The Future of Digital Therapeutics and The Impact On Care
SUMMARY
During a panel with leaders in the digital therapeutics (DTx) space, we talked about what the future of DTx looks like, how it’s changing that moment of care, and how it’s bringing value to patients.
The patient’s role in their own care is growing and digital therapeutics empowers them to take action on behalf of themselves.
Risk stratification is made possible with data and insights from digital therapeutics, ultimately lowering the cost of health and increasing access to those who need it.
While the future of digital therapeutics is exciting and innovative, one key factor needs to remain at its center for companies and startups entering this space: the patient.
Your treatment is going digital.
In less than a decade, digital therapeutics (DTx) companies have completely disrupted the healthcare scene for the better. Having been cleared by the FDA and landing themselves in patients’ pockets, hands, and care plans, DTx is treating both physical and mental health conditions that were once only treated in an office. And with the technology behind these solutions continually improving and innovating, DTx is more affordable, capable, and patient-centric than ever. And consumers are ready.
We sat down for a virtual panel with leaders from growing DTx companies to talk about this acceleration — made even more urgent during the pandemic — of DTx solutions. Joined by Abby Mercado, CEO & Founder at Best Shot, Robert Niichel, CEO & Founder at SmartTab, and Ed Likovich, CEO at Nymbl Science, our discussion explored the many facets of DTx.
The Moment of Care
With companies building lifestyle modification apps, symptom management, and viable treatment programs, there’s a real demand to deliver care outside the hospital or doctor’s office. With more data access and advanced diagnostics, the role the patients themselves are playing in healthcare is changing. This trend — what we’re calling Dr. Consumer — means that patients can pursue precise information about their health , and now we’re in charge of figuring out what exactly to do with this information. More and more, the patients’ role in their own health and wellness is growing.
“It’s accelerated the concept of consumerization of healthcare,” says Ed Likovich. “By putting tools in the hands of individuals who are interested in their health, we’re empowering people to learn, understand and take action on their own.”
In five years, the entire care distribution model will be completely different — and DTx companies are leading this charge. While now the most likely path to care includes going to a physician’s office, waiting for them to tell us what to do, and then doing what the physician tells us. While this conventional approach may not be going away, it does keep our health systems siloed — a system that can often fail patients.
DTx is changing the healthcare paradigm by bringing care to the home. Due to its collaborative nature, patients now have the power and the data to advocate for themselves. The more we move in the direction of virtual and digital care as a companion to traditional care, the less patients have to go to the clinic or hospital.
“We’re going consumer first,” says Abby Mercado regarding who her company, Best Shot, is targetting. “Everybody is collaborating on the same platform with the patient at the center and the pharmacy and physician are totally engaged.”
The Need for Behavior Change
In a recent report from McKinsey, more than 80% of healthcare costs in the United States — that’s $3.4 trillion — is spent on diseases that could be modified or reversed through behavior change. This begs the question, will digital therapeutics replace traditional medicine?
Robert Niichel points out that, “Many of the things that are treated in hospitals or clinics can be moved to the home. And there are a lot of incentives to do that.”
SmartTab, the startup founded by Robert Niichel, and its system is on the path to eliminate the need for multiple prescriptions, ultimately reducing the reliance and stress that more traditional medication can entail.
“We think a lot about right care, right cost, right time,” says Ed Likovich.
This type of approach — more broadly known as risk stratification — can establish a system where companies identify the right level of care for a percentage of patients and has been proven to improve overall health outcomes.
The Future of DTx
So what’s next in the world for digital therapeutics?
According to our panelists, we’re looking at a world that eliminates the need for syringes and needles, supports more remote monitoring, focuses on older adults’ health and wellness, and deploys behavioral health to solve complex health problems.
But perhaps the most important aspect to keep in mind in this growing field of digital therapeutics: The patient.
“Focus on the mindset and emotion of the patient. We get notes that say, ‘thank you for giving me something I can get better at because I’m sick of being told that I’m getting worse at things.’ Sometimes, as startups, we miss that. How can we help [the patient] win?” asks Ed Likovich.
In fintech, many banks were resistant to change and afraid digital transformation would damage their business model. The winners were those who took the risk to adapt. By adopting and embracing digital therapeutics at scale, pharma, healthcare providers, and other life science players can improve the quality of lives of patients across the globe.
“Creating those communication tools and giving patients the power through digital therapeutics really is the way of the future,” says Abby Mercado.
We agree.