How can the technological expertise of Google be used to improve people’s lives? What are the future trends in HealthTech?
Imagine a chemist and an engineer and a doctor and a behavioral scientist, all working together to truly understand health and to better prevent, detect, and manage disease.
– This is what Verily is all about.
Verily was formerly a division of Google[x] and is now an independent company of Alphabet officially founded in December 2015. Its mission is to employ technology to uncover new truths about health and life science. What is most interesting about this company is its multidisciplinary team: it is composed of experts turning ideas into products by cross-pollinating medicine, engineering, and data science. As an example, they have already produced a smart contact lens for diabetics that continuously monitors glucose in tears (instead of having to prick their fingers to test their blood glucose levels).
What does Verily deal with?
The company targets health issues affecting millions, such as cardiovascular disease, cancer, and mental health. It is organized in four business units: hardware, software, clinical, and science. This is not the first time that Google deals with health issues, and indeed Verily was previously known as Google Life Science.
The software Business Unit
Of particular interest for our field of study, the software team is composed of engineering and data gurus who intend to better predict, diagnose, and improve treatments of diseases. Wearable technology is very useful in the prediction phase. The collection of psychological, behavioural, biological, and environmental variables could result in a more detailed patient-segmentation analysis, and allows to gain more knowledge about a disease and why it progresses differently among individuals. This, in turn, gives the possibility to better tailor treatments, and to personalize them based on the specific needs of the individuals.
There is a lot of information residing in our bodies – from our genes to our sleep patterns. The software business unit tries to use this information by developing products, platforms, and computational algorithms to improve people’s lives and to increase patients’ empowerment. In this way, people do not need to spend as much time in hospitals and can get the right medications, while avoiding the risk of side effects (and the associated costs).
HealthTech trends to keep an eye on
Verily is just one of the many companies dealing with HealthTech: the future of medicine will have a lot to do with technology, more than it ever did. Below, a list of three important trends for the near future is proposed:
- DATA: the importance of monitoring and evaluation of data will keep on rising thanks to the growing adoption of wearables and mobile technologies. The collected information will, in the longer term, allow to have personalized treatments.
- VIRTUAL / AUGMENTED REALITY: a lot of potential resides in this hardware technology. Surgical training and study can benefit a lot, as the VR / AR can be used for simulations before surgery. Also, they could be used as a psychological relief for patients (e.g.: in Argentina, VR is being used to help cancer patients escape the harsh process of chemotherapy).
- COMMUNICATION: technology could have a strong impact on the communication means of patient-to-doctor (and viceversa), and patient-to-patient. Mobile devices allow to have instantaneous communication, which enables a doctor to have real-time updates about a patient. Also, Social Media empower patients to create communities of people suffering from the same disease, and they may receive support from the community.
How is HealthTech going to evolve in the next few years, in your opinion?
Interested in the topic?
Here are some interesting videos:
- Verily: https://www.youtube.com/watch?v=Lyv0_GIGSbY
- A project of Verily: https://www.youtube.com/watch?v=cshqWyzxVn8
- TechCrunch, a VC talking about HealthTech: https://www.youtube.com/watch?v=u0VVQVn49VI
- Aj+, VR for chemotherapy: http://share.ajplus.net/shared/18996
SOURCES:
https://www.statnews.com/2015/12/02/google-doctor-jessica-mega/
https://www.statnews.com/2015/12/07/verily-google-life-sciences-name/
https://virtualrealityreporter.com/virtual-reality-surgical-medical-application/
Hi Beatrice, what an interesting blog to start the afternoon with. I never heard of this former division of Google. This proactivity regarding medicines and the connections with technologies will indeed change the medical world. However, I do wonder how long it will take before these technologies will disrupt the market and if it will be available for everyone? Will these technologies be very expensive in the beginning? Will insurances cover the expenditures of civilians?
So, in my opinion a very interesting blog, but how will it be monetised and implemented in the market? This is often a difficult question, but it needs answering, otherwise it will only be available for the rich.
Hi Michiel,
Thank you for your contribution: you raised very interesting questions!
Verily is planning to make its projects as scalable as possible, as the medical director states in this interview https://goo.gl/dR7Ifo. They hope that, by reducing the time to diagnose a disease, people will have access to the right treatments sooner, hence decreating the costs of unnecessary tests.
However, currently Verily is not directly targeting the final users (i.e.: the patients) as buyers: the company has been securing joint ventures and collaborations with big pharma companies (e.g.: GlaxoSmithKline, https://goo.gl/NI4Sw4), which can benefit from economies of scale and will likely be the ones to distribute and sell the products.
Still, in the next few years we will be in a better position to understand the economic implications of HealthTech companies.