After a surge in uptake during the Covid-19 pandemic, the telehealth industry is courting new investment to further innovation and increase access to care in emerging markets. Digital health companies raised a record $57.2bn in global venture capital funding in 2021, a 79% jump from the $32bn raised in 2020, with 30% of the total directed towards telehealth. An estimated $140bn in private sector finance will be needed annually between 2015 and 2030 to realise the UN’s health-related Sustainable Development Goals, according to the UN Conference on Trade and Development, underscoring the importance of boosting spending commitments in the global health tech space.
Telehealth Solutions
As health tech in developed countries matures, emerging markets offer an avenue for digital health technology to expand access to care, improve patient outcomes and cut costs. In sub-Saharan Africa, for example, some countries have as few as 0.23 doctors per 10,000 people compared to 84.2 in some of the most developed countries, according to the World Health Organisation. Investment in low-cost, high-impact fields such as telehealth could help to bridge this gap, however, with Africa’s health tech market on course to reach $11bn by 2025.
The Ministry of Health and the Ghana Health Service set up teleconsultation services as early as 2016 in collaboration with the Swiss Novartis Foundation, and in October 2021 a local health tech start-up, mPharma, announced plans to construct 100 virtual health centres in seven African markets. Backed by Silicon Valley-based Breyer Capital, the start-up raised over $50m between its founding in 2013 and 2021. Highlighting its potential, mPharma’s partnership in September 2021 with Gabon’s strategic investment fund, which is geared towards building drug supply infrastructure, has saved the country 30% in procurement costs in one year.
Many countries are leveraging tools such as 5G, artificial intelligence (AI) and the internet of things to improve patient outcomes, reduce medical staff burnout, and lower health care and operating costs. Internet connectivity plays a fundamental role in India’s health tech expansion. In India, AI-powered predictive analytics are enabling the early detection of diabetes and cancer. These technologies could be integrated with portable screening devices to provide early testing for underserved rural areas, where 70% of the country’s population lives. The country’s health care sector was estimated to be around $372bn in 2023, and the integration of data and AI in the delivery of health care could add an estimated $25bn-30bn to GDP by 2025.
The Future of Health
Meanwhile, Qatar is actively advancing digitalisation in health care, integrating health records across government and private hospitals, and expanding telemedicine services, with the Ministry of Public Health exploring AI and blockchain applications. The country’s e-government portal and health care institutions offer a range of online services, reflecting its readiness for growth in medical technology. This is exemplified by the doctor appointment booking platform Meddy, which was launched in September 2014 and nurtured within the Qatar Science and Technology Park, a dedicated free zone for technology and innovation.
Another successful venture coming out of Qatar is Droobi Health, which was created in 2019 and delivers digital therapeutic programmes in Arabic and English. In January 2024 the company merged with India-based Smit.fit to create DroobiSmit, headquartered in Singapore. This union positions DroobiSmit as a leading digital healthcare provider for chronic conditions in the GCC and South Asia, and aims to tackle rising diabetes rates in these regions by offering personalised digital health services. Qatar’s commitment to innovation in health care will be further showcased through events like the November 2024 World Innovation Summit for Health and the launch of its Innovation Competition, encouraging entrepreneurs and start-ups to introduce innovative health care solutions using AI and big data.
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