WHY HEALTH TECHNOLOGY?
#1
Expenditure
Health care is the single largest budget item for every province in Canada, with BC spending 42% on health care out of total program spending in 2016. Not only can innovations in health technology have a significant impact on a government’s fiscal balance, it can improve outcomes.
Sources: CIHI, 2016; Canada, Department of Finance, 2016; Provincial Budgets and updates, 2016
$8.7
Trillion
Global health care spending is estimated to reach $8.7 trillion by 2020. Health care opportunities are appealing to the venture capital community due to this vastly growing total addressable market.
Source: Deloitte’s Global Health Care Outlook for 2018
6 Top
Categories for Innovation
- Care Coordination
- Drug Discovery
- Health Data Delivery
- Home Care
- Telemedicine
- Wellness
Source: HealthTech is Heating Up in Canada, Michelle Killoran , OMERS Ventures, February, 2018
3 Key Trends
Fuelling Innovation
1. Empowering the patient
The industry has shifted to a more patient-centric approach where individuals are gaining more control over their own health data, in hopes of ultimately moving towards personalized health care.
2. Centralizing data
As wearables have resulted in large amounts of health data across multiple devices, the industry is moving to make the information (including all health records) more integrated, actionable and able to flow to clinicians and other care providers.
3. Increasing accessibility / reducing costs
Technology has enabled the adoption of location-agnostic care, resulting in the emergence of telemedicine and home-based care solutions.
Source: HealthTech is Heating Up in Canada, Michelle Killoran , OMERS Ventures, February, 2018
MEET OUR CLIENTS
Innovation Boulevard works with health-tech companies at virtually all stages of development. We are pleased to support a burgeoning cast of BC health-tech companies in the Innovation Boulevard ecosystem as they grow their businesses to tackle some of the most pressing challenges in health care.
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