Tech investor Tim Draper says digital health care will be ‘almost free’

People wait in a queue to get a 15-minute fast Kovid-19 test on November 24, 2020 in Madison, Wisconsin.

Andy Manis | Getty Image News | Getty Images

According to venture capitalist Tim Draper, the use of technology is going to make health care “virtually free worldwide”.

“Health care is going completely digital,” he told CNBC’s Dan Murphy during a panel discussion in Fintech Abu Dhabi, which was held virtually this year.

“It’s going to be virtually free worldwide to create health care,” said the founder and managing partner of Dreg Associates, an early-stage venture capital firm.

Ibrahim Azami of Mubadala Investment Company, one of Abu Dhabi’s sovereign wealth funds, said Coronavirus had “possibly the most significant acceleration of technology … we will witness in our lives.” He said that the role of technology in health care has changed.

“From medical tests to drug discovery, health care systems, and even telemedicine and the transformation of personal health – many of us are going through this entire Kovid epidemic without physically seeing a doctor.” Enterprises in Mubadala.

Draper said that artificial intelligence and data would help create a “really good AI doctor” and design drugs that are unique to the person taking it.

In the end, we have a way to get health care much cheaper.

Tim draper

Draper Associates

He pointed to CloudMedx, a health tech company invested by Draper Associates, which “uses medical data to do a better job diagnosing your disease than the average doctor.” The firm announced last year that its clinical AI assistant assisted human doctors on a revised version of the United States Medical Licensing Examination in 2019.

“You start combining with other pieces of data – your genetic history, your blood test results, your Fitbit results, which airplane seat you were sitting on, the food you ate – all that data is going to be available. , And that data – that’s what a very good AI doctor is going to make, “Draper told CNBC.

He added that technology also helps design medicine that is specific to the recipient, and robots are also being used in surgery.

In the future, artificial intelligence will diagnose and develop essential medicine, he predicted. “It’s going to be a great place because I think it can be done with very little cost.”

Early Internet investors said medical costs have been “insanely high” for many years. “In the end, we are going to be very cheap, a way to get health care.”

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