Digitalization for Inclusive, Efficient and Fair Healthcare
Adopting new technologies in the pharmaceutical and healthcare space can reduce the incidence of chronic diseases, facilitate the early detection of serious illnesses, and help promote healthy habits among the population.
Good health promotes well-being, human development, and the progress of individuals and societies. Vital to ensure growth and productivity, it is also one of the most relevant economic sectors globally and regionally.
The effects of the COVID 19 pandemic on healthcare systems profoundly affected the healthcare industry. The challenge of accelerating digitalization and the impact of new technologies to optimize systems or leverage healthcare data has put an additional strain on the sector.
BID Invest and NTT Data have conducted a series of research studies to provide findings, insights and recommendations on how the digital revolution is transforming several industries.
As part of that series, the study "How New Technologies Are Transforming Health Industry in Latin America and the Caribbean" shows that digital solutions have revolutionized processes, improving healthcare access, quality and management efficiency.
Data analytics is key to responding to one of the biggest challenges in Latin America and the Caribbean: preventing chronic diseases and promoting healthy habits.
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This technology can reduce the incidence of chronic diseases, making high-risk patient information available and allowing early intervention, even before symptoms develop. Healthcare providers can use these data to make early diagnoses and prescribe faster and more effective treatments.
Another change in the industry is the emergence of Open Health regulations. Although still in their infancy, progress is being made to implement regulations on patient data sharing between healthcare agents and third parties.
A benchmark in the region is Brazil, where the government and the Agência Nacional de Saúde Suplementar (National Health Agency) have announced the launch of a new platform that would increase competition in the health insurance market.
New players
Data integration across the entire ecosystem and healthcare innovations can go a long way towards achieving process efficiencies and higher quality services, while promoting communication and trust, and ensuring a common technical language among all players as well as information security.
However, guaranteeing data security and privacy presents a major challenge for businesses seeking to safeguard sensitive and high-value data. Data storage and portability are additional challenge posed by the increasing volumes and specific nature of health information.
It seems clear that technology in general, and data usage in particular, would enable new players in the healthcare market. In addition to the new digital solutions (healthtechs), other incumbent companies with different core businesses, such as retailers or digital giants, have also expressed interest in this sector.
The following chart summarizes how adopting Open Health and advancing data interoperability would expand the healthcare ecosystem.
This enables the penetration of new digital native businesses. One example is Colombia's Farmalisto, a digital health platform that competes with brick-and-mortar pharmacies by delivering products faster and at more affordable prices.
Though the investment made by IDB Invest in 2021, the platform offers personal care, beauty, baby and sexual health products, as well as Care24 medical services, including telemedicine, treatment and nursing.
Against this backdrop, traditional businesses are embracing digitalization to reduce costs. Intelligent automation and process optimization can help digitalize lower added value, labor-intensive non-clinical tasks, reducing costs, improving efficiency and enabling healthcare organizations to increase investments in key strategic initiatives. Some automation examples are chatbots and e-prescriptions.
Technology advances and strategic digital infrastructure investments promote inclusive and equitable access. They are key to ensure that all the people in Latin America and the Caribbean receive efficient and quality healthcare services, regardless of their location or socio-economic status.
This will help improve the quality of life of millions of people, strengthen the region's resilience, and ensure a healthier and more prosperous future.
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Authors
Guillermo Mulville
Guillermo leads the Telecommunications, Media and Technology (TMT) Team at IDB Invest, which he joined in 2016. He is responsible for developing business strategies and plans, and for managing clients and structuring the transactions of the TMT sector in Latin America and the Caribbean. Before joining the IDB Group, he worked at the International Finance Corporation (IFC) for more than nine years, as Head of the TMT sector for Latin America and the Caribbean. He previously worked at ABN AMRO Bank for 12 years. He was Enron International’s Global Finance Manager for two years. He served as board member of Pan-African and Pan- American companies engaged in broadband and cell tower distribution and infrastructure, with portfolios in various countries in Latin America and the Caribbean. Guillermo earned a master’s degree in finance from Universidad del CEMA and a professional degree in business administration from Universidad de San Andrés (both in Argentina).
Cristina Simón
Cristina leads the Social Infrastructure Team at IDB Invest, which she joined in 2018. She is responsible for developing strategies and business plans, and for client management and structuring of transactions in the health and education sectors in Latin America and the Caribbean. Before joining the IDB Group, she worked at Deloitte for ten years in Colombia, Brazil and Spain as Director of Infrastructure Finance and Public-Private Partnerships and Director of Infrastructure Advisors. She previously worked at PricewaterhouseCoopers in the Infrastructure, Government and Public Services Department in Madrid, Spain. Cristina earned a master’s degree in corporate finance and investment banking from Instituto de Estudios Bursátiles (IEB) in Madrid (Spain) and a professional degree in business administration and Management from Universidad Complutense de Madrid (CUNEF) (Spain).
Andres Felipe Caicedo
Andrés Caicedo is an investment expert in in the telecommunications and technology. He is an Investment Officer at IDB Invest, based in Mexico City. He has extensive experience in the origination, structuring, and portfolio management of debt and equity transactions in Latin America and the Caribbean. Before joining BID Invest, he served as an Investment Officer at the IFC (World Bank), focusing on the TMT, Manufacturing, and Funds sectors for the Andean region and Mexico. Andrés holds a degree in economics from Universidad de los Andes in Bogotá and an MBA from IE Business School.
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