{"id":547684,"date":"2022-07-03T04:23:00","date_gmt":"2022-07-03T04:23:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/whatsnext\/healthcare-operators-better-get-on-the-innovation-train\/"},"modified":"2022-07-03T04:23:00","modified_gmt":"2022-07-03T04:23:00","slug":"healthcare-operators-better-get-on-the-innovation-train","status":"publish","type":"whatsnext","link":"https:\/\/enterpriseam.com\/egypt\/whatsnext\/healthcare-operators-better-get-on-the-innovation-train\/","title":{"rendered":"Healthcare operators better get on the innovation train"},"content":{"rendered":"

<\/a> What\u2019s next for healthtech in Egypt and how can healthcare operators catch up:<\/strong> Healthtech startups are having a good year in Egypt, with investment rounds from the likes of Egypt-based Rology<\/a> and Otida<\/a>. Today, we go beyond the startups to look at the healthtech that is moving the industry and what trends industry insiders expect, from both the startups and traditional healthcare providers.<\/p>\n

We also explore how traditional healthcare companies can adapt to the new tech: <\/strong>What we found is that healthcare operators are indeed adopting new tech, and some are even being developed in-house. That said, insiders see M&As as the best way to go about acquiring tech and expect this trend to heat up. They also recommend establishing tech departments, as well as leverage cross-industry partnerships.<\/p>\n

But first, an overview of the healthtech pervading in the market:<\/strong> For startups, the big trend appears to be visitation booking apps. Of the 53 healthtech startups tracked by the CIT Ministry<\/a> in 2021, about a quarter focus on facilitating bookings for patients.<\/p>\n

Other trends in startup land:<\/strong> The remaining look at practice management, procurement, virtual healthcare and health information, diagnostics, ins. and emergency responses.<\/p>\n

What tech do traditional healthcare providers like? Having a one-stop-shop for medical records and services, <\/strong>executive director for strategy and business operations at Cleopatra Hospital Group (CHG) Hassan Fikry tells us. \u201cThe most important component of digitizing healthcare is to have access to all healthcare services online and having your holistic healthcare file on one digital platform,\u201d he adds.<\/p>\n

CHG developed and launched a patient-facing electronic medical record (EMR) system<\/strong>, similar to e-banking portals, combining patient history and accessibility. The records are accessible through the website via a unique patient identification code. Patients can log into the system, book their appointments, see their lab work, x-rays, and medical history, as well as order prescribed medication and get second opinions. \u201cIt\u2019s a consolidation of what different companies are trying to do,\u201d Fikry says.<\/p>\n

What areas can we expect the healthtech industry in Egypt to focus on in the future? <\/strong>The emergence of fintech will pave the way for improving access and affordability to healthcare. \u201cWe are already witnessing an enhancement in the regulations and legislations in countries such as Egypt to build the foundation for Fintech\u2019s surgence, and we\u2019re bound to see major<\/p>\n

integration between these two industries in the coming years,\u201d Vezeeta founder and CEO Amir Barsoum believes.<\/p>\n

Fikry believes the future lies in diagnostics and follow-up through technology. <\/strong>This means, for example, that a postoperative patient who\u2019s at home can be monitored by hospitals through virtual consultations or medical equipment technology. So instead of post-operative care taking place at the hospital, it takes place at home.<\/p>\n

Consolidation will continue to be a big theme in healthcare: <\/strong>Consolidation has been a dominant narrative in the healthcare sector since at least 2019<\/a>, particularly last year<\/a>. We\u2019re now seeing this happen among startups, including DilenyTech being acquired<\/a> by US-based therapy provider Astute Imaging, and B2B healthtech platform Aumet acquiring<\/a> Egypt\u2019s Platform One.<\/p>\n

There\u2019s more to come: <\/strong>Vezeeta is actively looking for other players to join forces with to increase its operational capacity, founder and CEO Amir Barsoum tells us.<\/p>\n

There\u2019s now an expectation that traditional companies will acquire new tech by acquiring the startups building them<\/strong>. \u201cI am expecting many consolidations to happen between traditional businesses, digital ones, and fragmented, smaller ones within the healthtech sector,\u201d Vezeeta says. He also added that .<\/p>\n

Some see consolidation as not that beneficial to consumers<\/strong>: \u201cThe prevalence of new players is an indicator of market health,\u201d Altibbi\u2019s chief growth officer Abdellatif Olama tells us. \u201cDifferent players are trying to add to the ecosystem through new angles that would make them stand out. I\u2019m pro-competition to get the best service for the users,\u201d he adds. While he does not oppose market consolidation of bigger players buying smaller ones, Olama thinks that consolidation among large providers will benefit players more than patients.<\/p>\n

Others see fragmentation as hurting the startup players: <\/strong>This can, in turn, lead to lower customer adoption overall. \u201cIn the past 2-3 years, a lot of new startups have been coming up with new healthtech ideas, but their customer adoption seems to be low,\u201d Fikry tells us.<\/p>\n

So how can a healthcare company best prepare for what\u2019s to come? First, build your own digital transformation department <\/strong>and train your staff on how to use the new tools. \u201cHealthcare companies, especially established ones, need to get a strong digital transformation department to prepare for what\u2019s to come,\u201d Fikry says, adding that \u201cthey are just as important as medical functions today.\u201d But in order to properly leverage this department, staff, including nurses and doctors, need to be trained to use the tools that the department comes up with.<\/p>\n

Second, build cross-industry partnerships. <\/strong>\u201cWorking together with different partners can produce much better outcomes for patients, and in return, generate a greater positive economic impact,\u201d Barsoum says.<\/p>\n

And of course, fostering a climate of innovation:<\/strong> By embracing innovation because it is inevitable, Barsoum says. \u201cThe MENA region has been slower than most in adopting change and transformation within the sector, but it is happening, and the sooner businesses get on board, the better it is for our communities,\u201d he tells us. Olama agrees, stating that existing businesses should be aware of the new services that already exist in the market in order to prepare for the future, which can be summarized in the integration between healthcare and technology.<\/p>\n

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Your top stories on future trends for the week:<\/strong><\/p>\n