Market Research Blog

Singapore-based health technology startup MyDoc has been focusing on healthcare management solutions for large enterprises since its inception in 2014. Its value-based suite of products allows employees to consult doctors through video chat, get online prescriptions, avail chronic disease management programs, get referrals for specialists and even gives access to insurance information. This integrates every aspect of healthcare by bringing together healthcare professionals, patients, employers, insurance companies and pharmacies round the clock throughout the year, thereby saving time and money.

Research done by senior economists at the University of Southern California, Center for Economic and Social Research now claims that the use of the platform by companies across Asia has the potential of reducing healthcare costs in the region by at least 16 % and as high as 28% (USD 540 billion) out of a current US$ 2.7 trillion. At present the annual healthcare expenditure in Asia is predicted to grow at around 8% till the end of 2020.

MyDoc has already joined hands with a number of Fortune 500 companies in Malaysia, Singapore and Hong Kong and some of the key market players in the insurance industry including Aetna, Cigna, and AIA, and is in discussion with many more players in the region.

MyDoc’s proprietary artificial intelligence platform called Pixi, can create a comprehensive picture of a patient’s health, through the combined efforts of human experts and cognitive computing systems to improve on diagnosis and take preventive action against illnesses, giving a more personalized healthcare experience. The system effectively directs human healthcare teams to gain safer co-ordination to ease of moving patients for a customized care procedure for each patient.

The AI system is specially designed to use data from health screenings and internet-of-things devices along with personal inputs by patients pre-fed health risk data sets to reduce errors occurring from preconceived ideas and biases and decide on the urgency of treatment on a case by case basis. The system can be used for a wide range of ailments from common cough and cold to life-threatening diseases.

The research claims that the MyDoc platform improves on patient engagement rates by up to 8 times, and saving 3 hours of time for every patient’s consultation, while seeing return user rate of over 90% in comparison to other leading markets such as that of the United States. This has been made possible by converting the conventional complicated and expensive healthcare process, to a simplified and personal continuous care platform.

European Union’s wide-ranging team of doctors recently discovered dozen of antibiotic drug resistant bacteria, after which they developed an estimate of five bug types that can lead to substantial death and infection rates. The team found out that according to 2015 stats, over 6, 70,000 individuals were ill and nearly 33,110 met with death. They also revealed that this death burden was equal to cumulative death burden of HIV, tuberculosis and influenza.

As per the study, there are higher possibilities that millions of people across Australia, North America and Europe succumb to tuberculosis, staph infection, and gonorrhea to name a few, due to superbug infections in the long run. For which, countries are likely to take crucial steps for prioritizing to fight against the constant threat that is posed by the bacteria immune to several known drugs. Middle and low-income regions are witnessing increased resistance. For instance, in Russia, Brazil and Indonesia, nearly 60% bacterial infections are strongly resistant to minimum of one antibiotic.

Notable Revelations by OECD

The OECD (Organization for Economic Co-operation and Development) has declared warning of dreadful consequences for the public healthcare as well as spending, however considering circumstances are expected to arise only in cases of increased extreme hospital hygiene and elimination of usage of unnecessary antibiotics. OECD is of the point of view that by 200, there are substantial chances of death rate increasing to 2.4million due to consumption of superbugs. In addition, OECD had mentioned that superbugs treating costs would boost to approximately $3.5Billion per year in every country, inclusive of its analysis.

The OECD public health lead, Michele Cecchini, had stated recently that every country has been spending nearly 10% of healthcare budget on the treatment of AMR (antimicrobial-resistant) bugs. The notable point is that this AMR costs comparatively more than the treatment of flu, tuberculosis and HIV.

Lack of Awareness Leading to Null Effect

Lack of awareness is leading to humans consume more antibiotics per day by means of prescriptions to stave off the infections. This in turn leads to growing development of bacteria that stimulates in resisting drug effect created for killing them. However, researchers are finding out significant ways to dive out solutions to fight resistance with quicker and better testing for determining if each infection is viral. The new swab tests is expected to dent the overuse of antibiotics in the long, thereby benefitting the healthcare industry with positive growth prospects.

With soaring consumption of antibiotics across the globe, doctors are alarming over the multi drug-resistant bacteria strains. Increasing need for patient safety and burgeoning demand for the alternative treatment options is expected to create significant and immediate opportunities for the healthcare industry.

Buying medicines online has turned out to be the latest trend among the consumers and patients in India. With this growing trend, e-pharmacies are also increasing at a significant rate. However, in September, the AIOCD (All India Organization of Chemists and Druggists) had protested against the draft proposal of Central government with regards to formalizing online sales of medicines. The drugs association has been feeling threatened to take a step towards pan-India bandh. Nearly 8.5Lakh chemists from across the nation had participated in the protests.

With easy accessibility and lower prices, online drug retail schemes have begun to pose threats for physical drug stores. The prices online are nearly 10 to 20% lower compared to prices at physical drug stores. Therefore, online players are only been facing significant costs on the basis of delivery.

