A recent report from the life sciences team at consulting firm McKinsey & Company offered advice for innovators about how to leverage the opportunity digital health presents for improving health equity. According to their report, $500 million in venture funding went to digital health companies targeting social determinants of health and underserved populations last year. Health equity isn’t just a social justice issue, its good for business: “Improvements in global health contributed to about a third of all economic growth in advanced economies over the past century,” the authors said.
The report, “Digital health: An opportunity to advance health equity,” highlights three key areas where innovators can help close gaps in health equity:
1. Improve access to healthcare. Affordability and availability present the two biggest obstacles to healthcare access. Digital platforms, such as Univfy, which leverages AI to predict an individual’s likelihood of conceiving with IVF, can help patients make decisions about high-cost procedures such as IVF. In terms of availability, telemedicine vastly improved access to health care in rural areas during the pandemic. But many important diagnostic devices can still be costly and too bulky to travel to remote regions. Innovators who can develop portable devices that do the job of CT, MRI or X-ray machines will make health care dramatically more accessible around the world.
2. Address unmet needs. Addressing specific needs in health and social issues for individuals and communities is another important opportunity for healthtech. For example, matching providers’ expertise to a patient’s unique needs presents unique challenges. Emerging health technology from Mendelian is using algorithms to speed diagnoses of 100 rare diseases and connect patients to physicians who can help them. Meeting the needs of specific groups is also important. A virtual clinic for women’s and family health, Maven, specifically offers on-demand services to “populations with low technological and health literacy.” Critically, a variety of social issues impact health — clean water, housing, transportation — and healthtech innovations that consider these various factors can improve care.
3. Consider historical context. Trust in scientists and medical professionals took a hit during the pandemic. But in some communities, historical abuses such as the Tuskegee experiment and forced sterilizations have fostered generations of distrust. Lack of trust in medicine can negatively impact patient health — especially if patients wait too long to be seen, or do not trust their provider enough to follow their treatment plan. A number of healthtech companies are working to provide outreach and education that “meets patients where they’re at,” building trust and improving health outcomes.
To get started on addressing these issues, McKinsey suggests innovators and digital health innovators:
- Build a diverse and inclusive team.
- Embed equity in product development.
- Collaborate with patients.
- Integrate equity into commercialization.
- Consider cultural context.
- Partner with communities.
To read McKinsey & Company’s full report, “Digital health: An opportunity to advance health equity,” click here.