Power to the Patient: Mobile Technology Poised to Transform Healthcare – Investment Opportunities Emerge

The Economist Intelligence Unit (EIU) recently released a report titled “Power to the Patient: How mobile technology is transforming healthcare,” which examines the current state and prospects of mobile health technologies in the global healthcare industry based on extensive research. The report has sparked heated discussion among partners in the VCBeat startup community (Apply to Join the VB Entrepreneurship Circle), VCBeat has organized the main content of the report as follows.

The Pharmaceutical Industry Seeks to Seize New Opportunities Brought by Mobile Technology

Pharmaceutical companies have begun to venture into the mobile health sector, developing monitoring tools to help physicians and patients track diseases and treatment efficacy. Currently, Bayer, Merck, and Novartis have each developed more than 100 health management applications. However, a 2014 report indicated that consumers were hesitant to download and use these apps. Although Merck’s app achieved relative success, its user base remained under one million, while other applications attracted even fewer users. Furthermore, the widespread lack of public trust in pharmaceutical companies poses an additional challenge for the industry. Nevertheless, a clear opportunity for pharmaceutical firms lies in leveraging mobile health solutions to enhance patient experience, improve clinical outcomes, and reduce healthcare costs.

Wearable IntelligenceEquipment Plays a Key Role

According to an EIU survey, 79% of respondents believe that the primary role of mobile health technology today is to provide education and information. This information can be delivered via text messages or through individuals consulting with physicians using network-enabled devices. However, the function of providing education and information only scratches the surface of mobile health. When asked about the role of mobile health over the next five years, only 11% of respondents cited providing education and information. They identified the top three roles as: 1. Enabling patients to take a more active part in their treatment (50%); 2. Reducing healthcare service costs (50%); and 3. Enhancing individual health awareness through self-management (29%).

First, providing people with more health information and data begins with the development of various wearable devices, such as Fitbit, Apple Watch, and Strava. The second step involves devices used in hospitals, doctors’ offices, and laboratories to collect medical data. GE’s ultrasound instruments and AliveCor’s heart rate monitors have already gained prominence. A growing number of other wearable sensors and controllers are continuously emerging. Samsung has launched a digital health initiative dedicated to developing sensors capable of monitoring blood pressure, blood glucose levels, and vital signs. Samsung is also collaborating with the University of California to plan for the clinical application of these devices.

Secondly, mobile health can also be integrated with big data. For instance, researchers and pharmaceutical companies can mine cardiac monitoring data to uncover new clues regarding the causes of heart disease and identify optimal treatment strategies. Big data can also facilitate the interconnection of diverse information sources. Furthermore, patients can access a wealth of medical information and resources by leveraging large datasets.

Finally, mobile health can be integrated with the gaming industry. The competitive nature and other gamification features of games can motivate behavioral change. Currently, games have been successfully applied in the treatment of post-traumatic stress disorder (PTSD). Well-designed games can help improve both physical and mental health.

Empowering Patients

Interconnected healthcare holds immense potential to reshape the healthcare and life sciences industries, creating numerous new opportunities while simultaneously threatening entrenched interests. If mobile devices enable individuals to manage their vital signs, conduct tests, and diagnose diseases from home, much of the existing medical infrastructure in developed countries will become redundant. At the very least, this shift would alleviate the pressure of overcrowded hospitals and clinics. For patients, greater access to information and data empowers them to take more control over their own health. Mobile health can significantly enhance management efficiency within the healthcare industry and foster collaboration among scientists, pharmaceutical companies, medical device manufacturers, and hospitals. The vast amount of data collected from patients can reveal the ultimate outcomes of different treatment protocols and processes, thereby eliminating unnecessary treatment steps and conserving the substantial resources currently wasted in the healthcare system. As long as there is mobile connectivity, a better healthcare experience can be delivered.

What is the most likely profit model?

The future of mobile health will not be smooth sailing. The greatest challenge lies in establishing a viable business model for new devices, services, and their interconnectivity. According to the EIU survey, the two most prominent potential business models are providing healthcare services (41%) and offering paid subscriptions for premium content and advice (38%), along with data monetization.

Data Security Issues Require Urgent Resolution

The second challenge facing mobile health is technology. How can the security of users’ health data be ensured? According to a survey by the EIU, nearly half of respondents (49%) believe that concerns about personal privacy may be one of the barriers to adopting mobile health, while 51% consider data privacy risks their greatest concern. In response, Kenya’s Ampath project encrypts all data and enables remote wiping in the event that a mobile phone is lost or stolen. Additionally, 53% of respondents indicated that misunderstandings about data could lead individuals to make incorrect decisions. Furthermore, companies worry that regulatory bodies may fail to keep pace with technological advancements, resulting in delays in the approval of new devices. In developing countries, the widespread use of prepaid mobile phones and the frequent changing of phone numbers make continuous tracking difficult.

In summary, the EIU survey indicates that mobile technology has the potential to transform healthcare. New devices and services empower individuals to take a more proactive role in managing their health, thereby safeguarding their well-being. Mobile technology can enhance productivity, reduce costs, and improve the overall efficiency of the healthcare industry.

In the future landscape of mobile healthcare, success will belong to the pioneers who possess innovative ideas, devices, services, and business models. Now is the optimal time to invest in mobile healthcare.(To stay updated on the latest information about internet healthcare startups, please follow VCBeat’s WeChat official account: vcbeat. We also welcome you to engage with us on topics of interest, contact us via WeChat, and share your startup projects or related research insights.)