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Pharma Tech Outlook | Monday, June 27, 2022
Investment in healthcare and biotech was already at an all-time high before a deadly virus spurred it to new heights of growth.
FREMONT, CA: Even before a deadly virus propelled investment into the area to even greater heights, health care, and biotechnology have been hot in the startup and technology sectors. However, investors and IT start-ups say that COVID-19 is not the sole driver fueling industry interest.
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Recent technical advancements and consumer trends have drawn the majority of investment, including developments in AI, more openness about mental health disorders, and a growing consumer desire for at-home testing and preventative care.
AI
As with most of the technology industry, AI is a driving force behind many biotech advancements. Mainly, AI can evaluate vast amounts of data with precision and speed that humans cannot match.
And while AI's potential in biotech is practically limitless, scientists, founders, and investors have zeroed down on two primary use cases: cancer discoveries and cures.
Mental wellbeing
Mental health has risen to the forefront of the public's mind as people worldwide have spent nearly two years isolated from their loved ones and anxious about their jobs, finances, and health. People are now openly expressing their despair, anxiety, trauma, and other formerly taboo mental health conditions.
This trend, along with relatively recent technological advancements such as wearables, brain imaging, targeted treatments, and even chatbots that can assist in the triage of patients in crisis, makes the business ripe for expansion as it hurries to meet new demand.
Employers increasingly recognize the importance of proactively assisting employees with mental health difficulties. Before COVID, a growing body of evidence showed that mental health difficulties related to an increase in the disability claim, workplace conflict, and lost productivity, all of which resulted in a loss of revenue for firms. In the past year and a half, the ripple effects have become more evident.
Fintech
When COVID-19 arrived in the United States in early 2020, many people rushed to hospitals. Some went because they were sick with the coronavirus and needed assistance, others wanted confirmation that the new virus did not cause their cold, and others had other pressing matters.
Few flaws in the nation's health care system were as severe as the frequently manual and paper-based file systems that slowed down everything, including invoicing.
Before 2020, hospitals had difficulty collecting money, bouncing between insurance companies and individual patients who frequently could repay medical debt. After the pandemic, processing paperwork and collecting money from a sick and often unemployed populace became increasingly challenging.
A growing number of hospitals began seeking technological solutions to their file and billing problems, and companies began delivering.
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