A new report has been released that indicates digital health funding is on the rise. For the healthcare industry, digital components are set to continue to grow, even more than last year.
“On the heels of the biggest year in venture funding, the digital health space is starting off 2018 with a bang: record Q1 funding of $1.62B, three $100M+ mega-deals, and a massive exit.” Rockhealth reports.
There are many factors as to why digital funding is rising, and the most important one is the fact that regulations in the tech space (FDA) have become more clear and concise, supporting digital components more than the past.
FDA And Digital Health
Just today, the FDA has reported that it will permit the marketing of a medical device that uses artificial intelligence in order to detect eye disease in adults that have diabetes. This motion will make it easier for adults who are at risk of experiencing diabetic retinopathy, which occurs from high levels of blood sugar in the blood vessels of the retina, in the eye.
This has caused vision loss in more than 30 million Americans who live with diabetes, which can lead to disability when it comes to the workforce. The decision to market this new technology is one that proves the FDA is pushing these digital efforts forward.
“Today’s decision permits the marketing of a novel artificial intelligence technology that can be used in a primary care doctor’s office. The FDA will continue to facilitate the availability of safe and effective digital health devices that may improve patient access to needed health care.” FDA reports.
The new device called IDx-DR uses artificial intelligence technology, in the form of a software program. It basically is able to use algorithms in order to analyze images of the eye through the use of a camera. The software is able to detect the images to see if the patient has diabetic retinopathy, and if they need to refer to an eye care professional for more targeted care.
IDx-DR will be able to detect diseases in patient’s eyes at an early rate, using accuracy and speed. This can completely transform the way patients with diabetes move forward, and can also prevent the rate of blindness that is found. The FDA conducted a study to make sure that this device worked. The results proved it did.
“In the study, IDx-DR was able to correctly identify the presence of more than mild diabetic retinopathy 87.4 percent of the time and was able to correctly identify those patients who did not have more than mild diabetic retinopathy 89.5 percent of the time,” FDA reports.
Digital Efforts Moving Forward
The efforts that the FDA are pushing forward indicate the advancements that the healthcare industry is making in order to make sure that patients are receiving a high level of care through the advancements in technology.
This is good news for the healthcare industry! When it comes to patient care, leveraging available tools in the tech landscape not only puts patients at the center of care, it means that the healthcare landscape is taking advantage of modern day tools to further advancements. Did anyone say digital transformation?
According to an article by Rock Health, these efforts, along with digital healthcare funding is only going to grow. The sky is the limit for these efforts, and if we are lucky, patients everywhere will benefit greatly from the advancements.
“In Q1 2018, $1.62B was invested in 77 digital health deals. This supplants Q1 2016 venture funding ($1.41B) as the largest Q1 yet.” RockHealth reports.
The future of healthcare is digital. With the FDA providing clarity with the launch of new regulations regarding digital technology in 2018, developers and healthcare industry stakeholders alike are working to transform the patient experience.
The healthcare landscape is changing. The on-demand patient increasingly favors digital technology and platforms. According to Pew Research, a third of Americas have gone online and searched symptoms, in an attempt to diagnose a medical condition.
The US healthcare industry is unique, as it markets direct-to-consumer or direct-to-patient. Digital marketing technology is enabling healthcare marketers to talk directly to consumers in a new, more engaging way.
The Millennium Alliance is pleased to announce our bi-annual Digital Healthcare Transformation Assembly will be taking place June 11-12, 2018 in Denver.