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Increased AI tech and software funding for healthcare organizations says Deloitte Report

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The COVID-19 pandemic has brought digital technologies such as Artificial Intelligence (AI) to the center stage in all industries. The trend is also observed in healthcare industries as reported by a report released by Deloitte in late October. The report, Deloitte's 2020 State of AI, explores the adoption and management of AI technologies in health organisations, as well as the benefits that have been reaped by them. The survey for the report was conducted in late 2019, just before COVID-19 took the world by storm. "The pandemic opened the aperture for digital technologies such as AI to solve problems and highlighted the importance of AI," the report states.


Equity crowdfunding platform OurCrowd launches an early stage digital health fund

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Israel-based equity crowdfunding platform OurCrowd is launching a sector specific fund fully focused on digital health -- touting it as Israel's first fund with such a focus. The fund, called OurCrowd Qure, will invest in early stage startups at the seed and Series A level. Fundraising is starting now, with a target of $50 million for the first raise. Managing partner Dr Yossi Bahagon tells TechCrunch the team expects to make about 15 investments with the first fund. He says typical investments will start at $500,000 for the earliest stage startups, rising to up to about $3 million at the Series A level.


Investors bet big on AI for health diagnostics

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Led by some of the world's largest biopharma companies and tech-focused venture capitalists, these investments are backing efforts to speed drug discovery, improve tests and treatments, and further medical research. For now, most of the investment is focused in the diagnostics/tools (Dx/Tools) sector. A Silicon Valley Bank analysis last month found that 44 venture-backed deals raised $2.2 billion between 2015 and the first half of 2017 for Dx/Tools companies that use AI/ML as part of their underlying technology. For our analysis, SVB segmented Dx/Tools into three subsectors: Dx Tests (yes/no test results), Dx/Tools Analytics (actionable data analytics to help direct treatment), and R&D Tools (research equipment and services for biopharma and academia). These deals include multi-$100 million financings for three companies: GRAIL, Guardant Health, and Human Longevity.


Transforming healthcare with AI: The impact on the workforce and organizations

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Healthcare is one of the major success stories of our times. Medical science has improved rapidly, raising life expectancy around the world, but as longevity increases, healthcare systems face growing demand for their services, rising costs and a workforce that is struggling to meet the needs of its patients. Demand is driven by a combination of unstoppable forces: population aging, changing patient expectations, a shift in lifestyle choices, and the never-ending cycle of innovation being but a few. By 2050, one in four people in Europe and North America will be over the age of 65--this means the health systems will have to deal with more patients with complex needs. Managing such patients is expensive and requires systems to shift from an episodic care-based philosophy to one that is much more proactive and focused on long-term care management.


Healthcare's digital future

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Insights from our international survey can help healthcare organizations plan their next moves in the journey toward full digitization. The adoption of IT in healthcare systems has, in general, followed the same pattern as other industries. In the 1950s, when institutions began using new technology to automate highly standardized and repetitive tasks such as accounting and payroll, healthcare payors and other industry stakeholders also began using IT to process vast amounts of statistical data. Twenty years later, the second wave of IT adoption arrived. It did two things: it helped integrate different parts of core processes (manufacturing and HR, for example) within individual organizations, and it supported B2B processes such as supply-chain management for different institutions within and outside individual industries.