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One of the best things about being part of Get in the Ring is exploring different cities, cultures, industries and communities. Like a world traveller, we move from country to country, city to city, absorbing pockets of knowledge along the way.
This is what happened when we met Fosun. One of the biggest and most important investors in the healthcare sector, Fosun are looking to work with startups from all over the world who are working on life-changing innovations. From working with the team at Fosun, we’ve learned so much about the industry, where it’s heading, and what it really needs to grow and improve.
The global healthcare spend is projected to reach $8.7 trillion by 2020. The industry is changing at a rapid speed and now more than ever, is in need of a serious innovation injection.
So, what does the future of healthcare look like?
With the introduction of new medicines, we’re all living longer. In fact the aging population (> 65 years old) is predicted to increase by 8%, from 559 million in 2015 to 604 million in 2020. Great news for us – but what about our hospitals? The number of hospital beds is declining globally, we do not have the time or the infrastructure in place to care for that many people.
The introduction of virtual care has helped hugely, more people are monitoring their health and curing themselves at home. In 2017 Deloitte found that 58% of prescription drug users are now going online to refill their prescriptions and plenty more is being done to introduce self-help kits like blood samples and injections.
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But there’s much more room for improvement. Scouting for new innovations is what makes our job so fun. We’ve had applications from startups all over the globe working on solutions that could genuinely change the healthcare industry forever.
For example, entrepreneurs with 3D printing solutions who are able to create organs for people who are in need of transplants. Virtual Reality technology that is helping surgeons and doctors practice their work, while helping patients better understand the treat or surgery they will need. We’ve seen robotics emulating the work of our doctors and AI helping to speed up processes and empower healthcare professionals. There are robots being specifically designed to care for the elderly – just imagine seeing a robot taking your grandmother for a walk! And it’s not just the future of technology. Innovations that improve hospitality, staffing and employee retention are also critical for creating a bright future for our healthcare.
The industry is so broad and full of incredibly exciting opportunities, and we’re so excited to be working alongside an incredible brand like Fosun. This one really is an opportunity you can’t afford to miss.
If you’re working on a solution of the future, apply for the Fosun challenge now.