#Telemedicine / #Telehealth #Stocks - (OTCPINK: $GTCH) (NYSE: $TDOC)
(NYSE: $HUM) (TSXV: $DOC.V) (NasdaqGS: $LVGO) show how #COVID19 and future #pandemics
are fuelling the need for Telemedicine; @GbtTechnologies
@TeladocHealth @Humana @Livongo @CloudMD_SS
Point
Roberts WA, Delta BC, September 28, 2020 Investorideas.com, a global news source and leading
retail investor and trader resource issues a sector snapshot looking at the
growing telemedicine market and participating public companies rising to meet
the needs of innovation in healthcare, including GBT Technologies Inc. (OTCPINK:GTCH).
Read this news,
featuring GTCH in full at https://www.investorideas.com/news/2020/biotech/09281Telehealth-Stocks.asp
Telemedicine
– the practice of providing or distributing healthcare-related services and
information remotely, through digital and telecommunications technology means –
is one of the fortunate industries to have risen in significance during the
COVID-19 pandemic. The reasons for this are perhaps not difficult to guess. The
prominence of social distancing guidelines and more particularly, the
widespread policy (or advocacy for) quarantining has made traditional visits to
clinics and hospitals more difficult. And in the months since the COVID-19
outbreak, this has been exacerbated at times by the delaying
and postponing
of non-emergent care. Naturally, this has led to the benefits of telemedicine,
such as the ability to long-distant diagnose, inform, and monitor patients,
making it even more relevant during this pandemic.
This
is not to give the impression however, that telemedicine would not have become
a consequential market regardless of a crisis like COVID-19. According to a
report published before COVID-19, from Fortune
Business Insights,
the global market for telemedicine was valued at USD $34.28 billion in 2018,
and is projected to reach USD $185.66 billion by 2026, making for a compound
annual growth rate (CAGR) of 23.5 percent in the forecast period (2019-2026).
But similar to other markets, like digital retail, telemedicine was already
gaining traction and was well-positioned to meet the increasing demand brought
on by the virus.
Like
many emerging industries, the telemedicine space is seeing the surfacing of a
panoply of different solutions. This is exemplified by qTerm, an AI-powered
human vitals device from GBT Technologies Inc. (OTCPINK:GTCH) and its Joint
Venture GBT Tokenize Corp. According to a recent press
release,
the qTerm device “is targeted to measure body temperature, blood pressure, and
heart rate – all with a simple touch of the finger.” The device is deliberately
small, able to be “be easily attached to a smart phone,” and coupled with an
app, stores “a history for the user's records and provide numerical and
statistical data about the user's body temperature.” This is enhanced further,
as the devices AI anonymously and securely collects the user data, constructing
a global ‘thermal map’ to alert about potential health risks proximities.
"This
is the key highlight of the device," said Danny Rittman, CTO of GBT
Technologies Inc. in a recent interview about qTerm.
“Every person is going to be put on the world map for the benefit of the
community."
In
a recent interview with Capital
Market Laboratories (CMLviz), Livongo Health, Inc. (NasdaqGS:LVGO) CEO, Zane M.
Burke affirmed this, saying: “before the COVID, we had a ton of momentum.” But
Burke also explained that, with the pandemic, people caught on to the
advantages in the technology:
“…what occurred
here is really everybody recognized first, the value of tele-health.”
He
continued:
“The second part of
this is remote patient monitoring became really meaningful, both from a
regulatory and reimbursement perspective, as well as sort of people waking up
to hey, the future of healthcare is going to be consumer directed virtual
care.”
More
recently, Livongo and telemedicine giant Teladoc Health, Inc. (NYSE:TDOC) filed a definitive proxy
statement and prospectus with the US Securities and Exchange Commission (SEC)
with regard to a proposed merger of the two firms. According to the press
release, the two companies plan to “provide a consumer centered virtual care
platform for the full spectrum of health needs, creating a new standard in
global healthcare delivery, access and an improved consumer experience.”
Another
approach is that of healthcare and well-being firm Humana Inc. (NYSE:HUM) which recently announced an expanded
relationship with tech-enabled health services company, Seniorlink, Inc. The
collaboration will see Humana leverage Seniorlink’s digital care collaboration
platform Vela, to support its vulnerable, high risk members by “increasing the
overall engagement and reducing barriers to contact between members and care
managers.” Tom Riley, President and CEO of Seniorlink, said:
"The COVID-19
crisis has prompted the healthcare industry to re-imagine care delivery for our
country's most vulnerable. By leveraging Vela, more of Humana's high-risk
members will have access to their integrated care team in one platform. This is
particularly advantageous at a time when many members want to access care from
home."
In
addition to the various approaches employed to contend with COVID-19, the space
has seen individual firms enjoy massive growth in the wake of the pandemic.
Software-as-a-service (SaaS) based health technology solutions provider CloudMD
Software & Services Inc. (TSXV:DOC) recently reported a year-over-year
total revenue increase from Q2 2019 to Q2 2020. Notably, the company saw “gross
margins of 42% due to higher margin verticals and increase in telehealth
usage,” according to the press release. The company’s CEO, Essam Hamza, in
discussing his own firm’s success amidst the pandemic, provided a microcosm of
the wider market:
“We are currently in the worst public health
crisis of our lifetime and as a front line physician for over 20 years I
acutely understand the toll it is taking on our healthcare system and the importance
of access to quality health care. Our CloudMD platform is well equipped to
increase access through the availability of our seamless virtual care solutions
that allow patients to access quality health care from anywhere.”
Telemedicine’s
utility extends beyond the current pandemic, as demonstrated by the pre-COVID
projections in the aforementioned research published by Fortune Business
Insights. In fact, an article published by the International Journal of Health
Policy and Management (IJHPM), titled: Climate Change and Telemedicine: A
Prospective View,
argues that it can be beneficial in the context of climate crisis as well. This
is not only manifested in its application in treating climate change’s many
effects on public health as outlined by the CDC, but the IJHPM
article points out the reduction of unnecessary travel and its resulting emissions
that adopting telemedicine would achieve. An excerpt reads:
In another study,
conducted in Canada, a wide range of healthcare services were provided in the
form of teleconsultation and as a result road trips were reduced by 757 234 km,
and transport vehicle carbon dioxide emissions were reduced by 185 tons.
Similar
to the transformation in the retail sector toward digital technology, the
long-distance interactions that telemedicine facilitates already showed
tremendous promise, but the COVID-19 pandemic has accelerated its growth and
seems to have assured its endurance.
For a list of
telemedicine stocks visit here.
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