More than $17 billion was collected in 2021, according to data by Private Equity International, followed by $14.5 billion in 2022. This year will likely end at a similar figure as several high-profile healthcare firms have received funding stretching into the tens of millions and beyond. 

These figures show that private equity firms still have a big appetite for the healthcare industry despite wider macroeconomic concerns. As always, there are several key trends driving funding opportunities in the space in 2024. 

A Rebound of Investor Funding From Armistice Capital and Others

Both 2021 and 2022 saw a strong rebound of venture capital funding flowing into health care and, if the countless examples of recent funding announcements are accurate, this rebound is ongoing. 

A lot of this funding has gone to pharmaceutical companies like Eledon Pharmaceuticals, a clinical-stage biotech that’s developing treatments for people undergoing organ transplants. Eldeon raised more than $185 million in April. Investors included BVF Partners LP and Armistice Capital.

The biotechnology and pharmaceutical industries have remained highly attractive to investors due to the cutting-edge research and development of new treatments, vaccines, and therapies currently taking place, many of which were fueled by the pandemic. Advances in gene editing technologies, immunotherapies, and personalized medicine are among the areas of interest to investors. 

Personalized medicine is also a concept that’s gained considerable momentum. Promising to offer tailor-made treatments based on a patient’s genetics, lifestyle, and other individual characteristics, advances in genomics and biomarker research have paved the way for more effective therapies. Investors are drawn to companies at the forefront of developing personalized medicine approaches.

The COVID-19 pandemic also put a spotlight on vaccines, leading to increased investments in vaccine development and manufacturing capabilities. Additionally, there’s been growing interest in vaccine research for other infectious diseases and cancers.

Competition Regulations and Artificial Intelligence

Competition and antitrust enforcement in the United States are expected by many to accelerate and potentially lead to the delay of many high-profile mergers. This is because healthcare is a highly regulated sector. 

As new deals gain traction, it’s entirely plausible that competition bodies may pay closer attention to — and scrutinize — cross-sector convergence with companies outside of the industry. The U.S. Department of Justice is particularly interested in roll-up transactions, which consolidate market share and negotiating power.

Investment continues to flow into health care toward firms specializing in using artificial intelligence and data analytics to improve diagnostics, drug discovery, and personalized medicine. 

AI, machine learning, and data analytics together have a substantial range of applications in the healthcare space, from using them to identify potential drug targets quickly to using AI and big data to help users access accurate information on their symptoms and connect with physicians. There are very few if any, areas in health care where these disruptive technologies will not have an impact. 

Mergers and Acquisitions

Finally — and as always — healthcare companies continued to engage in mergers and acquisitions to expand their product portfolios, pipelines, and geographic reach, a trend driven by the need for diversification and the pursuit of cost synergies.

This is particularly true for emerging markets such as Asia, where pharmaceutical companies have been looking to expand their presence in regions with growing healthcare needs and middle-class populations.

Looking to 2024

The private equity healthcare investment landscape has demonstrated remarkable resilience and sustained growth in recent years despite the pandemic, with billions of dollars pouring into the sector from investors like Armistice Capital. Despite economic uncertainty, 2021 and 2022 witnessed an impressive influx of capital, a trend that’s continued this year and is set to do so again in 2024.

AstraZeneca, the British pharmaceutical company currently working in collaboration with Osford University on a COVID-19 vaccine, announced on Saturday that it would acquire US drugmaker Alexion for $39 billion.

As part of the deal, the FTSE 100 firm said that Alexion shareholders will receive $60 in cash and about $114 worth of equity per share, a premium of more than $50 per share. Alexion shareholders will own around 15% of the merged company.

The boards of both firms unanimously approved AstraZeneca’s takeover, which is expected to close in Q3 2021. The deal was the result of exclusive talks with no competitor involved, and will broaden AstraZeneca’s portfolio with access to Alexion’s rare-disease and immunology drugs.

"Alexion has established itself as a leader in complement biology, bringing life-changing benefits to patients with rare diseases,” AstraZeneca CEO Pascal Soirot said in a statement. “This acquisition allows us to enhance our presence in immunology.”

Ludwig Hantson, CEO of Alexion, also hailed the deal: "We bring to AstraZeneca a strong portfolio, innovative rare disease pipeline, a talented global workforce and strong manufacturing capabilities in biologics.”

Shares in AstraZeneca fell 9% on Monday as investors moved to price in the deal, which is now awaiting regulatory approval before it can go ahead. Shares in the company have fallen by around 17% from their peak in July, as Pfizer and Moderna have made swifter progress in developing and receiving approval for their COVID-19 vaccines.

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AstraZeneca also revealed on Monday that it will take out a £13 billion ($17 billion) bridging loan to finance its takeover bid.

