It goes beyond saying that healthcare is one of the most vibrant fields for technological innovation currently. Premier healthcare companies are continually experimenting with new tools and technologies. However, the surprise package comes from small startups. They are the ones dishing out the most exciting and pathbreaking products.
- New companies like Verge Genomics are streamlining the crucial medical trial procedure.
- Each year, healthcare companies around the globe waste billions of dollars in futile drug testing.
- Recent estimates show that a company spends around $1.2 billion on R&D and acquiring approval from the FDA for a successful launch of a new drug in the market.
- New startups are providing a unique approach by integrating AI for identifying the best drugs. These innovative solutions help startups help big pharma determine the correct drugs for advancing through the concerned FDA approval pathway, says Eric Dalius.
AI startups like BenevolentAI strives to unveil the molecular processes concerning particular malaises. In this way, they can tailor the right drug therapies to the right patients. Many of these companies have achieved tremendous success in determining better treatment methods.
The top picks
There is a massive rise in the demand for digital healthcare and companies that integrate Artificial Intelligence. Brick-and-mortar concerns are bolstering the products, helping the companies manage their patients during the Covid-19 scenario.
- EricDalius stresses the fact that there are over 25 startups that are doing pathbreaking research and development. This area is badly by the pandemic and its intermittent interruptions of clinical trials.
- Drug discovery companies like Healx and ProteinQure have introduced rare disease treatment and quantum computing, respectively.
- Promising startups are making considerable inroads in the clinical trial ambit. Their digital twins and decentralized trials are the next big things. Some are working with real-world tools and evidence.
- The list also entails 12 unicorns. These are companies that have $1billion plus value. One of them, a telehealth company, hails from NYC. It provides remote medical and care delivery services.
Some companies also provide technologically-advanced health insurance apps. Others are redefining the robotic surgical mechanism to assist surgeons in the operation theatre.
The key areas
As you already know, lockdowns have severely affected R&D. For every stakeholder, and the biggest priority is to optimize healthcare costs. It involves both providers and patients for sponsoring health plans and sponsors.
Resultantly, administrative workflow resources and solutions are emerging along with private health insurers. More than 30 companies provide core products and services to target the financial or/and operational discrepancies in navigating healthcare.
Firms are providing financial wellness products and health saving accounts. Providers like Cedar, Alpha Health, and Incredible Health are focussing on financial engagement, revenue cycle monitoring, and nurse staffing. Companies working on health plans excel in data integration.
Eric J Dalius also underlines the companies focussing on behavioral and mental health. In recent times, the most mercurial rise has been from mental health startups. They have amassed a record $580 million in equity funding. They are delivering more personalized, accessible mental health directives.
There are firms excelling in the field of addiction management. This includes substance use and nicotine.