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Home Health Consumerization Will Be The Future of Digital Health – Crunchbase News

Consumerization Will Be The Future of Digital Health – Crunchbase News

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The Consumer Electronics Show 2021 wrapped up on Jan. 14, however not earlier than a really fascinating session on what’s occurring in digital well being, notably round new tendencies, COVID-19, firms going public and investments.

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The well-known client electronics present, which was digital this yr, options firm showcases, keynote audio system from prime world client firms, and a plethora of webinars on matters together with the most recent merchandise to make your private home smarter and what’s occurring within the fintech, e-commerce and digital well being industries.

Lisa Suennen, lead of the digital and know-how group at Manatt, Phelps & Phillips, led a panel of enterprise capitalists talking on the pre-taped “Digital Health: Business Growth and Opportunities” session that included:

Wainwright Fishburn, world head of digital well being at Cooley, kicked off the session with a take a look at the digital well being panorama. He reported that funding within the area reached $14 billion-plus in 2020, with record-breaking capital being invested in some key areas of telehealth, psychological/conduct and health/wellness.

With physicians extra comfy in utilizing telehealth, M&A and IPO exercise anticipated to proceed, and enterprise capital not letting up, Fishburn stated that “digital health is finally mainstream.”

Clockwise from left, Lisa Suennen, Bill Evans, Sydney Thomas, and Lynne O’Keefe

On new tendencies

O’Keefe: “The consumerization of health and the need for a better experience. Post-COVID has emphasized that in simplifying the experience and making it consumer-first.”

Thomas: “Yes, consumerization right now is an interesting space. The risk of going into the hospital is high today, and people are afraid. As a result, I see a lot of direct-to-consumer and at-home products. Another piece is the affordability of health care, and I am starting to see a model of breaking down components so that individual products are affordable.”

Evans: “We put an emphasis on the ‘plumbing’ of health care, the B2B models that have a huge potential to introduce efficiency and effectiveness, and not at the expense of experience.”

COVID as a sustainable enterprise alternative

Thomas: “COVID created some really long-lasting changes in everything. I actually don’t mind. A number of companies I did last year were being supported by the tailwinds of COVID. I am going to continue to invest in those companies. I’m not going back to the office at least for another nine months and even then, I want everyone to have the yellow dot that shows you got the vaccine. There are a lot of folks who have survived this moment and have life-changing impact.”

On funding surprises

Evans: “What surprised me was the pace at which the capital markets and rallying of public markets returned to normal at the beginning of the pandemic. Also, the pace at which investors came back, and the degree to which the venture industry and entrepreneurs knew how to deal with a crisis.”

Thomas: “I was also surprised by how much more VCs were interested in health care. People were reaching out to people they had not before. I’ve been able to get more access to different people, and that the decision to invest in health care is more important.”

O’Keefe: “It’s not like everything got hard in COVID. Those problems that were siloed in nature existed before. Entrepreneurs have come in and are thinking outside the health care system, breaking down the walls and creating better customer experiences.”

Similarly to the prediction concerning the consumerization of well being care, sources I spoke to earlier within the month shared the identical forecast as startups help us rethink health care.

Crunchbase information additionally confirmed that traders poured report quantities of funding into digital well being startups in 2020: $14.2 billion globally and $9.2 billion domestically.

Meanwhile, the worldwide pandemic elevated the general public’s consciousness and understanding of how interconnected the world is, a view that can mature in 2021, Ann DeWitt, a basic companion at The Engine, which invests in well being care firms, informed me.

For one other CES spotlight, catch my synopsis of the Jan. 12 session known as “The Rise of FinTechs – Has Consumer Financial Behavior Changed Forever?” which included conversations with Ginger Baker, head of monetary entry at Plaid, and Erika Wool, head of funds partnership at Stripe.

Feature screenshot was taken through the session
Illustration: Dom Guzman

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