While delivering the government’s spending review for 2020, UK chancellor Rishi Sunak cautioned that the “economic emergency” caused by the COVID-19 pandemic was just beginning.

“Our health emergency is not yet over and our economic emergency has only just begun,” he said, adding that his priority was to “protect people’s lives and livelihood”.

The chancellor’s warning came as the Office for Budget Responsibility estimated that the UK economy will contract by 11.3% by the end of 2020, the country’s largest recorded fall in output for 300 years. Unemployment is also expected to peak at 2.6 million in 2021 and remain above pre-pandemic levels until 2024 at the earliest.

Chancellor Sunak said that departmental spending would be £540 billion next year, up 3.8%. He also promised a “once in a generation investment in infrastructure” towards schools, hospitals and roads, which the government would spend £100 billion on next year. £3 billion in additional funding will be earmarked for the NHS. Government borrowing will rise to almost £400 billion, reaching its highest level outside of wartime, to finance these projects.

The government’s foreign aid budget will also be cut, and there will be a “targeted” pay freeze on public sector workers, the chancellor said, from which the NHS and lowest paid workers will be exempted.

In other news of note from the spending review, the chancellor said that he had accepted the Low Pay Commission’s recommendation that the minimum wage – now rebranded as the National Living Wage – be increased by 2.2% up to £8.91 per hour. It will also be extended to those aged 23 and over, down from the current age of 25, and the minimum age for younger workers will be increased as well.

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"The chancellor will need to find £20 billion to £30 billion in spending cuts or tax rises if he wants to balance revenues and day-to-day spending, and stop debt rising by the end of this parliament,” noted Richard Hughes, chairman of the Office for Budget Responsibility, following the spending review.

However, Pfizer wasn’t the only company to benefit from a successful trial. Shortly after the announcement, we saw a stock market boom. The Dow Jones Industrial Average in America was up by more than 1,000 points on Monday and the FTSE 100 in the UK ended the day 276 points higher, a rise of 4.67%. So, with news emerging that a working vaccine is on the horizon, what will the next six months look like for hedge fund managers and investors? Let’s take a look.

How do Hedge Fund Managers View the Pandemic?

Although news of the Pfizer vaccine is positive, it does not signal an end to the current ways of working and living. After all, this is only one trial, and even if the vaccine continues to be successful, the distribution of the vaccine will still take around a year. As a result, it’s unsurprising that many hedge fund managers still expect that the coronavirus pandemic will still negatively affect their investments. Overall, 86% believe that the pandemic will have either a ‘negative’ or ‘very negative’ impact.

That being said, the vaccine news is still a huge positive. Due to this, if the successful trials continue, the vaccine may change the outlook of hedge fund managers as long as they adapt their strategy in order to take advantage of opportunities that emerge in a post-COVID world.

What Sectors will be Popular Investment Options?

Due to the fact that the vaccine will first be given to vulnerable people over the pension age, it seems likely that the ‘new normal’ work from home dynamic will continue for at least the first half of next year. As a result, expect tech stocks to receive significant investment. The vaccine news actually caused Zoom stock to plummet by 15%, but this may be short-sighted given that the vast majority of us will still rely heavily on this form of tech in the next 6-12 months. Plus, if the virus fundamentally changes the way that we conduct business, and working from home becomes the norm in some industries, then this technology may be here to stay.

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Similarly, for many people, the coronavirus pandemic has changed our relationship with our bodies and our minds; particularly because self-isolation and lockdown have made us think more about how we look after ourselves without gym access. As a result, expect well-being providers such as Peloton to build on the 350% growth they’ve seen this year.

Finally, it’s important to remember that the Pfizer vaccine is just one of the options available, and we’re still waiting to hear trial results from other vaccine providers such as AstraZeneca, Janssen, and Valneva. Should their trials also be successful, expect their stock prices to skyrocket on the announcement.

In summary, although hedge fund managers still believe that the pandemic will have a negative impact on their funds, the Pfizer vaccine provides us with a glimmer of hope that life may return to normal by the spring. As a result, for hedge fund managers and investors, this hope presents an opportunity. By adapting their strategy to purchase stocks in areas likely to see growth such as tech and well-being, proactive hedge fund managers may be able to overcome at least some losses and could potentially come out of the pandemic unscathed.

Wait a minute — before you delve deep into the coverage options at your disposal, there are a few things that you need to keep in mind. Here’s your checklist for buying personal liability insurance; rather, here are a few things you must ask yourself before purchasing an insurance plan.

Does It Aid You, Oh Globetrotter?

Oftentimes, your insurance does not cover liabilities taking place anywhere but locally. While the average insurance provider will not be concerned with travelling, we know the importance of it. Travelling is an addictive yet life-changing interest to possess. Not just that, logically most people travel in some form or fashion, and staying insured during such times seems like the smarter thing to do.

