The influence of the digital age on health: a much-needed upgrade
Welcome to the digital age, where our fast-paced lives are made easier through technology. We have made great progress in areas such as shopping and dating apps, although healthcare patiently waits for its virtual upgrade. Digital health is long overdue, as it seems Canada is in the dark ages when it comes to health technology. The unfortunate circumstances of the pandemic have made this deficiency in the healthcare industry front and center. In the midst of a global health crisis, the need for digital health innovation and acceptance has never been more crucial.
Let's take a look at the state of technology in pharmacy. The physical act of dispensing or the non-clinical functions in most pharmacies today are still done manually. Robotics and automation are heavily under-utilized. Paper systems are the norm and the options for operating systems that pharmacies use to process prescriptions provide little to no choice.
It has been 11 years since the $1 billion Ontario EHealth scandal that took place in 2009, yet, it appears that most Ontario pharmacies still find themselves in counterproductive processes and cannot readily access a customer's medication information through a centralized database linked to the customer’s health card number. Although there are provinces that have overcome accessing solutions, most pharmacies still use a basic database system that requires practitioners to fax records to each other. Canada has shown signs of advancing health technology, for example, through rolling-out a system that emails prescriptions instead of faxing them to pharmacies, however, it once again faces the challenge of being underutilized by prescribing doctors.
Certain pharmacy teams overcome these deficiencies by becoming the most accessed health care professional in Canada. In such cases, these pharmacists are accessed up to 10x more than their family physician. With an aging population in Canada, the demands on the healthcare system and subsequently its cost are rising. As a result, progressive med-tech platforms are focused on pushing forward this much needed evolution in the pharmacy industry thereby supporting the overall health system.
Currently, there are a number of trusted full-service digital platforms and innovations offering fast, easy and convenient alternatives to give patients better control over their health. Many have been offering their services prior to the pandemic, while others emerged as a consequence of the pandemic. As a result, there are a growing number of technology solutions geared towards independent operators and larger corporations. Although, as a collective goal, the world simply needs better health-tech solutions for pharmacies and consumers, and more importantly, we need to prioritize utilization and access development.
Heading towards an innovative future during unprecedented times: our 2021 predictions
What does this all mean for our future? It means that we will continue to see companies provide solutions for medication delivery and telemedicine, including ones that are not authentically in the healthcare space. In short, this will bring quality care in a convenient model, available at any time and from anywhere. Even beyond the pandemic, we expect to see the increasingly sophisticated presence of digital healthcare continue to provide answers and solutions that work around one’s schedule and lifestyle. The goal of such technology is to help us all continue to spend time doing the things that matter most, thereby increasing our health and well-being as a result.
Heavily influenced by the growing numbers and risk of COVID-19 exposure, many have been left with no other option but to pivot their day-to-day behaviours to accommodate a new way of life. With the virus presenting the immune-compromised and elderly with significant risks when leaving their homes, let alone attempting to access a pharmacy or a doctor, it can be challenging to know if our loved ones are getting the care they need. Cue the med-tech systems providing an alternative solution, unlocking easier and safer access to health services without the need to leave home. Whether one is seeking to refill prescriptions online, access telemedicine doctors, or simply pick up non-prescription essentials for daily health and wellness, it is anticipated that 2021 will present a growing expectation by consumers that the pharmacy industry will automatically provide the option of a virtual platform designed to access pharmacy services. The goal is for platforms to enhance offerings offree, contactless, and efficient delivery right to patients’ doorsteps.
Looking forward into the coming year, strong growth in both the size of the overall market and the investments in virtual health and pharmacy sectors is expected. It is anticipated that financial interest in virtual pharmacy companies will be in the range of billions of dollars on the basis of size and growth rate of investments already made in the Canadian market and beyond. This would dramatically increase if all virtual health funding was to be considered, not to mention that these numbers are expected to be ten-fold in size in the US market. The ‘virtual pharmacy’ is a trend that has been a long time coming; however, it is clear that the global health crisis has greatly impacted the sense of urgency and hyper-accelerated our need for acceptability. Since the beginning of COVID-19, public markets in Canada and the US have seen an increase in investments with certain med-tech companies such as Loblaws’s investment in Maple Health, McKesson’s investment in Well.ca, Sun Life’s investment in Dialogue Health, and Amazon’s investment in Pillpack.
Overall, while witnessing the expansion of the digital health market following the societal changes that COVID-19 is continuing to present, it is strikingly evident that there is a clear need for an alternative solution to the traditional healthcare ecosystem. As previously stated, it is crucial to recognize that people’s lives are becoming increasingly busy, and unexpected life changing circumstances can happen at any moment beyond our control, such as the impact of COVID-19. Services that are tailored to the reality and needs of today’s society are essential. With the expertise and network of trusted experts, we believe that the potential impact that could be made through developing a comprehensive, streamlined online platform for accessing medical services is huge.
Where do we go from here?
Get with the times or fall behind - was there ever any other option? We need industry leaders to spearhead change, in order to adapt to the needs of people in this constantly changing world. Overall, technology companies have a duty to adapt their services and offerings to account for the growing interest of digital health in society, and we are optimistic that this interest will continue to evolve.
So what now? The reality is that 2020 has created a need for virtual-friendly medical services that will act fast and help consumers access care in a more effective way. Throughout 2021, we need to continue to make waves within the telehealth and healthcare domain. This is an ever-changing industry, particularly with the pandemic shifting the pharmaceutical practice. It is in our best interest to remain as vigilant as possible to shifting consumer needs and continue adapting to the changes in our society as they appear.