Testimonials on Online Drug Delivery

Convenience is the major plus when it comes to online drug delivery. Especially for the sick and elderly, online drug delivery turn out to be extremely beneficial as it helps them in eliminating the situation where they would have to face crucial mobility issues. Online players are supplying to over 22,000 pin codes across India, which is inclusive of Lakshadweep and Andaman & Nicobar Islands. This in turn has resulted in drastic time reduction taken for delivery in remote areas. E-pharmacies have been taking efforts in delivering on the similar day or in less than 5days.

Online players are of the viewpoint that their model could help in better disease management with increased adherence towards prescribed treatment plans. Digital trials in the online services have been offering greater confidence to the shareholders. Several general insurance companies have been collaborating with the e-pharmacies for outpatient department (OPD) covers owing to the tracking and e-billing facilities that they offer.

Various online players further mentioned that auditability and traceability would be beneficial in government regulation, law enforcement, and the insurance coverage of medicines. Moreover, DHP, the online association is also planning to avoid sales of the habit-forming painkillers as well as psychotropic and narcotic drugs. The main motif of the online players is to cater to the existing and emerging needs of customers and patients suffering from chronic conditions.

Pharmacists have been heavily relying on technology for complex tasks. Online pharmacies provide better pricing compared to the offline stores with growing access, lower product and transaction costs, convenience and better anonymity for the consumers, which in turn is expected to dive in significant revenue growth for the healthcare industry, with notable expansion of customer base on the e-pharmacy platform.

The Massachusetts Medical Device Development Center is running an initiative, which would be crucial and greatly beneficial for the business owners that work towards improving the patient life and enhancing their independence. The center is a collaboration between UMass Lowell and UMass Medical School that is known for assisting biotech and medical device startups.

The Massachusetts Medical Device Development Center received a grant of over $7 million from the National Institutes of Health with which it would establish an all-new center that would be focused towards providing assistance to the researchers that are pioneering the cutting-edge technology in the development of medical devices such as the point-of-care devices and technologies for the patients suffering from disorders related to blood, heart, lung or even sleep disorders. Patients would gain great help while dealing with the health concerns and manage their health irrespective of where they are, with the help of these innovations that work towards improving the quality of life and reducing the hospital stays of patients.

The businesses that work towards innovating the traditional medical devices and have innovations close enough to undergo tests in clinical settings are encouraged to apply for being a part of the new center that is being developed by Massachusetts Medical Device Development Center. This is expected to provide major opportunities for medical professionals across the United States. As stated, a seed funding and the center’s legal, business, and staff expert support would be offered to the successful applications. The Center already awards seed funding to the best new concept from early stage diagnostic, medical device and biotech firms.

According to officials, the center would bring the extensive skills and brilliance at UMass Lowell and UMass Medical School together for the purpose of offering a robust infrastructure for development in terms of technology in and outside the entities, improve the care and treatment-outcomes for patients, and assist in transforming the economy of the region. The center would be established in the UMass Lowell and UMass Medical School by the year end.

Medical devices are gaining tremendous importance with the changing healthcare landscape and the growing demand for effective healthcare treatments. With such funding programs, medical device providers and manufacturers can gain a greater support for providing effective solutions for effective patient-care and incorporate innovations that simplify the task for healthcare professionals. This is expected to boost the healthcare industry with major developments anticipated for the forthcoming future.

Pacemaker, an undoubtedly savior for patients suffering from arrhythmia, which is a disorder that causes irregularity in the heart beats. Pacemakers, therefore, help patients to cope up with irregular heartbeats. It is also seen evolving with the enhancement of technology in the healthcare sector. This electrically-charged device regulated the electric system of the body to control the rhythm of the heart. Its unique capabilities of recording the heartbeat help doctors know and understand the condition of the patient better.

Pacemakers are implanted under the skin by the surgeons with wires stretching from the shoulder veins and attached to the heart. Various patients have faced complications due to these wires and the surgical implantations according to the previous study.

Changing technology helps develop a better device

An addition to the family of this clinical medical device are the leadless pacemakers. They are small and require no wires. They are directly placed into the heart. A recent study said that patients found leadless pacemakers better than the conventional pacemakers resulting in overall reduction in the complications faced by patients traditionally. The fusion of technology with medical expertise has resulted in providing better clinical care to the patients in the form of leadless pacemakers. This small, self-contained medical wonder could reduce the complexities of managing arrhythmia.

With technology taking over the traditional methods of medical treatments, pacemakers are also expected to evolve with time. Pacemaking technology with a dynamic approach could be seen implemented for the forthcoming artificial hearts. Various technological advents could support this technology to improve the way arrhythmia would be taken care of. Technology has been allowing enhancements to manage and monitor pacemakers after their implantation inside the body. Pacemakers like microprocessor pacemakers, dual-chamber pacemakers may also witness developments with the changing need and requirements of the new-aged patients.

Researchers are constantly trying to improve the way pacemakers are developed to ensure that they could perform better and help patients as well as the doctors. Pacemaking technology is strategically developing with newer discoveries that is changing the healthcare sector with better ways of diagnosis and treatment.

Leadless pacemakers may not be more effective than the traditional pacemakers but considerably reduce the complications of the patients implanted with them. Researchers are working on addressing the complications with a greater insight in technology. Leadless pacemakers would not completely outgrow the conventional ones but definitely mark the beginning of a transformation for the betterment of the arrhythmia treatment.