The Carter Schwartz team recently hosted an engaging and delicious lunch event with discussion on the current appetite for technology in healthcare.
Bringing together specialists in mid-cap PE, corporate finance, executive search, and CSuite in AI technology development, guests reflected on recently published market data, along with their professional thoughts on a rapidly evolving healthcare ecosystem.
The food, wine and sparkling water (being dry January) was a terrific setting for diverse perspectives around a table, highlighting current achievements. The collective expertise of our esteemed guests shed light on the challenges and possibilities that lie ahead, paving the way for a healthier, technologically empowered future.
The following is an insight from our first event of the year hosted by Carter Schwartz.
It’s estimated that the number of digital pharma companies has surged by 50%, and digital care companies have increased by 33%. This growth can be attributed to the resilience of entrepreneurship, even in a challenging macroeconomic environment (PE Hub, November 2023). Let’s see what the Spring Budget will bring, along with an impending UK Government election.
Ethical Considerations and Regulatory Compliance: Guests suggested some key factors that contribute to the ongoing momentum in company creation within the healthcare technology sector. The availability of venture capital (VC) funding, access to skilled talent, and the utilisation of AI for data gathering are indeed major catalysts for innovation. However, the flipside of data collection in healthcare, particularly through wearables and wellness applications, raises significant concerns about data protection, transparency, and information sharing.
Wellness and Wearables: Following a reference to early morning Peloton challenges, the guests highlighted the on-going and significant consumer demand for health technology. In the days leading up to this event, McKinsey published their research titled Future of Wellness, which was released on the 16th of January 2024.
According to the opening statement from this research, the wellness industry alone is worth $1.8trillion (US) globally. Top of the trend list is at-home diagnostic testing followed closely by wearable biometrich devices.
Back to the table… and while many of our guests chose to follow their commitment to ‘dry January’, the talk soon returned to wellness. Either returning to fitness, or creating goals with the help of wearable tech to monitor progress.
Women’s Health and FemTech: This discussion also highlighted a pocket of growth in women’s health with a priority on menopause, fertility and pregnancy related products, with investors recognising the market potential.
The recognition of the unique needs of women at different life stages reflects a positive trend in prioritising diversity and inclusivity in healthcare solutions. As technology continues to advance, there is potential for further growth and innovation in women’s health-related products and services.
In summary: Investing in healthcare technology is no small feat, but it is in these investments that we sow the seeds for a healthier and technologically empowered future. Investors will look at growth potential and the leadership behind that potential from start up through to M&A.
Let the insights gathered over fantastic food serve as a compass, guiding us through the uncharted territories of this challenging yet promising tech healthcare sector and cultivating the talent that will lead the sector forward.
Thank you to our host, Adam Carter, Founder and Managing Partner at Carter Schwartz, and our guests for their time and their collective insight.
Adam Carter is the founder of Carter Schwartz, the leading executive search firm focused on the independent healthcare industry. For 10 years, the firm has been at the forefront of successfully finding and placing boardroom and senior operational roles across the range of healthcare subsectors. Adam’s personal standing in the industry is built on 27 years’ experience. He has a vast network of personal and corporate contacts across the industry. This means he is uniquely positioned to provide straightforward advice on search mandates and to make sure candidate shortlists are comprehensive and aligned with corporate objectives. His contacts book and experience, combined with the rigorous process his team works to, means Adam has built a firm that tirelessly delivers. The firm is now building out its presence outside the services subsector in medtech and life sciences.