Healthcare Technology: At Your Fingertips

Learning the Differences

Introduction

The global pandemic has undeniably accelerated the evolution and adoption of healthcare technology at an unprecedented pace. As the world grappled with the far-reaching effects of the virus, the importance of innovative healthcare technology became increasingly apparent. From rapid diagnostic tests and telehealth solutions to vaccine distribution management systems and contact tracing apps, healthtech has played a pivotal role in both the response to the pandemic and the ongoing transformation of healthcare systems worldwide.

Industry Trends

The healthtech sector has displayed a remarkable blend of resilience and robust growth in recent years. In 2022, the median valuation for healthtech deals surged to an impressive US$57 million, marking a substantial increase compared to the 2021 median of US$33.9 million and valuations from previous years. This striking surge in valuations primarily pertains to late-stage healthtech companies, which accounted for a significant 75% of total investments, while early-stage ventures constituted the remaining 25%. This clear shift in investor focus towards well-established value propositions underscores the increasing confidence in proven healthtech innovations.

Platform-enabled ecosystem

A noteworthy transformation sweeping through the healthtech sector is the rise of platform-enabled ecosystems. In contrast to conventional pipeline-oriented businesses, which are primarily centred on marketing products or services while competing in terms of cost, quality, or market share, platform-enabled ecosystems are built on the foundation of network effects, prioritising an enriched customer experience and unique offerings. These platform-based businesses cultivate an interconnected ecosystem by fostering collaboration among many users and partners, facilitating the exchange of information, services, or goods among them. Through harnessing the collective strength of their user and partner networks, platform-oriented healthtech companies have successfully generated heightened value for consumers. Remarkably, in 2022, eight out of the top 10 later-stage funded healthtech enterprises adhered to this ecosystem-driven model, underscoring its ever-growing prominence within the industry.

The Power of Data

The healthcare revolution is intricately intertwined with the integration of cutting-edge technologies such as big data, artificial intelligence (AI), and the Internet of Medical Things (IoMT). At the heart of this transformation lies big data, acting as the bedrock that aggregates vast quantities of healthcare-related information from diverse sources, including patient records, wearables, and medical devices. In this data-rich environment, AI takes centre stage, methodically sifting through the information to unveil hidden patterns, anomalies, and actionable insights that would be practically inscrutable to human analysis. The remarkable speed at which AI processes this wealth of information is truly transformative, empowering more precise diagnoses, personalised treatment recommendations, and predictive modelling.

The IoMT serves as the conduit through which this invaluable data flows. A prime example of its potential application is the continuous collection of real-time health data via wearables and trackers, including vital signs, activity levels, and other pertinent metrics. This real-time data is then seamlessly transmitted to healthcare providers, who can remotely monitor patients and intervene promptly when necessary. Machine learning applications seamlessly integrated into IoMT systems not only track health trends but also offer real-time feedback, drug management recommendations, and early detection of irregularities. This interconnected ecosystem not only enhances health outcomes but also fosters greater patient engagement, as individuals actively participate in their own well-being.

The collaborative synergy among big data, AI, IoMT, and other emerging technologies is giving rise to a holistic, data-driven, and patient-centric healthcare ecosystem. These technologies work together to elevate the accuracy of diagnoses and the effectiveness of treatments, ultimately translating into improved health outcomes and an enhanced overall healthcare experience.

Ubie

Ubie, lauded as one of Japan's rapidly ascending startups in the healthcare sector, primarily delivers its services in Japan, the United States, and other English-speaking nations across the globe. It was established in May 2017 by the collaborative efforts of software engineer Kota Kubo and physician Yoshinori Abe. Ubie's central mission revolves around the creation of an all-encompassing healthcare guide that is readily accessible to all.

Ubie sets out to address the often intricate and time-consuming process that individuals encounter when attempting to discern potential health issues based on their symptoms. To tackle this challenge, Ubie has engineered an AI-powered symptom checker. This innovative tool enables users to input their symptoms through a concise questionnaire comprising roughly 20 questions. In return, it provides insights into possible related diseases, drawing from a comprehensive database of around 50,000 medical papers compiled by a team of over 50 active physicians. This technological solution not only assists patients in swiftly identifying potential health issues but also aids the healthcare industry in streamlining the initial steps of medical consultations.

At present, the startup has closed its Series C round totalling $45 million. Apart from enhancing its AI-powered symptom checker and medical intake platform, Ubie is also developing a B2B offering known as "Ubie for Hospital," also referred to as AI Monshin. This B2B solution is aimed at streamlining initial patient-doctor interactions, further solidifying Ubie's commitment to optimizing the healthcare journey.

Looking towards the future, Ubie aspires to reshape the medical landscape in both Japan and the United States by constructing a robust medical data platform. This ambitious endeavour seeks to foster improved connectivity among patients, medical institutions, and pharmaceutical companies, aligning seamlessly with the company's overarching mission of creating a universal healthcare guide.

Conclusion

The dynamic landscape of the healthtech industry is undeniably redefining the way healthcare is delivered, seamlessly fusing cutting-edge technology with patient-centric solutions. The persistent upward trajectory in investments, particularly in the realm of platform-enabled ecosystems, serves as a resounding testament to the sector's robustness and its vast potential for transformative change. This landscape not only shapes today's healthcare but also holds the promise of a more advanced and patient-centric healthcare landscape in the near future.

Editors: Bryan Ki , Shi Tong Kim and Daniel Kok