HealthTech is hot. There’s no denying it, the numbers stack up. According to StartUp Health’s annual Insights report on HealthTech investment1, last year was the biggest year ever in terms of spending: $11.7B in total over 833 deals. Their Q2 report shows 2018 tracking at a greater deal velocity with $6.1B over 414 deals in just the first two quarters.
This comes as no surprise to anyone who has been involved with the Accenture HealthTech Innovation Challenge (AHIC) over the past few years. If you are one of the 50 Life Science or Healthcare companies who have taken part in the challenge, you’ll know that the quality, professionalism and maturity on display is truly impressive. In fact, Emmanuel Blin, who was Chief Strategy Officer at Bristol-Myers Squibb when he attended AHIC in January 2017, left the organisation to join StartUp superstar, Noona as Chairman of the Board shortly afterwards2.
The Challenge will kick off at the end of the month with an invitation for HealthTech StartUps around the globe to apply in hopes of securing a coveted spot at one of the regional demo days in Europe, Asia and North America. Once again Accenture will be inviting industry clients to assess the StartUps and select the best ones to go through to the final in San Francisco in January 2019 when everyone in the life sciences and health industry is there for the JP Morgan Healthcare conference.
And while the Challenge itself is a great way to meet the amazing talent and see the innovation that exists in the HealthTech ecosystem, it’s really only the entry point to a ‘world of wonder’ (slight exaggeration here). Over the past 2 years, the AHIC database has amassed a rich data set of StartUp information from over 2000 StartUps. That’s 2000 potential solutions for life science and healthcare organisations to help develop better patient services, improve their drug discovery processes, transform the patient experience around clinical trials or (as has been shown in Ethan Bash’s ASCO published paper3) improve clinical outcomes of patients through community participation. We’re working with clients to identify, integrate and scale those solutions by collaborating on Innovation Hubs, design sprints and patient services design.
As the LS and Healthcare industry’s face increasing cost pressure, mounting expectations from customers and patients around engagement, services and the need to overhaul legacy systems and ways of working, AHIC is a breath of fresh air and a rich source of potential solutions. As our mission says – we truly believe - Together we can change the world.