What HealthTech pioneers can learn from FinTech

In any industry, when a gap between supply and demand is prevalent and existing regulation fails to step in, the role of innovation for the public good is often taken up by startups. Nowhere is this more evident than in the healthcare space. Large delays in innovation linked to complex and widely different healthcare systems around the world, as well as outdated legacy software all provide the perfect foundation for wide-scale disruption. The sudden shifts in what we considered to be “normal” life through the COVID-19 pandemic shed light on the tremendous speed at which HealthTech startups are able to deploy lasting positive changes in our daily lives when given the right catalyst. 

Crises as a catalyst

There are certain parallels that can be drawn between the speed at which HealthTech solutions have been deployed to meet pressing needs and the FinTech boom over the last decade. We believe that the broader healthcare industry will follow FinTech’s trajectory.The 2008 financial crisis served as an inflection point; people lost trust in banking systems, which resulted in increased awareness in taking ownership over personal finances. Customers started looking for alternative, personalised and more engaging services as a consequence, coupled with the growing regulatory openings such as PSD2 on Open Banking.

For Healthtech, the COVID-19 pandemic proved to be the inflection point. As healthcare took centre stage in global discussions, individual awareness grew dramatically and an urgent need for personalised and alternative care solutions has arisen. (Read more...)