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Amidst the excitement about consumer wearables, we need to realize how different these models are:
1) Device + algorithm alone
2) Device/algo + your HCP
3) Device/algo + 3rd party coach/HCP
Common tech, but very different biz models, evidence reqs, regulatory, etc.
THREAD
1) Device + algorithm alone
2) Device/algo + your HCP
3) Device/algo + 3rd party coach/HCP
Common tech, but very different biz models, evidence reqs, regulatory, etc.
THREAD
1) Device + algo alone:
-Self-Tracking for Fitness/Wellness
-Health Screening (alerts user of a *possible* issue & suggests they see HCP)
-> Can differentiate consumer devices
-> May enable consumer subscription biz
-> May enable device sales to employers and payers
-Self-Tracking for Fitness/Wellness
-Health Screening (alerts user of a *possible* issue & suggests they see HCP)
-> Can differentiate consumer devices
-> May enable consumer subscription biz
-> May enable device sales to employers and payers
2a) Device/algo + your HCP:
-Remote Patient Monitoring: HCPs track/alerted on specific issues (e.g., adherence, disease exacerbation) to enable early intervention
->Promising clinical/cost impact
-> VERY challenging to get HCPs on board due to reimbursement and workflow concerns
-Remote Patient Monitoring: HCPs track/alerted on specific issues (e.g., adherence, disease exacerbation) to enable early intervention
->Promising clinical/cost impact
-> VERY challenging to get HCPs on board due to reimbursement and workflow concerns
2b) Device/algo + your HCP #2:
-Digital Diagnostics: HCPs get a report/data from the device/company and make a diagnosis (e.g., iRhythm ZIO)
-> Much higher regulatory and evidence bar vs. Health Screening (e.g., Apple AF detection)
-> Uphill battle with payers
-Digital Diagnostics: HCPs get a report/data from the device/company and make a diagnosis (e.g., iRhythm ZIO)
-> Much higher regulatory and evidence bar vs. Health Screening (e.g., Apple AF detection)
-> Uphill battle with payers
3a) Device/algo + 3rd party coach/HCP:
-Virtual Care (e.g. Livongo): digital tools power a new care model: more continuous, proactive, patient-centric, and scalable
-> Growing fast
-> Regulated as HCPs, not tech
-> Need evidence for employers/payers; evidence early but promising
-Virtual Care (e.g. Livongo): digital tools power a new care model: more continuous, proactive, patient-centric, and scalable
-> Growing fast
-> Regulated as HCPs, not tech
-> Need evidence for employers/payers; evidence early but promising
3b) Device/algo + 3rd party coach/HCP:
-Consumer Health Coaching: programs for things like fitness (Apple Fitness+, Fitbit Premium + Health Coaching) and weight loss (Noom)
->Minimal/no regulatory reqs (beyond FTC)
->No evidence requirements
-Consumer Health Coaching: programs for things like fitness (Apple Fitness+, Fitbit Premium + Health Coaching) and weight loss (Noom)
->Minimal/no regulatory reqs (beyond FTC)
->No evidence requirements
Why bother breaking things down like this? Well, a few reasons:
1) It's confusing to lump so many different business under "remote monitoring"; makes it harder to think critically about mkt size, adoption requirements, players, etc.
1) It's confusing to lump so many different business under "remote monitoring"; makes it harder to think critically about mkt size, adoption requirements, players, etc.
2) Looking at it this way is essential for understanding the strategies of consumer wearables co's.
e.g., Apple:
-Compete directly in Self-Tracking, Health Screening, Consumer Health Coaching
-Enable *others* in RPM, Digital Diagnostics, and Virtual Care using Apple devices
e.g., Apple:
-Compete directly in Self-Tracking, Health Screening, Consumer Health Coaching
-Enable *others* in RPM, Digital Diagnostics, and Virtual Care using Apple devices
3) This view also helps anticipate where the market is headed.
One of the most important questions is whether/when Apple, Fitbit, Amazon, etc. will move to compete directly in more medical applications: RPM, Digital Dx, Virtual Care
What do you think?
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One of the most important questions is whether/when Apple, Fitbit, Amazon, etc. will move to compete directly in more medical applications: RPM, Digital Dx, Virtual Care
What do you think?
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