Transforming Healthcare

To date, healthcare has proven one of the toughest industries for startups to crack. Following on from a similar roundtable a year ago, we gathered together a group of representatives from HealthTech startups and investors for a frank and honest discussion on what, if any, progress has been made in the last year.

At last year’s roundtable, the key takeaway were the difficulties of dealing with the NHS. With a virtual monopoly on healthcare in the UK, it is virtually impossible for any HealthTech startup to achieve a unicorn valuation without interacting with it. It is, however, a highly complex and bureaucratic organisation, and difficult to break into.

But progress has not been impossible: Babylon Health’s achievements, notably a trial of its service to power the 111 service, marked for many a breakthrough moment. Understanding the different touch points within the NHS and understanding the right people to talk to was vital in achieving this; many hope that these successes will pave the way for others.

An alternative approach that other startups have taken is to build services privately, and gaining traction before selling into the NHS. This allows HealthTechs to bypass NHS bureaucracy in the difficult early stages, and when their priority does turn to selling into the NHS, they can force the conversation with concrete results.

Meanwhile, the other pot of money eyed by investors looking at an exit is the pharmaceutical companies. Whilst they have been slow to address innovation thus far, these giants are now starting to wake up to disruption. In particular, there is a huge opportunity for selling services alongside the drugs manufactured by the pharma companies.

Companies in attendance include: AstraZeneca, Babylon Health, Doctify, DrEd, Echo, Lumeon, Medopad, Medvivo, Patient, Push Doctor, Skin Analytics, Thriva, Vida Care, Vitalfootprint, and Vitality.