Healthcare Shows Improvement In The Adoption Of Modern Startup Technology
The medical and healthcare industry is considered one of the most promising sectors by investors as it solves one of the country’s biggest problems – the lack of access to healthcare facilities.
Investors have shown strong interest in the medical and healthcare industry as it shows promise in the coming years. According to the 2020 Philippine Startup Survey, the health industry is considered one of the top three priority sectors of investors. In 2018, The Ayala group has invested in AIDE, a medical and healthcare startup, through its subsidiary, AC Health.
Early in 2019, the Universal Healthcare Bill was signed into law and the National eHealth System and Services Act was approved by the Committee on Health. The enrollment of all Filipino citizens into the National Health Insurance Program and the expansion of the Philhealth coverage are some of the agendas covered by the UHC Act. The proposed eHealth Act aims to deliver healthcare services through cost-effective and secure information and communication technology. Two pressing issues in today’s healthcare system are the lack of access to healthcare services and real-time information for decision-making. Currently, only 13% of healthcare providers and 40% of tertiary hospitals are located in rural areas. The goal of eHealth by 2020 is to provide widespread access to health services and health information in order to establish quality healthcare and a responsive health system for Filipinos. State authorities, if joined in a collaborative effort with the private healthcare sector, could effectively deliver on these promised initiatives.
Despite the passing of new laws and bills, the nation has experienced very limited access to healthcare especially during the pandemic. The demand for healthcare is now exponentially rising due to the increase of Covid patients while those who need treatment and assistance for other medical issues are hesitant to leave their homes for treatment. Healthtech startups are emerging to provide solutions to Filipinos, filling the generally untapped market for efficient, flexible, and accessible healthcare for Filipinos. Recent healthcare startups, which include MedGrocer, Medifi, and Lifetrack Medical Systems, have been successfully shifting the traditional focus from real estate-based investments in the sector such as strategically located hospitals and clinics to technologically driven healthcare innovations.
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