Interview: Experts see the new Amazon in the medical platform Medicohealth
Decentralized healthcare application has the potential to become as large as Amazon, according to specialist and physician Dr. Rolf Porsche and Dr. Dr. Philipp Plugmann.
We talked with Dr. Rolf Porsche and Dr. Dr. Philipp Plugmann, who work as consultants on the project, about the benefits of the decentralized Medicohealth application, which will connect millions of doctors with patients from all over the world. Dr. Porsche is the President of the PORSCHEHEALTH board and has been involved in numerous start-up projects in his career. Dr. Dr. Plugmann is a renowned dentist, who has his own chain of dental practices in Germany.
What are currently the main health care problems in the world?
Porsche: First of all, at the moment, we are able to treat only about 30 percent of all illnesses, so we still have a lot of work to find appropriate treatments. Secondly, health care is cost-intensive, so we need to find a way for everyone to get access to health care and effective treatment. One of the current challenges we face in health care is also a large amount of data, which is increased by 40 percent each year, which means that it is doubled every other year. The problem, however, is that we have no way to get the right information from all these data. So how can we provide the right information for the patient, the doctor, as well as the system? I think this is the main problem we are currently facing. Research is currently underway to save many lives, improve the quality of treatments, and even help reduce the cost of treatment by 20 percent, which is a lot of money if it is only possible to genuinely connect people, patients, doctors and all remaining health care professionals and provide them with adequate information.
How can blockchain help solve current problems in health care and what better solutions can it bring to society?
Plugmann: Decentralized blockchain technology enables speed, efficiency, IT security, and lower costs than current health care solutions.
Porsche: In addition to technology, we also need to talk about trust in health care, which is very important. We’ve seen that it’s possible to publish your information, including the information about your health, on Facebook, but you do not know what will happen to that information. That’s why we need a platform that strictly protects data, a platform that you can trust. The blockchain technology is known for effective data protection, transparency and you can trust it. In 20 years, we may discover better technology, but I think it’s not just about technology, but about things that bring value to patients.
The General Data Protection Regulation (GDPR) will enter into force next month. Is Medicohealth ready for this new regulation?
Plugmann: This is an opportunity for Medicohealth, because it represents a solution to a major medical problem.
Porsche: The platform is ready for the new regulation, which is also its advantage. The technology is ready, we only need to be careful that we put right things in the right place. It is a combination of process, technology and personal responsibility.
You have participated in many start-ups and business ideas in health care. What distinguishes Medicohealth from others?
Porsche: Medicohealth is different in three things. Firstly, the platform has already been built and is based on a very secure technology. Secondly, they have begun to build a network, which is already comprised of 2.5 million doctors. Thirdly, they have a very smart team. Many start-ups have a good idea, which they develop into a prototype, but their journey ends there. However, this team has a unique idea and has also the ability to transfer it into real life.
How important is the team in developing a start-up or business idea? What qualities does it have to possess in order to succeed?
Plugmann: The team means everything. Just like in football, where all players have to act in accordance with the team spirit. Only a few good players are not enough, because the success of the team requires good teamwork.
How will the platform help patients? What benefits will it bring to society?
Porsche: In my opinion, it will bring many benefits to patients. Currently, it’s not easy for patients to find the right doctor. The application will enable them to manage their health and diseases better. They will have a better diagnosis and a more effective and faster treatment. I would like that as a patient.
Plugmann: It will provide a link between patients and doctors on a global level. It will also provide Internet security and security of health data in digital transformation. In addition, it will provide more efficiency at lower costs. The value for patients will also be shown in a greater choice of specialists and thus in better results.
What are the main benefits for doctors? Why join the network?
Porsche: Similar to the benefits for patients, there will also be benefits for physicians. Naturally, the environment will be more competitive and doctors will have to get out of their safe environment. An important advantage will also be the collaboration with other doctors. Now a doctor has only a personal network of colleagues and with a decentralized application, he will be able to quickly find an appropriate specialist who can help him with a specific health issue. Doctors need to network, because we cannot cure all patients ourselves.
Plugmann: The main advantages are transparent qualifications, verifiable history and experience. Doctors who do not educate, do not post articles, or have not performed many treatments, will have trouble getting patients in the long run. The platform will encourage doctors in making efforts to be better.
Why is Medicohealth interesting for investors?
Porsche: As with any start-up, there are two questions present. If I invest a million, how much can I expect back in three or four years? Five million, ten million, one hundred million, or nothing. These are the questions about growth and risk. I think that the growth rate and opportunity for Medicohealth will be extremely high. Google also started out as a small online search platform and we all know into what it has developed. A better comparison is perhaps Amazon, which is a platform for millions of vendors, and they started as an online bookstore. I do not want to say that our platform will once be as large as Amazon, but it has a lot of potential. Health care is very complex, conservative and slower, as we are talking about trust. Nevertheless, the basic model has already proved to be extremely effective.
Plugmann: Investors may have long-term profits because of the high return on investment, but there are also risks involved, which is usually the case with the introduction of new technologies into a traditional industry. Uber, Amazon and Youtube were also risky at the beginning.
How can this technology change health care systems in five or ten years? Can we expect cooperation with public health systems and insurance companies?
Porsche: I think that it can be achieved, although it will not be easy. I think that now is the right time, because we have awareness, we have the technology, and we have digital transformation all over the world. That’s why I think that this will happen, also because it’s a win-win situation for everyone involved. It is not just about benefits for patients and doctors, but insurance companies are also interested in how they can reduce the cost of treatment.
Why is Slovenia so successful with unique start-ups, ideas and solutions?
Plugmann: Because it’s international, everyone speaks English, because Slovenia has only two million inhabitants, and because you are well-educated, highly motivated, and open-minded. In addition, you have short administrative procedures and a positive attitude to new technologies for start-ups.
Porsche: In health care, you need a good network of people, which is not possible in large countries such as Germany. There are basically too many people, too many start-ups, and everything is too complex. In a smaller country, people who are interested in a particular field can really network well, which is extraordinary. If the platform will work here, Slovenia can become the starting point for global expansion.
Translated from Slovenian financial magazine “Finance”.
