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Digital therapeutics, a sub category of digital healthcare, is composed of software-based therapies with proven clinical efficacy
Fremont, CA: Millions of individuals, healthcare systems, and even government entities struggle to respond to the crisis, as COVID-19 pandemic creates global upheaval. Amongst the chaos at present, digital healthcare startups have taken on the responsibility of caring for patients who are affected by the virus and to maintain safe, efficiently functioning healthcare systems as it shift towards remote care.
Digital therapeutics, a sub category of digital healthcare, is composed of software-based therapies with proven clinical efficacy. The rise of digital therapeutics as a response to the current situation has been primed to accelerate as a result. This subcategory of digital health has the capability to replace or even augment various treatments that conventionally have been administered via medication or in-person care, by using software that clinical trials have proven to be effective.
The startups functioning on digital therapeutics have begun to address the conditions as diverse as Type 2 diabetes, autism, addiction, and musculoskeletal injuries. The general adoption of these treatments seems likely mainly due to the changes in the regulatory landscape and consumer behavior.
Digital therapeutics has the potential to be cost-effective and convenient in terms of treatments for various conditions that affect billions of people around the globe. New solutions are necessary when the cost of introducing a drug to market is estimated to be a whopping $2.9B, with promising return investment nearing zero percent. The cherry on top is the combination of lower development costs, ease of distribution, and the scalability of software products that make digital therapeutics a much attractive option for the investors.
Another avenue for potential growth in the bundling of digital therapeutics products along with telemedicine is digital pharmacy products. Even if individuals are likely to prefer an integrated experience rather than managing multiple disconnected services, the consumer demand for these services is high, especially in the moment of crisis.
The primary beneficiaries of this transformation are the patients who utilize digital therapeutics services. Even if these changes spur due to a disastrous tragedy like COVID-19, hope remains for the retention of the positive effects after the pandemic has subsided. This will also lead to more options, such as lower prices and greater access to innovative treatments.
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