Over time, the UK has begun to emerge in the field of digital medical technology development. According to the 2015 Global Entrepreneurship Index, the UK is now the fourth most entrepreneurial country in the world.
The UK (especially the England region) has become a hot spot for venture capital institutions. The market differentiation of the EU is already very mature, and the success of large companies is less difficult. Due to the influence of language, the role of private enterprises and public enterprises, and the structure of payers, it is difficult for small enterprises to expand their scale in the EU and eventually move to the international market. In contrast, the UK's entrepreneurial and venture capital environment is more excellent.
Public-private partnership model: one of the UK's greatest resources
UK NHS (National Health Service, NHS) is facing enormous challenges, might fall apart because of insufficient funds in 2020. To solve this problem, the British government has taken advantage of the greatest resource – the public-private partnership model. The development of technology can improve the prevention of diseases, strengthen the service capacity of medical institutions, and enable patients to obtain better medical services. Recognizing this, the NHS began to follow the pace of the US Affordable Care Act and learn about the US regulatory model.
The NHS Innovation Accelerator program tests a variety of applications and digital tools designed to accelerate technology development and accelerate the integration of technology and healthcare services. At the same time, they also established Innovative Medicines and MedTech Review projects to improve the availability of assets and provide consumers with drugs faster. Through these measures, the British government has not only stimulated innovation, but also deployed and implemented established solutions within the health care system.
Sylvia Burwell, the US Secretary of Health and Human Services, said the Affordable Care Act brought more money, allowing them to invest more in data and provide relevant data to the private sector. In this way, the parties can use innovative technology to find solutions to help the United States deal with the biggest challenges facing the medical system. The US government believes that the private sector can solve the problem of inefficiency in the public sector. Recent positive actions by the NHS and policies of the UK health sector have shown that they also want to try this approach.
Challenge
Despite the support of regulators, the development of digital healthcare startups in the UK faces some challenges. British cultural traditions have led to reluctance to pay for health care issues. And compared to the United States, British startups are also extremely lack of financial support. In addition, the UK and the EU are more “practical†towards investment, and they value actual results rather than creativity itself. In the United States, entrepreneurs and investors can get financing in about three weeks after they meet. In the UK, this time lasts for three months to six months.
Despite the constraints of the difficulties, the entry barrier to the UK digital healthcare market is still low. Moreover, the saturation of this market (whether consumers or health care providers) is also low. This gives start-ups ample opportunities to grow and develop. Let's take a look at the top 20 digital healthcare startups in the UK.
1.Andiamo
The company's 3D scanning and printing technology can be used to customize orthopaedic instruments for children within 48 hours. In the past, this process took an average of 13 weeks. Although the company's products are relatively expensive, their final product quality is reliable, thus saving users a lot of waiting time and repeat booking time. In addition, many users who originally needed surgery no longer need surgery. It is worth mentioning that Andiamo's products also reduce the opportunity cost of parents and caregivers.
The company's products were initially crowdfunded on the Indiegogo website and have since won several awards and grants. The funds enabled them to provide technical services to more than 20 families in the UK in less than 18 months. The potential of Andiamo technology can revolutionize the treatment of children with disabilities and improve the quality of life of families with children with disabilities worldwide. This product and technology is of particular significance to less developed and developing countries.
2.babylon
The company conducts marketing activities as a selling point by providing personalized medical services for all. Their subscription-based service enables patients to book online doctoral consultations, saving patients the waiting time for personal appointments. In addition, patients can use the company's subscription service to monitor illness and disperse prescriptions. The price of babylon services is low, less than $7.99/month.
The company's Monitor app tracks data, monitors muscles associated with bones, and monitors kidney function, liver function, and hormone levels. When necessary, medical personnel can clinically intervene users based on the data. The doctor can send a diagnostic test to the patient's family when the patient has a need, or can prescribe a prescription based on the data collected by the application.
3. Big Health
The company aims to provide highly personalized behavioral medicine programs for the general public. Their first product, Sleepio, is an application that uses tracking data to create customized programs that help users sleep better without taking medication.
The world's first placebo-controlled randomized controlled trial showed that Sleepio is a useful digital sleep interventional application. On average, Sleepio can help users increase their sleep rate by 54% and wake up by 62%. In addition, the app can increase the user's 58% daytime energy level and concentration. The company's focus on behavioral therapy creates unlimited possibilities with the user's private data. Their skills are of particular value in the field of mental health and psychological rehabilitation.
Anesthesia Medical Co., Ltd. , https://www.honestymed.com