Digital Health Funding, Big Data, and Reimbursement Hot Topics
The worlds of health, technology and business converged at the 2nd annual Digital Health Summer Summit produced by Living in Digital Times. Approximately 175 industry leaders, representing life sciences, venture funds and incubators, mobile app developers, wearable tech, payers and physicians came together to exchange new information, share hard-learned lessons and best practices, network and move the fledgling industry forward. You can view videos from the summit here.
“The rising costs of medical care, the passage of Obamacare and new mobile enabled devices are creating the perfect storm for a digital health revolution,” said Jill Gilbert, producer of the Digital Health Summer Summit. “The next breakthroughs in digital health will happen when technologists and the medical community think out-of-the-box about how to acquire, analyze, and predict better outcomes in health.”
Big Data and What it Really Means
“We need to move in the digital health world from a system of generating data to an ecosystem of leveraging health data and physiologicial variables to enable better health through personalized behavior and lifestyle recommendations,” said Samir Damani, MD, founder and CEO, MD Revolution.
SharpBrains recently revealed a new market study and forecast on the digital brain health market for 2012-2020. During his keynote address, Alvaro Fernandez, CEO, SharpBrains proclaimed, “We’re in the midst of an ongoing revolution in brain health and mental health where digital health tools can change the way that brain disorders are prevented, diagnosed and treated.”
Fernandez also confirmed, “The marketplace for tools to measure brain activity is on track to surpass six billion dollars by 2020. The implication is that consumers of all ages will need to be more proactive about self-monitoring and self-managing their own brain health.”
Patient Empowerment
Digital health has enabled patients to not only track their own wellness, but also receive motivation and targeted feedback, ultimately affecting their health behaviors.
Mayo Clinic announced the development of Mayo Clinic Healthy Living, a new online offering for its commercial population health clients. The platform will create simple, personalized engagements that leverage Mayo Clinic knowledge to encourage positive change in lifestyle behaviors for improving or maintaining the health and well-being of users. Mayo Clinic Healthy Living is being built with the health expertise of Mayo Clinic, leveraging user engagement tools from Everyday Health.
“Mayo Clinic has always been known for treating patients with serious or rare diseases, but now thanks to digital health, we’ll be able to drive health and wellness for the general population,” said keynote speaker Philip Hagen, M.D., M.P.H., medical director of Mayo Clinic Healthy Living online.
“Marrying trusted clinical expertise with proven consumer engagement tactics is the most effective way of harnessing the power of digital health,” said Mark Roberts, SVP & general manager, Health Solutions, Everyday Health.
Investing in the Future of Digital Health
“Venture investment in digital health is on the rise,” said Jack Young, director Qualcomm Life Fund, Qualcomm Ventures, one of the most prolific investors in digital health. “It increased by 50 percent in 2012 over 2011 and we’ll see it continue on this trajectory for 2013. While interest is high, the industry has yet to produce a big success in M&As or IPO.”
“The time is ripe for big brand consumer marketing and technology to come together and make a difference in the consumer era of healthcare,” said John Sculley, entrepreneur and investor; former president of PepsiCo and CEO of Apple.
The Digital Health Summer Summit is a two-day workshop style conference that takes a deep dive into the elements of a successful digital health venture, providing the skills, tools and resource businesses need to thrive in the digital health space. This year’s conference took place at the Omni Hotel in San Diego, CA on June 13th and 14th. To see the full list of participants, photos and videos, visit http://summersummit.digitalhealthsummit.com/.