October 07th, 2019

What is Healthtech? 

Simply put, healthtech, also digital health, is a fusion of “health” and “technology”. Not-so-simply, healthtech is the use of technology to improve the delivery, personalization and data gathering in the healthcare industry. Technology has been the catalyst of development of new, care tools, medicinal products, and patient experiences. This definition, however, does not aptly define all the innovation and transformation in the healthcare industry, which has limitless possibilities for change. In the last few years, funding from venture capitalists has not only tremendously grown, but it has allowed this sector to have access to technological advancements that would aid its dated processes.

Reasons for adoption of digital health is simple, necessity. The healthcare sector used to be one of those least receptive to technological advancements, with many doctors over the world using rather archaic methods. The healthcare industry is, however, too important to be reliant on such outdated techniques. Consumers that are used to seeing technological advancements in other sectors and the benefits it brought were keen to seek a better experience in healthcare. Digital health came at a period when people are beginning to be more conscious about their health. So, the reception was massive. The law has been in favor, beneficial regulatory changes by agencies like the National Health Service (NHS) in the UK and Dept of Health & Human Services (HHS) are holding innovation challenges, startup days, and established venture funds to encourage exploration, experimentation and adoption.

Examples of innovations in healthtech:

Augmented reality to help clinical staff perform operations in the surgical room and explain (show) procedures to patients
Drones to deliver prescriptions to people’s doorsteps and remote locations
Music and animal therapy to help with pain management, Parkinson’s disease, and many more
Smartphone applications and wearables for remote monitoring and predictive modeling
Virtual and telemedicine allowing patients access to medical care in real time and the comfort of their homes
A challenge faced by healthtech is trust. In a world where patients’ electronic health records are very valuable to cybercriminals, as social security numbers fetch $1, each medical record can be sold for up to $1000. The need to ensure patients’ confidentiality and information is safe and guarantee it can not be jeopardized is key. To ensure this, security is taken seriously, with the adoption of technologies like blockchain which offer an extra layer of protection due to their lack of third-party interference. With the advancement of technology, healthcare transforming at a rapid rate, one can be certain that the healthcare industry is only going to get better.