Treehill Partners was recently invited to Bloomberg Headquarters in New York for an exclusive breakfast titled: Tech’s Role in Unlocking Medical Treatment & Health Care Outcomes.
The special breakfast was part of Bloomberg’s 2020 Year Ahead summit, gathering a select group of top executives and thought leaders to discuss the impact that technology is having on the future of healthcare and explore how leaders are leveraging facets of tech to optimize medical treatment and overall patient outcomes.
Speakers for the Healthcare Summit Breakfast included:
- Jeff Burbank – Chief Technology Officer, Fresenius Medical Care North America
- Rod MacKenzie, PhD – Chief Development Officer and Executive Vice President, Pfizer
- Aimee Quirk – Chief Executive Officer, innovationOchsner
Treehill Partners took this opportunity to engage our firm’s mission to think beyond tomorrow and pave the way for what will be there 2030 and 2040. Henceforth, we posed a few questions to the speakers and found their answers fascinating. Below are some notes from the event:
How Will Healthcare and Technology Look in 2040?
- New technology applications such as telehealth and wearable health devices are key areas of focus for all the panelists. Each echoed the important new role data is playing in improving patient outcomes. One major area that the panelists say that they will be surprised over the future is how data interoperability will expand and grow over time.
- Initiatives like “Medicare For All” will in aggregate have tremendous impact on business models, payers, and profitabilities in the US which in turn will generate new markets.
- The panel echoed their overall sentiments that the healthcare industry will only grow exponentially in all facets for years to come.
What is the Largest Fear for Healthcare Leaders Today?
- The world’s next pandemic, and not being properly prepared in the event of a pandemic is a notable fear many healthcare executives share.
- AI was also mentioned as a friend and foe, for its racial profiling problems – the panel stated that new technology implimentations will need to have equality in mind.
- It is important to note that in practice, such “technological equality” is in essence a competing mental construct to the traditional business models currently engaged by the panelist’s firms.
Will Technology Commoditize the Healthcare Industry?
- The panel shared sentiments that, yes, technology will usher efficient commoditization of the industry.
- However, the business leaders made clear they actually see the value proposition for growth and profits gravitating closer to the individual consumer, where individual care programs and solutions can be created and hence driving profits higher for those healthcare companies that evolve with trends in technology.
- Telehealth (virtual health) access seems one of the most meaningful technological innovations taking the healthcare industry on strom. Expanding care access via telehealth will see added revenue streams for the industry, overall.
Additionally, the panel noted that drug companies are developing advanced therapies to cure certain diseases. These new therapies are extremely expensive and the panel saw the industry broadly introducing more of these high cost “cure” therapies in the marketplace will see a new market segment of profit generation.
The Bloomberg 2020 Year Ahead Summit featured an incredible lineup of panelists including dynamic influencers and leading executives who offered a 360-degree view of the trends, challenges and watershed moments that senior executives will face in the coming year.