For this, you need to check whether your insurance provider covers liabilities that take place off-premise. In other words, check whether your liability coverage is spanned across more than just local areas. Planning your finances is an arduous task, especially if you like to travel, and liability coverages here are a lot trickier. Try not to acquire insurances that do not cover such damages, even if they come with more benefits. Unless you are someone who likes to be burdened by the weight of the four walls surrounding you, global coverage is quintessential.

Are You Sporty Enough?

Try not to take this in the literal sense of the term. We are in no way asking you to get personal liability coverage just because one fine day you would want to go putt-putt. Think of it this way—you decide to practice throwing a ball in your backyard with your child. You happen to hit someone else on the street, or damage someone’s property (such as a phone) by accident. Not only does that prove that you are a bad thrower, but also makes you responsible for damages incurred.

This is a very real use-case of personal liability insurance. Ensure that your provider has sports-related liabilities covered at your residence, for such cases are pretty ubiquitous, and dare we say, expensive to repair. While you can learn how to throw ball better and more accurately next time, you need to ensure that the liabilities from that front are taken care of. On that note, such personal liability coverages are pretty extensive in the kind of damages they cover. Ensure that you pick a policy that covers multitude of damages, and of course, learn how to throw better.

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Who Let the Dogs Out?

Granted that pets are not just a great companion but a must in some cases, but it only takes a moment for things to go wrong. While your pet is the most amiable companion around you, it only takes one bad day for a third party to face the brunt of your pet’s primal instincts.

Here too, personal liability coverages and questioning stances about them is mandatory. Ask your insurance provider whether these damages are covered too. On that note, it is pretty sensible to get liability coverage spanning such scenarios, considering how common pets are at households. Damages caused by pets to a third party is surely not under your direct control, but it does not hurt to cover such specific liability cases, does it?

Does It Cover Legal Expenses?

Ah, the irreparable damage. The kind of damage that you get sued for. Damages carved out of unforeseen circumstances have very little control from your end, as is the case with lawsuits that come out of it. If your coverages don’t suffice the needs of the damaged party, chances are, you might need a good lawyer. Wait — liability insurances might cover that too?

It is important for you to look for coverages that will manage your lawsuit too. In this world plagued with capitalism, lawyers aren’t getting any cheaper. This is where your personal liability coverage should come in handy. Ask your provider whether liability coverages cover legal costs, for it might be useful, irrespective of whether you are found responsible for the said damages.

To Conclude

As with most other policies, getting to know the ins and outs should be of utmost importance to you. Try to put some extensive research into looking for the kind of insurance that is right for you. As with most other things in life, personal liability coverages should be subscribed according to your specific lifestyle. Once you cover the basics of liability insurance, ensure that you cover other specific scenarios. After all, indecision is fatal, but so is uncertainty.

You may find yourself falling behind with bills and mortgage or rent payments, you might be struggling to deal with household repairs or cover travel costs, and you might be having problems with a range of other essential payments.

If you are struggling financially, there are steps that you can take in order to ease the financial strain and cut back your outgoings. Sometimes, you can make a big difference to your situation simply by tightening your belt, as many of us spend far more money than we realise on things that we do not need. We also often spend far more than we need to on bills and other outgoings. In this article, we will look at some of the ways you can tighten your belt and reduce outgoings to enjoy more financial freedom.

Some Steps to Take

There are a number of steps you can take in order to ease the financial strain and cut your outgoings considerably. Some of the key things you can do include:

Look at Insurance Plans

Most people have various insurance plans in place, but once they take out insurance many people do not bother to check and compare costs when renewal time comes around. For instance, if you have car insurance, don’t just let it auto-renew for the following year. Instead, shop around for better deals. You can choose from all sorts of plans these days such as pay as you go or buy now pay later car insurance. The same goes for home insurance – instead of renewing automatically each year, make sure you look at costs from other providers to see if you can get a much better deal.

By comparing insurance plans each year, you can save a considerable amount on each of your insurance policies. This all adds up and can make a huge different to your premiums and the amount you pay out each month.

Most people have various insurance plans in place, but once they take out insurance many people do not bother to check and compare costs when renewal time comes around.

Exercise at Home

We all know that exercise is vital when it comes to maintaining good health and staying in shape. However, some people pay a fortune in gym membership fees when it is perfectly plausible to exercise at home free of charge. You can get exercise gurus that give classes online, you could use an exercise DVD, or you can even go for a run each morning by way of getting exercise.

When you have a gym membership, you not only pay a small fortune each month, but you are also tied into this for a specified contract period in some cases. In addition, if you do not go to the gym on a very regular basis, you end up wasting that money. So, cancel the membership and find fun free ways to exercise at home. It will also save you the time and travel expenses involved in getting to and from the gym.

