Investing in medical technologies is all about knowing where to look

Different countries have very different attitudes towards healthcare.

In the U.S., for example, healthcare is an industry like any other. Services are provided for which bills must be paid and while most have medical insurance with which to cover the costs of their healthcare, the process is run as a business. This is understandable in a society that’s designed by capitalism.

We pay for the services of skilled professionals in every other aspect of our lives, why shouldn’t we expect the same of our healthcare? Other countries like the UK are very protective of their socialized healthcare. And why should they not?

The administering of healthcare to people depending on their need rather than their bank balance is a noble pursuit. But whether you live in a country where the healthcare is provided privately or socially, the healthcare industry is one well worth investing in.

After all, people are never going to stop falling sick and needing treatment, making it an industry that’s pretty much recession-proof. It’s also an exciting field that’s ripe for advancement and innovation, and fertile ground for entrepreneurs or investors looking for worthy places in which to expand their portfolios. As medical practices rely increasingly on technology to better serve their patients, investing in medical technologies (medtech) makes a lot of sense. Here are some medical technologies well worth your investment…

Speech recognition

The lives of doctors and other health-care professionals are fast paced and frantic.

Doctors, in particular, have very little time with which to prepare case notes for patients and thus rely heavily on dictation. But in the medical world, costs need to be managed rigorously and though this dictation has long been transcribed by administrative support staff, more practices are relying on medical dictation software.

Thus, speech recognition software is likely to become a growth industry.

Blockchain

Most experienced investors will be familiar with the term Blockchain insofar as it pertains to the cryptocurrencies like Bitcoin which are based on it. For years it has been theorized that blockchain technology could be used in healthcare to have a transformative effect in the industry’s IT and data handling infrastructure and it looks as though 2018 is the year in which this will likely be put into practice on a wide scale.

In an era in which healthcare systems have been famously hacked (see the cyber attack on Britain’s NHS last year), healthcare institutions are looking for new ways to make their data more secure and Blockchain technology could be used to give them exactly what they need.

Artificial intelligence

Anyone who ever watched an episode of House will know just how thorny the work of a diagnostician can be.

Even experienced and learned doctors can misdiagnose with potentially grave consequences for patients.

AI is currently used fairly widely within the healthcare industry in processing and parsing patient data and in some cases for clinical decision support but as AI grows more sophisticated it could theoretically be used to assimilate and process data more comprehensively than any human doctor while never succumbing to fatigue or stress like their human counterparts.