Silverpeak and Goodwin, the global law firm, hosted an exclusive healthtech dinner in London, bringing together CEOs, Chairs, and leading healthtech investors.
We had insightful discussions around the current opportunities and challenges in the sector, while fostering meaningful connections.
Key highlights:
- AI’s role in healthcare: A consensus emerged that AI is transforming many aspects of healthcare, though opinions differed on the relative value of software vs. data. Some felt data is as valuable, if not more, than software, while others argued that creating proprietary models is essential for differentiation.
- Patient preferences: While surveys show that patients typically prefer a doctor consultation over AI, they also show immediate AI use is preferable when faced with a long wait for a doctor’s appointment.
- ChatGPT effect: Media coverage of the benefits of GenAI is helping healthcare professionals, including doctors, become more open to AI/ML healthtech solutions, and to recognize their potential to bring significant patient benefits.
- NHS as a demanding client: Successfully working with the NHS was viewed as a significant advantage, potentially opening doors in other markets. Companies were encouraged to leverage their NHS relationships by building an investment case that extends beyond the UK but still capitalizes on UK success.
- Cost reduction in healthcare: Discussions centred on how technology can help reduce costs. Empowering relevant stakeholders—such as doctors, payers, and patients—with the right technology is key to identifying and achieving savings.
- The US market: While considered crucial for many companies, the US market is notoriously difficult to penetrate. It was noted that the US is not a single market but a collection of markets, making it more complex, costly, and time-consuming for UK companies to navigate.
- Healthtech value chain complexity: The healthcare value chain involves numerous stakeholders—patients, physicians, pharmacies, payers, governments, and pharmaceutical companies—each with its own incentives. Entrepreneurs face the challenge of developing business models that align with these diverse interests. Additionally, a successful model in one country may not necessarily work in another.