Consumers today are more demanding than ever before. Not only do they want to be in control, they want options tailored specifically to their needs. And in most arenas they get what they want; their shoes, fitness regimes, banking solutions and even their burgers are made just for them. But the health industry has lagged, until now. Thanks to a focus on personalized data, real-time information and blockchain technology; healthcare is finally getting a reboot. And the implications are significant. Not only is it better for patient outcomes, it democratizes health and creates greater efficiencies and scalability. Here are some of the trends we can expect to see.
Made Just For You
Bowhead Health, named after the longest living mammal (the Bowhead whale) is a healthcare startup on a mission to remove the pain points and inefficiencies of health management. They believe that when you empower patients to manage their own health, health outcomes improve. Their device, smaller than a coffee bean grinder, is capable of reading your biometric data in real-time. Through a blood-prick test or saliva, users submit a small sample into the machine. This then gets sent to doctors who can instantly detect any key deficiencies. Based on this data, the machine creates a vitamin-based pill, just for you. Anything made specifically for you is likely to increase adherence and thus help prevent problems arising in the future. And as most medical scholars will agree, preventative medicine is more effective than treating a problem.
Blockchain Powered, Data Secured
Blockchain technology powers Bowhead Health and is the technology of choice for most new healthcare startups. The real benefit of this technology is that no data is ever lost. Your health records are secured on a ledger, that you, the patient, gets to control. You can share the data as and when you need, and know it will never be hacked or the data will be kept even if you move countries, or switch doctors. Lost data is a huge problem. 3 of every 10 tests are reordered because the results cannot be found. Blockchain technology is an easy solve to this, with the potential to save the healthcare industry billions and free doctors up to solve pressing needs, rather than retread old ground. Not to mention, save lives. About 80% of all serious medical errors involve miscommunication when patients switch between care settings.
Patients In Control
Medical testing is a huge industry. 75% of clinical trials are funded by private pharmaceutical companies, with spending in excess of $63 billion a year. And it’s a growing industry. Recruiting patients for medical trials is a tricky and expensive business. But there are clever solves that healthcare startups are identifying. Bowhead Health is offering patients the chance to share their anonymized data with healthcare companies and get paid for it. Patients can opt in and opt out, as they see fit. This lucrative arrangement allows the patient to receive money that can then subsidize the drugs they need. As there is no middleman arranging the clinical trials, the patient incentives are generous.
Democratization of Health