Google's Alphabet aims to disrupt health care industry; opens space for tech startups
What once was a vision of the future of health care in science fiction is now becoming a reality as Google's Alphabet sets its eyes on solving health care issues.
Doctors' function in treating and maintaining peoples' health will be done efficiently and cheaply by machines run by technological algorithms in the near future. These advances require a disruption in the status quo, which will definitely not come from the government or other current healthcare providers, but from entrepreneurs, like Google's Alphabet.
According to Forbes, Alphabet is in the best position to cater to the health care industry nationwide by providing affordable, innovative products and services after rolling Google and its other companies into a new parent company.
This allows the rest of the companies to perform nimbly. Also, its leaders, Larry Page and Sergey Brin are very passionate about health. Finally, the company knows very well that there is a huge market opportunity in the health care industry. Just the Medtech section of the health care market alone is worth almost $400 billion.
This is somehow good news for entrepreneurs and startups. Alphabet will need more teams and startups that share the same endeavours with them who can provide products and services in line with the health care industry.
Just last September 16, Google Capital put a major vote of confidence worth $32.5 million to the future of health care. That fund is going to Oscar Health Care, a health insurance startup that aims to improve how people purchase their health care coverage using innovative technological pairing systems.
In The Wall Street Journal, Oscar co-founder Mario Sclosser said, "Google right now would need somebody to get these contact lenses to their patients and that somebody would have to have some economic incentive," Schlosser said they can connect those dots.
With all the available technologies and the ripe market Alphabet will tackle important health care areas in the next one to two years. These includes cloud-based health care services, Integrate artificial intelligence and sensor technology to treat disease earlier, create wearable, attachable, and implantable health technologies that will determine vital health signs, and more.