Take Packed Lunches

Many people go to work or college everyday and they spend a lot of money buying food and drink over the course of the day. This includes buying lunches that can work out very expensive once you add them up over the course of the week. Spending a few dollars here and there may not seem like a lot, but when you add it up you will be amazed at what it comes to.

So, in order to eliminate these costs, make sure you take a packed lunch along with drinks and snacks from home. This way, you won’t have to spend money on buying food and drink, and you can also save yourself the hassle of having to go out to the shops partway through your day to buy them. In addition, you can eat more healthily because you know exactly what goes into your lunch and drinks. This makes it an ideal solution for those who want to boost their health as well as their finances.

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Switch Utility Suppliers/Plans

When it comes to utility bills, many people end up paying far more than they need to, and this is just money down the drain. Paying bills such as gas, electric, broadband, and water can be costly, but you need to ensure you do your research and see whether you can get any discounts.

You may be able to get discounts from your current provider, as they may be able to switch you to a different plan or apply a promotion. If not, you should take the time to compare costs with other providers and make the switch where necessary. This is something you can easily do using price comparison sites.

Consolidate Your Debts

If you have a variety of debts, you are probably paying out a small fortune each month and much of this may be interest payments. This means you pay out a lot of money on your debts each month, but the principal balance hardly goes down. In order to tackle this, consider a debt consolidation loan with a low interest rate. You can then bring your repayments down, reduce the interest you pay, and have just one debt to deal with.

All of these tips can help to reduce your monthly outgoings and relieve financial strain.

Managing a household budget is not always easy. Some months, there may not be enough money coming in to meet all of your needs. In other circumstances, you may have big plans or big projects on your mind that will require more funds than you currently have access to. In these cases, knowing where to find the financing you need is important.

Personal loans are a great choice for accessing extra funds in a completely straightforward way. Depending on your ability to take on new debt or your current plans and needs, a personal loan may be just what you need to move forward. If you want to make an informed decision about whether this kind of financing is right for you, then it can be helpful to know how personal loans are commonly used.

Let’s look at five specific reasons why you need to consider a personal loan.

1. Home Renovations

Home renovations are a great way to use the funds from a personal loan. Usually, home renovation projects can rapidly spiral over budget and quickly overwhelm the ability of homeowners to pay for everything. To see your projects through to fruition, and to avoid leaving your property in a half-completed state, then it is prudent to apply for a personal loan. Best of all, home renovations can actually add value to your home which makes a personal loan even more affordable in the long run.

2. Debt Consolidation

Personal loans can be a great way to consolidate your outstanding debts. If you are having a hard time keeping track of your debts and cannot manage to pay back numerous loans to numerous lenders, then simply the situation. Pay back all of your outstanding debts with a large personal loan. This way, you will only have one loan to worry about, and usually at a much more reasonable interest rate.

3. Emergency Medical Expenses

Sometimes, life throws us into situations that we did not expect. Whether your health has suddenly declined or the health of someone in your household is threatened, then the bills can add up quickly. Since health is far more important than anything else, it is worthwhile to take out a personal loan to finance your medical bills.

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4. Boost Credit Score

If you have big plans in your future such as securing a mortgage to buy a home, then you will need a good credit score. If your credit has suffered in the past, however, you will need to improve it first. Taking out a personal loan and then diligently repaying it allows your credit score to rise and will leave you with more options for credit in the future.

5. Travel

It is not generally advisable to use personal loans for discretionary spending. Purchases that are not truly needed are better afforded through diligent saving rather than relying on credit. This is because the interest payments you will make on a personal loan make the overall cost of this spending more expensive.

However, in some cases, discretionary spending on credit can be justified. Indeed, the choice is a personal one. For example, if you are offered a once-in-a-lifetime opportunity to take a dream holiday, then a personal loan can be useful. Nevertheless, be sure to weigh the pros and cons carefully.

Find Financing With Personal Loans

Beyond the five reasons outlined here, there are many more reasonable uses for the funds you can receive from a personal loan. If you have projects or expenses that you need to cover quickly, then find a reputable personal loan provider and start the process of securing this funding right away.

On Friday, President Trump signed into law the largest-ever US economic stimulus package, worth $2 trillion and aimed at shoring up the country’s industries and medical infrastructure as the coronavirus (COVID-19) pandemic continues to spread.

Touting the package as “twice as large” as any other in American history, the President stated that it would bring “urgent relief to our nation’s families, workers, and businesses”.

The bi-partisan bill includes grants to healthcare providers worth $100 billion, with a further 20% increase in Medicare payments for treating patients who have contracted COVID-19.

Additionally, the bill will seek to deliver one-time payments of $1,200 to every American citizen earning under $75,000 a year, and an additional $500 dollars per child. Provisions for freelancers and workers in the “gig economy” have been added to the unemployment benefits programme, bolstering the fortunes of workers not normally covered.

