The pandemic is accelerating health technology

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Health technology is being helped by the pandemic

Argentum's CEO, Joachim Høegh-Krohn highlights health technology as a potential winner after the crisis.

Argentum is the state's investor in active owner funds, often called private equity. The Argentum funds invest in buying companies which they then develop with capital, knowledge and networks.

- This crisis has its origins in health and we see that many politicians and authorities acknowledge that they were poorly prepared, including poor production of materials. We believe that this means that you get a completely different demand and willingness to invest in health in the future, says Høegh-Krohn to E24.

Other industries have struggled during the pandemic and many have been laid off. But the health sector has been in the spotlight, and has been challenged to quickly implement more digital solutions.

Once consumers get used to digital solutions, there will be greater demand for such services.

Many of us have changed our habits as a result of the pandemic. In all simplicity, we all appreciate accessibility and convenience, even in the digital world. It is more effective to be able to complete a doctor's appointment via mobile consultation than to have to show up at the doctor's office.

We will see even more of this after the pandemic.

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From crisis to innovation

In that case, it would not be the first time crises have stimulated innovation. Many large companies have seen the light of day during economic downturns. Examples are Disney in 1929, FedEx in 1971, and Airbnb during the financial crisis in 2008. For the sake of clarity: Airbnb was technically founded just before the financial crisis was a fact. Airbnb is an example of a company that turned the financial crisis to its advantage and used the crisis to expand.

In his report from the first quarter of 2020 Argentum wrote that they believe that the pandemic could lead to health technology becoming the next winner in the market.

The reason for this prediction is twofold. First, the pandemic has shown that the health service is able to use digital services to a greater extent than before. Secondly, the pandemic is a health crisis that has shown the authorities in many countries that they were ill-prepared for such a thing.

This can lead to greater demand and willingness to invest in health.

Joachim Høegh-Krohn in Argentum tells E24 that they think people's consumption habits will change.

NHO has faith in health technology

In addition to the state-owned investment company Argentum having faith in health technology, NHO also believes that this is a sector with great potential.

NHO in its report «Next move» writes about what changes we will see in the years to come. Smart use of collected data is emphasized as important. Data from which it is possible to extract information will drive innovation and increase productivity in many industries.

In short, summarizes NHO the benefits of using data properly:

  • The data industry will create jobs where data is the main resource that provides value creation.
  • Using data as a resource will result in productivity growth in both the public and private sectors, and higher GDP.
  • We will get a welfare increase when data is used to improve public services, give better health, reduced queues and reduced climate and environmental problems.

ALSO READ: This sets eClinic apart from other players in the industry

"Data can in many ways be considered a renewable resource, and does not necessarily lose value even if we share. On the contrary. Sharing can often increase the value of data, creating new solutions across sectors, industries and businesses. Where natural resources are important input factors in a resource economy, data is the input factor in a knowledge-driven computer economy. " NHO - the report «Next move»

In the post "Girls, choose engineering!" encourages NHO and NITO young people to apply for educations in technology and science. They especially demand girls due to low application numbers from this group. In the post, they write, among other things:

"The green shift is just one example of Norway becoming an even more high-tech society, where engineers will lead the way in pioneering societal changes in everything from drone technology to health technology and artificial intelligence."

This is what the pandemic has had to say for investments

In light of the pandemic, one might think that investors would slow down. However, as mentioned earlier, crises often lead to more innovation. By the Government «NOU 2021: 4 Norway against 2025 - On the basis for value creation, production, employment and welfare after the pandemic »we can see the number of capital increases in 2020 was at about the same level as the 3 coming years.

"In total, there were 71 newly established companies with equity to varying degrees and about 000 existing companies that increased their share capital through 12." NOU 2021: 4

Compared with 2019, the amounts raised via capital increases were generally somewhat larger in 2020. At the same time, a somewhat lower number of capital increases were carried out in the class of 10 to 30 million. We also see that the number of enterprises that implemented capital reductions was approx. 10% higher in 2020 than next year.

On a global basis, it has also been seen that private individuals invest more. This is probably a result of more personal savings and easier access to buy shares through digital solutions.

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Investments in health technology

If we look specifically at investments in health technology, a report from CBInsights shows that health technology companies in Q1'21 raised over $ 9 billion in capital increases worldwide. These are record highs, and correspond to an increase of 9% compared to Q4'20.

Several health technology companies were listed on the stock exchange in 2020. At the same time, several companies are planning to be listed on the stock exchange during 2021.

If Norwegian investors play their cards right, Norway can become a leader in health technology. In a article published by e24 writes Bernt Boldvik, department director in the Norwegian Patent Office, that he hopes that after 2030 we will see Norwegian companies in the health technology industry on the global 500 list of the world's most powerful brands.

ALSO READ: Do you want to invest in tomorrow's health service - delivered today?

In that case, it will serve as proof that the oil nation Norway has succeeded in a major restructuring.

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