WGHA Innovation Exchange
Innovation in Global Health
By innovating and finding new solutions to old problems, we can not only create a better future, but also improve upon the current situation. Innovations have the potential to change the world and make life easier for everyone.
Innovation plays an essential role in global health. It can help to develop new strategies that improve access to care, reduce healthcare costs, and reduce health disparities. Through technological advances and innovative approaches, health systems around the world can provide more effective and sustainable care to the populations they serve.
Innovation can also help to identify new treatments and therapies for health problems, allowing for better diagnosis, treatment, and prevention of diseases. By utilizing the latest technologies, global health stakeholders can gain better insight into health risks and outcomes, allowing resources to be used in a more efficient and effective manner.
In addition, innovation can help to ensure that the latest medical treatments reach more people and can benefit a larger population. Technology can increase access to care, making it easier for patients to access the treatments they need. This will enable better outcomes, potentially reducing the burdens of global health disparities.
Innovation has the potential to have a significant impact on global health.
Addressing Funding Gaps for Global Health Innovation
Funding gaps in global health innovation are a serious issue that need to be addressed for the progress of many global health initiatives. Funding gaps create significant obstacles for public health initiatives aimed at improving the well-being of individuals and communities around the world. These gaps lead to a decrease in access to health care, research, and development, as well as a lack of resources to deliver necessary treatments and interventions effectively and efficiently.
One reason for the funding gap is the lack of political commitment or investment in global health. Many governments are reluctant to invest in global health initiatives since the expected return on investment may be uncertain or perceived to be too low. Many innovative global health initiatives require large sums of money upfront, which may not be sustainable or feasible for many upper-income countries.
Furthermore, the lack of coordination in priorities and complexity of some private global health organizations can also challenge public disclosure and lack transparency. The opaque nature of investment decisions of some organizations makes it difficult to access public funding and thus reduces the potential for public.
The WGHA Global Health Innovation Exchange is building a platform to facilitate coordination as well as the matching global health innovation initiatives with private sector funding.
Bringing private funders to global health is important because it helps to close the financial gap between what governments currently provide and what is needed to support a full scope of health interventions in countries around the world. Private funders provide additional financial resources to support the efforts of governments and non-governmental organizations in global health and can help leverage other sources of funding, such as government aid and grants from foundations.
Private funders can also bring innovative solutions to global health that can help drive progress in areas such as new research and development, preventative health care, and improved public health policies. Private funders are also well-placed to provide technical assistance and capacity building to strengthen health systems.
Why Private and Industry Funders are Interested in Global Health?
Investing in global health not only saves lives but has been proven to improve the economic prospects of countries around the world. Investing in global health can provide financial returns through the development of new technologies and increased access to treatments, as well as potential cost savings from decreasing health care costs. New technologies and advances in the medical field often result in improved clinical outcomes and a reduction in health care costs. Additionally, the development of new treatments and therapies can create a large market opportunity, leading to profits for entities investing in the sector. Furthermore, the improved health of the population can increase productivity and economic growth, leading to increased investments and potential financial.
Beyond improving global health, investments in innovation has uncovered solutions to healthcare challenges well beyond global health settings. Global health innovation is a proving group towards the development of cost-effective solutions to key healthcare problems that have an impact in our domestic health care delivery.
Examples of technologies first developed for global health that are now providing significant return on investment throughout the healthcare sectors include:
Telemedicine
By making communication and consultation technology available to rural and remote areas, telemedicine is making healthcare more accessible and increasing the quality of care for all. It also allows doctors to diagnose and treat patients through video call and provide virtual specialist care in areas lacking adequate healthcare professionals.
Data-driven health care
Healthcare providers are increasingly leveraging data and advanced analytics to identify problems and target interventions that can improve population health. This includes identifying underlying health disparities and developing targeted health interventions that meet the needs of specific communities.
mHealth
Mobile health (mHealth) applications have the potential to bridge the information gaps in care by empowering patients to self-monitor their health, access advice from experts, and coordinate care more effectively. The mHealth approaches are especially effective for people who are marginalized and cut off from the traditional healthcare system.
Artificial Intelligence (AI)
AI is being adopted worldwide to diagnose, treat, and monitor diseases. For example, AI-driven virtual assistants that provide personalized care advice are being used to support healthcare workers and patients in receiving the right care. AI’s use of machine learning is also helping to detect outbreaks and predict epidemics.
Beyond technology innovation, global health programs have pioneered new delivery models which have not only proven successful in developing world settings, but increasingly are addressing health delivery challenges in our own healthcare systems and are driving significant ROI in both financial terms and impacts.
These have included:
Community-based interventions
More healthcare systems are engaging with communities to implement health-related interventions. These initiatives may include providing health promotion activities, expanding access to healthy foods or increasing access to preventive health services.
Telehealth
There is an increasing emphasis on the use of telehealth technologies to expand access to care and manage chronic conditions. This technology provides access to care in rural and underserved populations.
Technology-enabled health services
Clinical and consumer-based mobile health technologies are rapidly expanding, allowing clinicians and patients to access health information and connect with care providers in real-time.
Patient-centered medical homes
Patient-centered medical homes emphasize care geared toward the individual.
Why Join the WGHA Innovation Exchange?
The WGHA Innovation Exchange connects leading private investors, such as venture capitalists, foundations, and philanthropists as well as strategic industry investors with leading research and innovators to produce a forum of stakeholders interested in identifying the most impactful global health innovations and coordinating investments to bring those innovations to the marketplace.
The Exchange programs will enable coordination and prioritization of key innovation initiatives in Global Health that promise to advance healthcare globally and enhance their funding and translation. By having direct access to funders, innovators can plan their translational and activities while funders can set priorities based on early knowledge. Government funding stakeholders are also represented in the WGHA Innovation Exchange together with multi-lateral organizations.
By joining the WGHA Innovation Exchange you will have the unique opportunity to:
-
Identify key priorities for funding and directly seek funding from exchange investors
-
Gain important market intelligence on trends and programs driving impact and ROI
-
Have early access to groundbreaking innovations
-
Participate in strategic collaborations with innovators for acceleration of product development
-
Access an unparalleled global health clinical trial network from Exchange members
-
Access clinical research capacity for translational research
-
Access specialized digital and m-Health knowledge base
To become an Innovation Exchange Member please contact elana.robertson@wghalliance.org