Boom Time for Balance
By Allan Wood, Chairman.
In last Friday’s report on Digital Innovation, the Financial Times expressed concern that "Sober reality disrupts digital healthcare boom", noting the recent troubles of digital innovators like from Theranos and Zenefits.
The report suggested that now is the time for digital health solutions to really start to deliver on their ambitious plans a sentiment that was echoed in the article by our founder, Professor Lionel Tarassenko, who stated that "exaggerated claims will not help anybody."
I've always felt that the healthcare market is one of extremes, when what's really needed is "good enough to help and consistent". The quest for effective innovation is beset with highs and lows; whether it's the latest technology that one minute is going to revolutionise health, but the next minute has an issue and is now a total failure; or a revolutionary public / private collaboration that will transform a hospital's performance, but hits the headlines because of an unfortunate incident along the way. Extremes!
If we don't try new pathways, new drugs and new technology, however, there will be no progress. Those responsible for regulation, quality and risk need to allow a degree of risk to try the 'new', but companies like Oxehealth have a responsibility to proudly promote goals and vision, while setting realistic expectations for what can be achieved in the short term. I can't guarantee we will never get caught up in the extremes, but our focus on quality, robustness and resilience, in parallel with innovation, gives us a better chance of delivering in a predictable and consistent manner.
Unfortunately, the need for politicians and the press to make headlines, will have an impact on Oxehealth's markets. Fortunately, Oxehealth has the backing of Oxford University & Hospital and IP Group. This gives us the quality and stability of support required to build a business the right way. It's our goal to continue to deliver on our current projects, whilst stretching ourselves to improve as we move into the future.
The full article, including more on Professor Tarassenko and Oxehealth, is here; or read more about our ongoing trial projects here.