The bill also creates a $500 billion lending programme for industries, and even cities and states, that have been worst affected by the pandemic. Treasury Secretary Steven Mnuchin will control the dissemination of this fund.

While amendments to the bill have ordered an inspector general to oversee Mr Mnuchin’s use of this lending programme, President Trump signalled in a signing statement that the White House will reject requests for information coming from the watchdog.

Aside from this half-trillion-dollar programme, a further $58 billion has been set aside specifically to provide grants to airlines, encouraging them to retain their staff and continue to pay wages amid a significant decrease in demand for air travel.

Last week saw 3.3 million Americans filing for unemployment, a record high.

Each year, technology introduces new trends and benefits into the healthcare industry. So, what can we expect to see throughout the coming year? Here, we’ll look at some of the key health care technology predictions for 2019.

1. More focus will be given to digitalisation

This is perhaps the most unsurprising trend the healthcare sector is expected to focus on in 2019. More providers will be looking into adopting Electric Patient Records, helping to better monitor and manage patient treatment. Allowing practitioners to receive updates and records in real-time, this digitalisation is gradually revolutionising the industry.

It’s also likely more services will become digitalised, such as booking appointments, and managing repeat prescriptions.

2. Security and privacy will dominate

Due to changes in data privacy, it’s likely the healthcare sector will see policy changes adopted in 2019. As the sector becomes more comfortable managing its data, it’s also expected there will be a move from big cloud data storage to smaller, more specialised cloud storage.

Security wise, cyber attacks are expected to become more prevalent over the next year, forcing healthcare providers to tighten their security.

3. Patients will be able to monitor their own health

There has already been an increase in the number of at-home monitoring devices introduced onto the market. However, as pressure is placed onto the sector due to cost cuts, it’s likely we’ll see an increase in patient-controlled health monitoring.

Currently, patients can purchase testing kits for a range of illnesses and conditions, as well as test things such as their cholesterol and blood pressure. As technology continues to advance, we’ll likely start seeing more testing and monitoring devices introduced onto the market.

4. Collaboration with innovators

Innovation is a big factor all businesses should be concerned about. In 2019, it’s thought the healthcare sector is going to focus a lot of its efforts into innovation. Pharmaceutical companies in particular, will be seeking out innovators to boost their portfolio. From digital health companies to biotech upstarts and AI start-ups – there will be a lot of collaboration taking place within the healthcare sector this year.

5. More tech for mental health

It’s no secret that the mental health sector is under extreme pressure due to lack of funding and staff shortages. So, in order to try and bridge the gap, in 2019 focus is being placed upon introducing more tech into the sector. This will allow patients to monitor and manage their mental health much more effectively. There will also likely be more tech introduced to help treat and support mental health patients.

The above are just some of the health care technology predictions of 2019. There are certainly a lot of changes occurring within the sector at the moment. Digitalisation in particular, is going to be a huge focus and one of the biggest benefits to the industry.

The Internet of Things (IoT) is all around us. From providing doctors with patient data in real time, to tracking vehicle performance, to automating building systems, IoT is transforming businesses and enabling organisations to create entirely new systems and services, engage customers and drive growth. Below Richard Smith, Regional Manager at SOTI, gives us a brief on the top three industries ready for IOT transformation in 2018.

Despite the huge rise in connected devices, there are still some industries that are hesitant to adopt new technologies, regardless of the business benefits. With nearly 20 billion devices^[1] predicted to be connected to the IoT by 2020, it is essential that organisations invest in new IoT technologies to keep up with evolving customer demands.

With IoT’s growing maturity comes new approaches, business models, and solutions that will see organisations ramping up deployments and incorporating this technology into their products, processes and workflows.

Almost every industry can benefit from investing in IoT but the important thing to consider is that IoT cannot be deployed in silo. Connecting a business from a technology perspective is all about leveraging mobile (where the business information resides) with IoT. Mobility has taken functionality way beyond the four walls of a business but IoT stands to amplify this.

The communication between mobile and IoT allows even more information to be connected to back office systems even without the need for human intervention. As the adoption of this technology continues, these three industries are ripe for IoT transformation.

Healthcare

IoT has taken healthcare by storm. From wearables that track patient health, to providing remote care to patients who live in isolated areas, the shift towards the digitalisation of the healthcare industry has seen more healthcare workers getting connected and relying on mobile devices. The biggest benefit of IoT in healthcare is to keep patients out of the hospital by providing more effective home care. This is helping to reduce re-infections but also reduces costs, especially when it comes to monitoring patients with chronic illnesses.

