The Year In Review

2018 has been a very dynamic year in the healthcare and health insurance sectors, the world over. In different markets and regions, we are seeing new partnerships and distribution channels, product innovation, increased personalisation in the employee benefits segment, additional steps towards digitlisation across the value chain and tech companies ranging from Grab to Amazon, all looking to get more involved in the healthcare space.

Looking ahead, I would like to focus on two significant trends that will have a major impact on the way we deliver and consume healthcare and consequently on the health insurance sector as well.   

Genetics, Personalised Medicine and Prevention

Genetic testing is becoming more accessible, leading to increasing opportunities in personalised and patient-centric care. Large-scale, whole genomic sequencing will allow us to better understand the root cause of many of the most debilitating diseases today. With the abundance of information that could be analysed, we will be able to prescribe personalised prevention plans helping people prevent various illnesses such as diabetes and cardiovascular conditions while also more accurately diagnose critical illnesses (such as cancer and neurodegenerative disease) and tailor optimal treatment modalities based on a patient’s unique needs and characteristics.

It’s all about the Data

Penetration of wearable devices is still relatively low, and the primary applications are mostly wellness-focused. However, the possibilities are increasing with medical-grade wearables taking all forms such as patches, shirts, trousers, socks and more, embedded with technology that does not impede our life, yet is entirely focused on improving it. This will enable us to collect data about people on a continuous basis and not wait until they are ill.

Machine learning and AI is another revolutionary enabler through its ability to analyse vast amounts of data gathered from various sources along with test results, electronic medical records (EMR) and additional data points, to find patterns, associations, insights and ultimately make predictions and recommendations, based on advanced algorithms. AI-powered chatbots, for instance, already serve as a triage tool for patients by answering basic health queries and assessing symptoms. 

Studies estimate that we are facing a global shortage of 7.2m healthcare workers, a figure that will likely double by 2035. With this in mind, AI is a critical element in the development of the healthcare global landscape and over time we will see more and more active applications of these abilities. This will help reduce unnecessary hospital and doctor visits while also empowering patients and providing them with information to help make informed decisions.

AI is already also used for diagnosing radiology and pathology images with a very high level of accuracy. It is not to say, that AI will replace all doctors, but it can significantly increase efficiencies, provide a powerful decision support tool and streamline healthcare processes.

These, and more are all welcome initiatives and for the most part, offer a more engaging customer experience.

But it is important to remember that when offering a medical service or product enhancement, it is critical to ensure that it brings along real value to the customer and always follows evidence-based medicine. At Medix, we are proud to have partnered with leading insurers and corporates globally who share this mission and are working to introduce new and innovative solutions to ensure access and implementation of quality care while making a real difference in people’s lives.

In 2019, we will continue to expand our global reach, establishing new offices and offering innovative services to further impact healthcare landscapes. Stay tuned. Exciting times ahead.