Partnerships key to viable Connected Health solutions
So you’ve been hearing lately
- Analysts are predicting healthcare to be one of the largest vertical markets in the IoT/Connected space with CAGR of ~38% between 2015-2020; mobile health would become the fastest growing segment
- Usage Based Insurance (UBI) providers have said that an effective UBI solution has the potential to reduce claims cost by 40%
…and many more M&A, Innovation and Optimization initiatives across the healthcare sector are testament to the fact that Connected Health solutions are not a distant vision… but is here & beginning to deliver results
Though this post predominantly emphasizes on Emerged markets, many connected solution(s) may apply to emerging markets as well
Even Emerged Markets face Challenges…
…in providing viable access to Healthcare; and has been one of the most crucial topics of discussion recently
Exponential sales of fitness wearables over the last couple of years point to to another trend… proactive health management amongst individuals (particularly younger generations)
Emerging Technologies & Wireless Connectivity are actively reshaping the healthcare landscape
Advancements in healthcare segment are increasingly coming from industry verticals such as Wireless, Tech, Device OEMs, Insurance Co. and even independent Startups
Smartphones proliferation may have started this revolution, but innovation in myriad of ‘connected health objects’ is propelling it to the next level
Partnership/Consortium model will benefit everyone
When it comes to complex & regulated Connected Health segment , there are many moving cogs that can be best addressed through Industry partnerships
Whilst many industry vertical players are already / would offer their own proprietary health solution; the biggest benefit to consumer would be realized in the form of a joint consortium model
Typically in this model, multiple entities (Wireless Carriers, Retailers, Govt., Insurance co., et al.) would benefit coming together to design a cohesive End-to-End health solution
In some instances; a single participant such as a Wireless Carrier may assume multiple responsibilities (e.g. Secure Connectivity, On-Demand Analytics & Dynamic Cloud Infrastructure) within the ecosystem
Scenario: Modern Tele-Health
Modern Connected Tele-Health plays a critical role by bringing critical medical infrastructure benefits to the end user/patient’s home (or nearest point of presence) through advanced connectivity & connected devices
Wireless Carriers will play a central role…
…in the deployment of advanced Tele-Health solutions
From the above example; although their key contribution to the overall paradigm is the provisioning of secure wireless connectivity protocols (5G, M2M-LTE, et al.); it may also extend to –
So…
Scalability would be critical to achieve a viable and profitable long term solution
Perhaps there may be no clear winner or maybe there would be a need for competing solutions to drive innovation
Ultimately the market forces would dictate which solution fits their needs accordingly
What can be said is that wider tech industry players, OEMs, Wireless Carriers & Retailers in addition to Govt. entities & Insurance Co. will continue to play a joint role in the propagation of Connected Health solutions