Mobile devices are enabling doctors, nurses and other healthcare practitioners to monitor patients outside of the hospital; wearable devices track pulse rates and motion sensors and trackers protect more vulnerable patients. These remote patient monitors provide richer information in a timelier fashion. The ability to now track patients over a 24/7 period - compared to an hour’s assessment in a hospital room – can not only help to diagnose illnesses quicker, but can also measure the effect of treatment. If a medication impacts the patient’s readings, a doctor can be aware of this problem before a patient tells them.

This method of patient tracking not only reduces the complexity for the healthcare facility in offering an exemplary level of patient care, but also reduces the cost. Wearable devices are extremely cost effective and the accuracy of the data reduces patient time in the hospitals, which has another positive impact on costs.

As more and more medical devices become internet-connected with this evolving technology, it is vital that the healthcare industry ensures its compliant with data protection laws when it comes to the transportation of this data. Operators must ensure that medical grade devices are configured effectively, that passwords and encryption is in place and that the connection between the devices is secure to protect patient data from potential hackers.

Transportation and Logistics

Whether by air, ground or sea, transportation and logistics are essential components to many enterprises’ productivity, and access to real-time data is critical. There is a growing reliance on IoT and mobile devices to provide visibility into the supply chain right through to personnel, equipment and transactions that enable enterprises to better support peak operations in real time.

Transportation and logistics businesses are focused on maximising supply chain efficiency to sustain profitability and efficiencies. IoT has already begun to disrupt this industry through systems that are able to sense and respond to vehicle usage and changes in real-time, managing downtime to operate fleets at the lowest possible cost.

IoT provides the ability to track where vehicles are in their route, ensuring they are delivering packages and goods on time and being able to reroute trucks based on live situations such as accidents, road closures or weather conditions. With workers constantly on the move, visibility into where these assets are, and what they are doing can improve business operations.

With the announcement of driverless trucks, IoT will play a major role in tracking vehicles on their routes, deploying preventative maintenance, observing driver behavior and monitoring vehicle security with the goal of improving the bottom line.

Retail

Retail is one of the most fast-paced industries globally. According to Accenture^[2], the IoT movement offers retailers opportunities in three critical areas: customer experience, the supply chain and new channels along with revenue streams.

IoT is already being used in retail, but 2018 will be the year where this technology really transforms the customer experience. We’ve already seen an increase in customer touchpoints – such as in-store tablets and online chatbots – but this will evolve rapidly over the next 12 months as shops become even more connected.

For example, we will increasingly see sensors being used for inventory management, allowing a connection to be made from back-end inventory to in-store and online. Also, the in-store customer experience is transforming to meet the demands of the digital consumer – as such, beacons will be used to push relevant messages at point-of-sale and sensors will be in operation to track patterns to develop better instore layouts

Consumers are now taking these features of the technology into account. According to our own research^[3], 67 per cent of shoppers are more likely to shop at a store that integrates technology and over two-thirds believe retailers that utilise more technology enable a faster shopping experience.

What’s most exciting for the coming year is how extensive the applications of IoT in retail are. Robots will stack shelves, freeing up staff to add value to the customer, while smart mirrors will let customers virtually try on clothes and connected beacons will send out personalised offers to consumers immediately as they enter the shop.

Future-proofing IoT

This year will be a breakthrough in IoT usage and applications across a wide variety of industries. The ubiquitous nature of IoT will be evident and the technologies driving the usage will continue to emerge and evolve to meet the important needs of deployment, distribution and security.

SOTI MobiControl is an enterprise mobility management solution that secures and manages IoT devices, offering geo fencing functionality to track devices, allowing remote management and keeping both the device and connection secure.

As with any early technology deployment, the standardisation of IoT will be a critical consideration across all industry sectors, to avoid fragmentation and allow integration of all business operations that need to be built in.

Each industry will be uniquely impacted by IoT but essentially they will all experience a more streamlined business process because of increased connectivity, reliability and efficiency taking business connectivity to the next level.

[1] https://www.gartner.com/newsroom/id/2636073

[2] https://www.accenture.com/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Dualpub_14/Accenture-The-Internet-Of-Things.pdf

[3] https://www.soti.net/media/269478/retail-infographic-2018.pdf

Finance Monthly hears from José R. Sánchez, the President and CEO of Chicago-based Norwegian American Hospital, who discusses what it takes to be a CEO of a hospital and the initiatives that the hospital has been up to since we last spoke a year ago.

I have been President and CEO of Norwegian American Hospital since 2010 and have had a long career in healthcare, going back 30 years, mostly in New York. I spent almost 16 years with the New York City Health and Hospitals Corporation where I held a number of positions during my tenure in various leadership roles. I was the most senior leader within the system, responsible for the largest healthcare network that included 3 hospitals, 23 clinics and over 9 000 employees. Healthcare is a very competitive field in just about every part of the country. The rules I follow are excelling in any responsibility given to me and managing an efficient operation. I focus on quality improvement, best practices, growing business, expanding services, addressing community needs and having a viable bottom line.

