slant.