- Lloyd Price
Healthcare Business International: Is 2024 the year of recovery?
Exec Summary:
HealthTech Founder and M&A Advisor Lloyd Price shares his thoughts with Healthcare Business International's Joe Quiruga alongside Dr Murray Ellender, Dr Leonid Shapiro, Klaus Boehncke on what we think is in store for 2024.
"As we kick off the new year, HBI speaks to healthcare market experts across a variety of countries and subsectors, and hears what they think is in store for 2024. An election-heavy year could herald changes – but will any be enough to stave off the challenges of workforce, inflation, and soaring costs?"
HBI understands demand for private healthcare is likely to remain high, especially in NHS systems like the UK and Italy. This is good news both for private healthcare services providers, and the B2B businesses which work within the system.
Murray Ellender, CEO at digital triage and remote consultations solutions firm eConsult, tells HBI: “I think what you’re seeing is an expansion of private healthcare because of struggles within the NHS. This means more people are turning to private healthcare and demand is ramping up.
“But it also means some of the tools used in the NHS to manage demand are now being introduced to the private sector. A theme will be how will the private sector use technology to triage demand. We as a business are looking at how we can support private providers now, which wasn’t the case before.”
Leonid Shapiro, managing partner and founder of consultancy Candesic tells HBI: “In 2024, there’s going to be continued evolution in the use of AI in healthcare as people find new uses for it. Of course, computers are getting faster, there’s more data being collected, and more automation using big data.”
Klaus Boehncke, digital health lead at L.E.K. consulting, tells HBI: “Hopefully we will have the better economic climate everyone is hoping for which can foster innovation, make it easier to access capital, and allow investors to push forward healthcare technology. There’s a lot of potential in generative AI.”
Price adds: “AI’s an interesting one – it will impact services in some areas and not in others. Robotic process automation is starting to do a lot of repetitive tasks for example. When you talk about AI, you tend to think of generative AI, but you will likely see it helping to scan images for example.”
A B2B approach is best for digital companies in general, according to both Price and Ellender, with the former saying the investment would be too large to justify a consumer product and Ellender pointing out the direct-to-consumer models like Babylon didn’t work as well as hoped.
Healthcare Business International
HBI is where the international health care services industry comes together.
HBI delivers unique content on for-profit healthcare services in Europe and Emerging Markets. We run the annual HBI Conference, which is now in it’s 13th year and is the leading global CEO-level conference dedicated to the sector. Our market intelligence focuses on investment and business strategies across twenty health and care sectors with exclusive news, data, analysis and events. Online and in person, HBI helps business professionals at operators, suppliers, investors and their advisors to identify new opportunities, achieve their investment goals, expand their professional networks and gain competitive advantage.