A successful hospital CEO knows how to cultivate leadership within the organisation. I believe that inherent leadership skills that engender the support and confidence of the providers, patients, and the surrounding community are most important. Good leaders will not only engage with their executive team but the best leaders are those who engage at all levels of the organisation. Additional skills that have been helpful to me are those I have been able to gain through roles in management and understanding operations, while staying updated on current changes in the market. I focus on identifying and bringing in the best talent for the success of the organisation. It is also important to understand the politics of healthcare. I believe there is a very close relationship between understanding the fundamental principle of operations in the healthcare setting and understanding how policies are shaped. You need to be able to balance both equally and be able to identify critical priorities and act on those priorities, on behalf of, or for, the benefit of the organisation.

As we understand today, healthcare is an evolving system. The direction of healthcare is very unclear and this is probably the most disruptive time ever in healthcare. Therefore, there is greater demand for training the workforce to respond to those changes. In order to make every attempt to have high moral in the organization, it is important to value the roles and responsibilities that the workforce has. Communication is also key for high morale, taking time to explain trends in healthcare, and working in collaboration as a team. Celebrate the successes openly and openly address the challenges we have every single day. Staff development is key to improving and maintaining high moral. Standardisation of policies across the board is critical and transparency is key as well. Trust is a major driver to maintain and improve morale.

The successes of Norwegian are many but we have been able to keep the doors open by being a proactive organisation, representing the needs of the community by creating specific programs that address the health disparities in the community. We also have been able to have a very lean, efficient organisation and have been a financially viable institution, posting a profit for the last 6 years. We made significant improvement in quality across the organisation and have received numerous recognitions and awards, both nationally and locally. In 2015, NAH received the Healthgrades® Patient Safety Excellence Award^™. This distinction put Norwegian American Hospital within the top 10% of all hospitals evaluated for their excellent performance in safeguarding patients from serious, potentially preventable complications during their hospital stays. We were recognized for having the lowest hospital inquired infection rate among 67 hospitals in Greater Chicago area. In 2017, our Pediatric Care-A-Van received the prestigious American Hospital Association NOVA Award. Only five NOVA Awards are given nationwide each year. We have engaged the community to be active participants in the hospital and to provide input to improve quality and community engagement. We also are very proud of our relationship with all the stakeholders in the community: community based agencies, schools and the business community. Some of our successes of pride include the financial investment for the renovation of the first floor of the hospital and the creation of our own family residency training program.

NAH has really addressed the healthcare needs of the community and taken responsibility to develop and grow the next generation of healthcare providers through our active participation with medical students and our resident program. We also are the largest employer in the Humboldt Park community, so approximately 65% of our workforce comes from residents of the community. We serve as the economic anchor to the surrounding communities. Norwegian American Hospital reinvests back into the community through programs to care for the underserved and uninsured, manage chronic conditions like diabetes, health education and promotion initiatives and outreach for the elderly. Our Comprehensive Diabetes Centre addresses the diabetes rates in our community that have risen exponentially. We also started a new Family Medicine Residency program to help attract new doctors to the area because physicians tend to remain in the communities where they complete their residency. Our partnerships with local faith-based organisations have opened doors to raise awareness of specific health needs in our community. Recently, Norwegian American Hospital donated land where a veterans’ home was constructed, a move that symbolizes a long-term commitment to Chicago’s homeless veterans and their quality of life. Our hope is that dependency on hospital services will be reduced. People living on the streets tend to cycle in and out of emergency rooms and in-patient stays. NAH is proud to be among the first hospitals in the City of Chicago to address homelessness and housing for veterans.

We have fully embraced the Affordable Care Act with participation during open enrollment periods to expand Medicaid for those individuals who are eligible for the program. We also support programs in the community and are active participants in health fairs. Community health fairs are go-to events for our local residents who want to learn more about a variety of health topics and wish to receive free or low-cost screenings. In addition, throughout the year, NAH offers numerous opportunities for the public to learn more about key health topics and how to incorporate healthy lifestyle changes. This year, we have a Care-A-Van that brings services to schools and children and families throughout the year. The state-of-the-art mobile clinic brings healthcare to 3 000 underserved children who otherwise would not receive care for asthma, obesity, diabetes, high blood pressure, lead poisoning and other preventable health disparities.

