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U.S. Baby Boomers Will Play Key Role in Adoption of Personal Connected Health, Finds MITEF NW Report
Report reveals that entrepreneurial opportunities in tech-enabled products for personal use lie outside of heavily regulated diagnostic sector of healthcare; Northwest has ingredients to create a leading personal connected health ecosystem.
Personal connected health products can help boomers wanting to reduce the cost and inconvenience of doctor visits, delay or be active in retirement, take care of their aging parents, and age healthy, independently, and in place themselves. Mobile, wireless, social, and data technologies in combination can provide a range of patient-centric, cost-reducing, and time-saving health management options for the benefit of consumers as well as caregivers, care providers, employers, taxpayers, and the healthcare industry. However, business model viability, data accuracy, behavioral challenges, and privacy concerns will have to be addressed before the market fully develops.
Under the backdrop of a rapidly growing healthcare system already at 17 percent of the nation’s GDP and the expected doubling of the 65+ population driven by the 78 million aging boomers, personal connected health will be an important tool for managing chronic disease conditions concomitant with age, addressing upcoming medical personnel and senior care housing shortages, lessening family caretaker pressures, and encouraging self-care and health awareness.
The report posits that Washington and Oregon can become an innovation center for personal connected health given representative age and chronic disease distribution across state populations, as well as the software, mobile, research, senior care and policy expertise resident in regional institutional, corporate, and entrepreneurial communities.
Other key research findings include:
- Personal connected health is a component and enabler of a paradigm shift to a patient-centric approach.
- The imminent explosion of personal health data will create opportunities for entrepreneurial problem-solvers
- Lasting behavioral change requires incentives and social support mechanisms.
The report outlines several business opportunity areas, including personal health analytics and management, medication adherence, remote and mobile monitoring and tracking, device and application integration, social health and wellness communities, as well as robotics software and interface design. It also highlights several adoption accelerators such as mobile devices and applications, health IT investment, and social networking tools and levers.
The January 19th MIT Enterprise Forum panel, moderated by Frank Catalano, Principal at Intrinsic Strategy, will discuss from both a social consumer standpoint and a technology lens how various technologies will come together to deliver personal connected health solutions for baby boomers. Registration is available at http://www.mitwa.org/
· - Jay Bartot, Co-founder and CTO, Medify
· - Clayton Lewis, Venture Capitalist and Partner, Maveron
· - Marc Pierson, M.D., Vice President, Clinical Information and Quality, PeaceHealth
· - John Sherry, Director, User Experience Design, Intel Corporation
· - Tandy Trower, Founder and CEO, Hoaloha Robotics
“Boomers are unlike any previous mid-life generation in terms of population size, spending power, tech-savvy, and independent spirit,” explains Michael Gallelli, event team lead for the January 19th event and lead author of the report. “Our event will explore how this so-called Sandwich Generation will demand and drive the personalization of health and wellness, and what role mobile, social networking, and data technologies will play in the use of connected health products by boomers and their families.”
“We strive to educate our region's entrepreneurial and technology business community about emerging opportunities by providing access to timely topics and trends,” adds Kyle Flindt, chair of the MIT Enterprise Forum of the Northwest. “And this topic could not be timelier as the oldest baby boomers will just be turning 65 this month.”
Note to editors and other interested parties:
Please contact Muriel Guilbert at murielguilbert@
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About MITEF NW
The MIT Enterprise Forum of the Northwest (MITEF NW) is one of 27 chapters of the MIT Enterprise Forum in Cambridge, Mass., a global non-profit organization dedicated to the advancement of technology entrepreneurs. MITEF NW’s mission is to inspire, connect, and educate our region's entrepreneurial and technology business community. For more information, please visit us online at www.mitwa.org.
Page Updated Last on: Jan 07, 2011