We cannot guarantee that the content will display correctly while using Internet Explorer. To have the best browsing experience, please upgrade to Microsoft Edge, Google Chrome or Safari.

July 15, 2022

Healthcare in the Metaverse

Commentary
Philip Connolly
&

“In the metaverse, you’ll be able to do almost anything you can imagine,” Mark Zuckerberg, the chief executive of Meta, said late last year. 

In an address that pushed the Metaverse concept into mainstream consciousness, he spoke about a future where you will be able to teleport instantly as a hologram to be at the office without a commute or a concert with friends. 

Or perhaps even see your doctor? While we don’t yet have a universally agreed definition of the metaverse - and the term is nothing new - the step-change in investment is a clear signal that the relationship between people and technology is evolving in a way that is likely to affect healthcare. Effectively a new iteration of the online world, the metaverse promises to bring together artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) to create immerse online environments. 

The attraction of the metaverse is clear - a digital space that provides new ways for people to interact with clinicians and peers. If the metaverse does go some way towards fulfilling the promise of convergence of our physical and digital lives, that could have a significant impact on healthcare. 

According to a report released by Accenture in June, eight in ten healthcare executives expect the metaverse to have a positive impact on the healthcare industry, with the report citing it as "the next horizon" in healthcare. 

So how is the digital health industry tapping into the metaverse? That is far less clear. What it looks like in reality, virtual or otherwise, remains to be seen. 

First movers 

While the role that the metaverse will play in digital health is unclear, that hasn’t stopped companies from looking for a first-mover advantage and giving a peek at what the early opportunities might look like. 

In February, CVS Health filed for a trademark that would allow it to sell goods and services in the metaverse. The company sought to trademark its logo and open an online store, offering downloadable virtual products that could include “prescription drugs, health, wellness, beauty, and personal care products”. CVS also wants to bring the health services it offers in stores to the virtual setting, saying it would provide “non-emergency medical treatments services, wellness programs, advisory services related to nutrition, health lifestyle and nutrition services… and counseling”.

For big industries such as pharma, the opportunities are legion - from educating clinicians, to bringing virtual avatars together in real-time to discuss and make decisions, to telemedicine and mental health consultations. 

There is also plenty of precedent for startups using similar immersive tech - think Lucid Dream using VR and AR for solutions ranging from providing education to patients and caregivers to helping healthcare and life science organizations capture and hold the attention of healthcare practitioners. 

Actual and potential use cases range from improved visualization of molecular systems using 3D technologies to XR-based treatments or treatment enhancements to eventually enabling patient communities in the metaverse.   

Indirect marketing tactics using VR and AR technologies to visualize drug action mechanisms or to show how conditions affect patients have already been used by pharma companies and technology has clear potential to assist in decentralized clinical trials. 

Of particular buzz at the moment is the idea of using "digital twins" as virtual models to learn more about real-world counterparts.

Early days 

There are many different use cases for Metaverse-related technologies - of varying levels of maturity - across healthcare. That all said, don’t expect everyone to ditch the doctor’s surgery just yet. 

While metaverse-related technologies have high relevance to the pharma and healthcare industry, it is still really at the proof of concept stage. The digital health sector is still scratching the surface of what is possible and many use cases remain under or unexplored. 

Despite its clear potential, the metaverse is also likely to hit many of the same issues that digital health has been striving to overcome. There are potential pitfalls along the way - from engaging with busy clinicians and care teams that worry about the extra burden of digital interaction to issues around equity and societal acceptance, especially given lingering questions around data privacy. 

From a commercial perspective, there is plenty to explore about where, and how, this will translate into real revenue or cost savings. 

Plenty of questions remain, but the potential for having a profound impact on the patient's experience is clear. 

We can provide an introduction on your behalf so that you can contact them directly with any questions/queries on this topic. Simply click on the link below to request an introduction.

We can provide an introduction on your behalf so that you can contact them directly with any questions/queries on this topic. Simply click on the link below to request an introduction.

Request an Introduction

We can provide an introduction on your behalf so that you can contact them directly with any questions/queries on this topic. Simply click on the link below to request an introduction.

Request an Introduction

Ready to read more? HealthXL members can access the full peak of the report on the HealthXL Community Hub.

Not yet a member of HealthXL? Download your 11 page snapshot of the report.

Download your 11 page snapshot

Connect with peers and share insights

Don't miss out on the discussion of the latest insights and reports on digital health. Meet with peers and take a deep dive for 75 minutes. Unlike at webinars, you can freely exchange experiences and insights to solve challenges and design the future of DTx.

Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)

Masterclass: DTx Reimbursement in the US - PBMs as Coverage Scale Catalysts

10th August @ 10:45AM EDT

Are you a DTx or Pharma company seeking wide-spread reimbursement of a DTx product in the US? Join this Masterclass led by Mike Pace to learn more about this topic and share your experiences with others working in this space.

