If health is wealth, the equivalent has yet to be said about it in the troublesome technology space.
President and co-founder of Singapore-based DocDoc, the world’s first patient intelligence company, Grace Park said, “Healthcare is one of the last sectors that’s truly been disrupted by technology and so this is a sector that truly needs greater transparency [and] allow patients to make more informed decisions. We already have that in all of the sectors, whether it’s banking, entertainment and what have you.”.
Park spoke at the day-long Innovation Summit 2019, which was planned by The Economist at the swanky St. Regis Hotel in Wanchai, Hong Kong on Sept. 5.
She said they want to set up DocDoc in Asia, as the guideline condition was “more open to try out new technologies.”
Park elaborated that Asia was top when it came to pockets of technology, but that the heft of innovation “was still happening in the West.”
Park said, healthcare is the single greatest cost facing the world economy today with more than 10 percent of its GDP going to medical expenses, combining the Philippines is no different, in an meeting with ABS-CBN News.
A report by worldwide insurance agency AON displayed that while the Philippines’ annual general inflation rate is predicted to be 3.8 percent in 2019, its net yearly medical trend rate could be at about 6.2 percent.
A Fulbright fellow and a graduate from the United States Military Academy, Park said, “In emerging markets like the Philippines, the problem of information asymmetry is more acute, leading to a huge trust gap between the healthcare system and patients.”.
She said, another factor of data asymmetry is the availability of deeply entrenched partners with clashing interests.
Park said healthcare is an interesting industry as patients do not pay for the most of the healthcare services, but other payers for example insurers, governments and employers.
She said, “As a result, the balance of power is shifted from patients to third-party payers who have historically been reluctant to change.”.