In the 2016 film 'Hell or High Water,' two brothers rob banks to pay for the treatment of their mother, who died of cancer. Despite the characters' questionable morality, we find ourselves subconsciously rooting for them almost from the outset. We don't condone their actions, but we feel that the right to a dignified life, where healthcare in a critical moment is a fundamental element, is stronger than property rights and the seventh commandment. Participants of Impact'21 will discuss how to improve access to medical care through digitalization on May 12.
Global healthcare spending reaches $8 trillion, with $2 trillion spent in Europe and $3.5 trillion in the US, as calculated by the authors of the report
Digital Healthcare: patient-first? Proactive, decentralized, personalized, value-based. Even before the pandemic, as much as
35% of all health expenditures went to hospitals. According to a report from
Deloitte, expenditures slightly decreased in 2020 – by 1.1% (this is likely due to the limited access to non-hospital treatment from specialist physicians worldwide, to varying degrees). This is merely a temporary pause in costs – expert forecasts suggest they will rise again, by over 5% annually – significantly faster than the global economy is growing today.
By 2022, spending is expected to reach $10 trillion, driven by several factors: new, more effective, but increasingly expensive therapeutic solutions, the growing needs of an aging population (Deloitte estimates that by 2023, annual spending on geriatric care, understood as home care, patient health monitoring, etc., will exceed $1.4 trillion), and the rapid development of lifestyle diseases. Katarzyna Kasperska, General Manager of Novo Nordisk in Poland, will discuss improving access to innovative treatments for one of these rapidly spreading global conditions – diabetes – at the May Impact'21.
The biggest problem is that increasing healthcare expenditures are not improving access to it. And we all know well that this is not just a problem of American capitalism, as depicted in the film mentioned at the beginning.
– Half of the world's population lacks access to healthcare, while 100 million people are driven into poverty due to treatment costs – says Ali Parsa, founder of med-tech company Babylon, in the report “Digital Healthcare: patient-first?”.
So, what should be done, how should we act, to ensure that the need to rob a bank that provided high-interest loans for treatment remains solely an American cinematic fiction?
Only more effective prevention and more efficient healthcare at the primary care level (family doctors and specialists) will allow for a reduction in the growing costs of treating diseases (before they reach advanced stages). To put it very simply: the more effort we put into prevention, the less money hospitals will need to receive.
– Almost 70% of healthcare money goes towards preventable diseases. Early detection of a problem can mean a solution costing $10,000 instead of $4,000 – adds Ali Parsa.
According to Prof. Katarzyna Kolasa from Kozminski University, there is only one way to balance and reconcile the needs and capabilities of the system – the rapid digitalization of medical services.
– I hope that something positive will emerge from this negative time we are experiencing, that it will be recognized and understood that many solutions that will help us treat more efficiently and faster are within our reach. We don't need to invent them – they already exist, they are refined, tested in many countries – we just need to want to implement them in Poland. It will turn out that many things can be done faster and cheaper, but also more efficiently and safely –
Katarzyna Kolasa said in an interview with 300Gospodarka.
At the May Impact'21, Prof. Kolasa will present research findings on medical debt, i.e., treatment backlogs for patients in Poland, along with recommendations on how to reduce it as quickly as possible.
– We have incurred a huge health debt, and now we need to increase our speed of action tenfold, or perhaps even twentyfold. We just need to be open to innovation. Thanks to telemedicine based on video conferencing, we save time that we can dedicate to better diagnostics and better disease prevention. We could eliminate up to 30% of direct doctor's office visits. In the long term, this leads to tangible financial savings from lower treatment costs. Cancer, detected early, is not only treatable but also cheaper to treat – emphasizes Katarzyna Kolasa.
According to Deloitte analysts, a fundamental shift in priorities and decision-making regarding diagnostics and treatment in medicine will occur by 2025. “Following the idea of '4P' (predictive, preventative, personalised, participatory), medicine is to be predictive, preventative, personalized, and participatory. Thanks to the use of the latest technological advancements in big data analytics, genomics, artificial intelligence, nanotechnology, quantum computing, and 5G communication, it will be possible to diagnose faster and tailor it better to individual patient needs, as well as to conduct research and development procedures more efficiently,” write the authors of the already cited Deloitte report titled “The future unmasced. Predicting the future of healthcare and life sciences in 2025”.
Deloitte estimates that the global market for virtual medical diagnostic services will grow by 15.5% annually over the next 10 years. In the first and second quarters of 2020 alone, over 1.2 million downloads of various fitness and health monitoring applications occurred worldwide – an increase of over 30% compared to the previous year.
The HCIT (Health Information Technology) market, which comprises IT solutions in the healthcare sector, is expected to grow this year to $270.3 billion, up from $227.5 billion in 2020. The telemedicine sector alone will grow globally by almost 20% in just 5 years and will be worth $175.5 billion in 2025. Analysts estimate that there will be 1 billion virtual patient-doctor meetings in the US alone. McKinsey, on the other hand, values the digital healthcare market as a whole at $350 billion, while simultaneously estimating its value to nearly double within the next five years. Such rapid growth, according to analysts, is a result of increasing interest from governments worldwide in improving access to universal medical care and the need to curb rising costs. The opportunity to increase the scope and improve the efficiency of providing such services in Poland will also be one of the discussion topics on May 12.
All health sector topics this year will concern the post-pandemic reality in healthcare: Pfizer, co-inventor of the first mRNA vaccine, will discuss business-science collaboration in the development of the pharmaceutical market, and AstraZeneca, celebrating its 30th anniversary in the Polish market, will present itself as an R&D leader in this sector in our country.
The agenda also includes:
- New Reality – Lessons Learned from the Pandemic: Accelerating work on drugs and vaccines; global cooperation between scientists, biopharmaceutical companies, and governments.
- Will mRNA-based drugs become a new trend in healthcare?
- How technology can support healthcare: artificial intelligence, cloud technologies, the Internet of Things.
- Is the healthcare system prepared for the needs of an aging society?
- What impact does the stress and psychological disorders experienced during the pandemic have on health?
- Is there common ground between Poland's AI strategy and healthcare?
- Is the Warsaw Health Innovation Hub the beginning of a new era in creating innovations in medicine and the healthcare system in Poland?