At the forefront of our agenda is our quality journey that has direct impact in patient outcomes. Each quality service line has a dashboard that reports clinical metrics. We have an external affairs committee that was developed several years ago with members who are residents of the community. They have become the ears of the community to provide input to hospital leadership as it relates to improving care and communicating community concerns and needs. We do a community assessment regularly to evaluate and understand the need for services required in the community. Our commitment to improve healthcare outcomes and patient safety is manifested in the performance results of several national clinical measures within the Centers for Medicare and Medicaid Impatient Quality Reporting Program. NAH exceeds the national scores or benchmarks in many categories which include mortality, patient safety indicators and Hospital Acquired Infections. We exceed the national benchmarks in five out five mortality categories and six out of seven patient safety indicators, with a slightly better overall patient safety score than the national benchmark. NAH is accredited by The Joint Commission for hospital and behavioral health programs; College of American Pathology for laboratory services; Healthcare Facilities Accreditation Program (HFAP) as a Certified Primary Stroke Center; and Illinois Department of Public Health’s (IDPH) Level II Perinatal Care Certification.

The goal of the hospital is to change and evolve every day. We need to be adaptable to a very disruptive healthcare environment. We have to focus on trends in healthcare which includes the triple aim of quality, population health and financial viability. The policies of the state continue to change and we need to adapt and respond quickly to those changes. It is clear that our goal needs to be on quality improvement, best practices, expansion of services, efficiency and using technology as a tool to help us accomplish our objectives. NAH recognizes that health is more than simply treating patients who come through our doors. We want to build not only a healthier, but a more prosperous community.

2018 has been a trying year for healthcare. We are beginning to see acceleration of mergers and acquisitions throughout the country and beginning to see merging models of care. In 2018 we are beginning to see other providers emerging in the market, such as CVS, Walgreens and others.

We are beginning to look at challenges and changes in healthcare and at opportunities to improve the current system. Certainly, in this very difficult time there are great opportunities to improve care, address the need of consumerism, growth and efficiency and develop new models to address the population needs. Healthcare today is about collaboration, we can no longer exist in silos. The solution to many problems will require a collective effort of sharing information, sharing responsibilities and focusing on innovation. I suggest that new leaders need to pay attention to demographic changes in the country as well as the elderly population that continues to grow. We need to not only focus on health, but the social determinate of health: food, housing and transportation. Prevention and education will continue to play a significant role to the outcome of interventions we will make.

2018 will be a year to focus on positioning ourselves strategically on many different fronts. Growth, efficiency, financial viability and adapting to the new healthcare order. We will focus on sustainability and leverage the gains we’ve made. We will create more growth opportunities for the hospital outside of our four walls. Our focus will be on shaping policies that address the needs of the people who comprise this community. We will continue to find funding solutions for the programs that have been subsidizing NAH. We will do all of this so that we can continue to provide the highest quality of care for the most vulnerable members in our community.

Positioning the hospital for 2018 is in the hands of the leadership of the hospital to create the vision and future to keep the tradition of Norwegian American Hospital alive, which has served the Humboldt Park Community for over 120 years.

Website: https://www.nahospital.org/

In a new white paper, Vodafone – supported by Bernard Vrijens, Professor in public health at the University of Liege, Belgium – claims that new connected solutions based around the Internet of Things (IoT) will help people to follow their medical treatment programmes more closely. This latest development could improve millions of lives and save billions of dollars.

The World Health Organisation has said that adherence – the action of complying with a medical treatment regime – for long term conditions such as hypertension, cancer and HIV stands at only around 50%, meaning half of patients do not follow their doctor’s instructions.  As a result, patients’ chances of recovery and relief are reduced.  Better approaches to adherence have been estimated to bring 50% of the non-adherent population onside¹.

Bringing together smart devices, connectivity and the cloud, the Internet of Things (IoT) can lead to more effective healthcare, according to the white paper. It will encourage patients to follow their treatment programme more accurately by providing them with individualised information on their therapy.  By encouraging them to continue with their full course of treatment, this approach could potentially save up to an estimated $290 billion in otherwise avoidable medical spending, in the US alone each year^[i].

The data-driven and IoT enabled adherence management outlined in the white paper would offer benefits to patients, clinicians, medical device companies and those that pay for the provision of medical services.  It could lead to more independence for patients, better treatment, more effective drug development and ultimately lower healthcare costs.

University of Liege Professor of public health Bernard Vrijens said, “Healthcare providers currently monitor four main vital signs: body temperature, pulse rate, respiration rate and blood pressure.  The IoT means they’ll soon be able to accurately measure a fifth – adherence.  I believe that that the importance of connectivity in the both medical devices and in patient engagement cannot be under estimated. This is a pivotal moment on the road to more individualised healthcare.”

Vodafone IoT Director Erik Brenneis added, “This is a great example of how the internet of things has the potential to help people live healthier lives and access more effective medical treatment. We hope that the vision and creativity of people like Professor Vrijens will quickly become a reality with the IoT.  We believe that we are on the threshold of a significant change in the way chronic diseases are managed.”

(Source: Vodafone)