Wellness, apps and health care

Is wellness a consumer product? Yes, many individuals are very interested in having it. But, no, it lacks the instant gratification you associate with, say, cosmetics or even the acquisition of a new iPhone. You have to put in a lot of effort to attain wellness and a certain amount of self-denial. We will be debating this and much more at HBI 2023. 

 

Chinta Bhagat of L Catterton, one of the largest PE investors in consumer products, and Jonny Broomberg, CEO of Vitality Global will be debating this as part of our Shape of Things to Come session at HBI 2023, June 19-21. 

 

Vitality pioneered rewards for higher levels of fitness for the privately-medical insured and now have co-operations globally, including with Ping An, the Chinese integrated AI-driven health care payor. Broomberg’s contention is that as apps become more sophisticated and more tailored to your personal needs, so, they will become more compelling and relevant to individual users. We could perhaps show individuals detailed risk profile reports. But how do you get to the same level of instant gratification that more standard consumer products offer?

 

Other trends this session will be looking at include the move to outpatient. Bhaghat was heavily involved in the formation of IHH, the Pan-Asian hospital group’s M&A drive across India and Asia generally. He reckons the next decade will see almost all hospital activities move to outpatient.

 

All this fits with the move to value healthcare and digital. For example, insurers will increasingly reward primary care and other lower cost outpatient players who successfully control conditions such as diabetes. And Broomberg envisages a world where value health rewards are extended to the patient, not just the provider. That, of course, circles back to the idea of gratification.