Health tech making big inroads in Australia’s health sector

Report Overview

Health tech making big inroads in Australia’s health sector

Already a Subscriber? Login here to view Full Report

Health tech making big inroads in Australia’s health sector
Venture Insights believes that increases in Australian health costs are unsustainable into the medium term.  Health costs are on the rise, with the FY17 real rate of growth for health spending increasing to 4.7%, relative to the 5-year average of 3.1%. Given that health costs exceed inflation and growth in GDP, it is only natural that Federal and State governments will either need to restrict their services or find substantial productivity gains to maintain health services over the medium and longer term. In this report we explore the roll of health platforms to deliver productivity gains. Telstra Health having invested around $235 million on various platforms and software is arguably the largest of any such players in the Australia market. Is Telstra the natural party to own Telstra Health or is it time that a new owner steps up and takes it to the next phase of its evolution?

Contents

Key Takeaways

Introduction

Better health information is crucial to the efficiency of the health care market as is education and awareness – these factors are interrelated

Our health sector roundtable breakfast explored the role of data and health information to improve services, to conclude that it is essential component to efficiency going forward

Our Roundtable event concluded that in Australia consumers will have better access to, and control of, their medical data now and into the future – though issues of security and privacy will slow the rate of adoption for some time

Governmental policies and regulations play a vital role on the strategy and operations of digital health companies

Australia next generation of health care services business is fast arriving with a focus on delivering services to health care practitioners across a range of service platforms

Telstra Health has invested ~$240m in health solutions and it the largest Australian based provider of software products, solutions and platforms for care providers in the hospital, health service, pharmacy, and aged and disability care sectors.

Telstra Corporation backs Telstra Health and, since 2014, Telstra Health has invested $235m in a portfolio of essential solutions, to service telehealth, public and private hospitals, pharmacy, aged and disability care.

Telstra Health provides its services to six key areas of health: 1) community aged and disability care; 2) consumer segment; 3) health services; 4) hospitals; 5) pharmacy and 6) residential aged care.

Conclusion

List of charts/tables

Figure 1. Key challenges in Australian healthcare

Figure 2. Consumer sentiment on data sharing and security, by entity 2017

Figure 3. A brief summary of the main thoughts

Figure 4. Examples of Australian Digital Health companies

Figure 5. Snapshot of Telstra Health

Figure 6. Telstra Health products

Figure 7. Telstra Health stakeholders

Figure 8. Telstra Health acquisitions and partnerships since FY14

Figure 9. Telstra Health platforms