Featuring
Michael Pace
Michael Pace
CEO & Founder at PalmHealth.co
Featuring
Michael Pace
Michael Pace
CEO & Founder at PalmHealth.co
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)

Masterclass: Value, Cost and Pricing in Regulated Digital Health Solutions

11th August @ 10:45AM EDT

Digital Health solutions are top of mind for biopharma companies in 2022, and Software as Medical Device (SaMD) is a crucial cornerstone for top-tier companies. Join this Masterclass led by BrightInsight to dive deeper into this topic and discuss this further with your peers working in this space.

Featuring
David Matthews, PhD
David Matthews, PhD
CCO, BrightInsight
Featuring
David Matthews, PhD
David Matthews, PhD
CCO, BrightInsight
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)

Sustainable Business Models for DTx

16th August @ 10:45AM EDT

It is one of the key questions that every digital therapeutic (DTx) company must answer - what business model will set them up for success in the long run? Join this meeting to discuss this further and share your experiences with your peers working in this space.

Featuring
Elena Mustatea
Elena Mustatea
CEO, Bold Health
Rick Bartels
Rick Bartels
Managing Partner , DTxCC
Featuring
Elena Mustatea
Elena Mustatea
CEO, Bold Health
Rick Bartels
Rick Bartels
Managing Partner , DTxCC
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)

Payers Partnerships for DTx

17th August @ 10:45AM EDT

Digital Therapeutics (DTx) vendors face many challenges on their journey to commercialization, such as generating clinical data, health economics evidence and achieving regulatory status. Join this meeting to discuss this topic further and share your experiences with others working in this space.

Featuring
Elena Mustatea
Elena Mustatea
CEO, Bold Health
Kevin Darcy
Kevin Darcy
Director, Link Strategy at Veeva Systems
Featuring
Elena Mustatea
Elena Mustatea
CEO, Bold Health
Kevin Darcy
Kevin Darcy
Director, Link Strategy at Veeva Systems

Are you a HealthXL Member? See the Full Report Here

Non-HealthXL Member? You can purchase the report HERE

HealthXL Digital Health Meetings

Want to join the discussion now?

Join our Digital Health Meetings and take a deep dive for 75 minutes into topics like digital therapeutics, patient support, telehealth, clinical trials, dermatology and many more. These Meetings are not regular webinars: No audience, no recording and no hiding behind a screen. You actively participate in a discussion to solve your present challenges and design the future of digital health. And with a free account on our Community Hub, you stay connected and up-to-date on the latest news and insights, allowing you to fully immerse yourself in the topic before, during and after.

Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)

Masterclass: DTx Reimbursement in the US - PBMs as Coverage Scale Catalysts

10th August @ 10:45AM EDT

Are you a DTx or Pharma company seeking wide-spread reimbursement of a DTx product in the US? Join this Masterclass led by Mike Pace to learn more about this topic and share your experiences with others working in this space.

Featuring
Michael Pace
Michael Pace
CEO & Founder at PalmHealth.co
Featuring
Michael Pace
Michael Pace
CEO & Founder at PalmHealth.co
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)

Masterclass: Value, Cost and Pricing in Regulated Digital Health Solutions

11th August @ 10:45AM EDT

Digital Health solutions are top of mind for biopharma companies in 2022, and Software as Medical Device (SaMD) is a crucial cornerstone for top-tier companies. Join this Masterclass led by BrightInsight to dive deeper into this topic and discuss this further with your peers working in this space.

Featuring
David Matthews, PhD
David Matthews, PhD
CCO, BrightInsight
Featuring
David Matthews, PhD
David Matthews, PhD
CCO, BrightInsight

Executive 1-2-1 with the HealthXL Digital Health Community

15th August @11AM EDT

Do you want to network with other innovators and leaders in digital health? Are you looking to identify potential partners? Join us for the new HealthXL style of virtual speed networking and meet other members working in this space!

Featuring
Aahuti Rai
Aahuti Rai
Strategic Advisor, Healthcare Innovation at Four Points Consulting Ltd
Chris Wasden
Chris Wasden
Head of Pharma Speciality Solutions & Corporate Strategy, Twill
Featuring
Aahuti Rai
Aahuti Rai
Strategic Advisor, Healthcare Innovation at Four Points Consulting Ltd
Chris Wasden
Chris Wasden
Head of Pharma Speciality Solutions & Corporate Strategy, Twill
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)
Digital Therapeutics (DTx)

Sustainable Business Models for DTx

16th August @ 10:45AM EDT

It is one of the key questions that every digital therapeutic (DTx) company must answer - what business model will set them up for success in the long run? Join this meeting to discuss this further and share your experiences with your peers working in this space.

Featuring
Elena Mustatea
Elena Mustatea
CEO, Bold Health
Rick Bartels
Rick Bartels
Managing Partner , DTxCC
Featuring
Elena Mustatea
Elena Mustatea
CEO, Bold Health
Rick Bartels
Rick Bartels
Managing Partner , DTxCC

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

We cannot guarantee that the content will display correctly while using Internet Explorer. To have the best browsing experience, please upgrade to Microsoft Edge, Google Chrome or Safari.