Latitud's report titled "The Latam Tech Report 2022" highlights the growing influence of health technology, known as Healthtech, in the Latin American region. Healthtech refers to the application of technology in the health sector, with the aim of improving quality of life and medical care.
The Need for Healthtech in Latin America
Latin America faces significant challenges in its health system. The region has a rapidly aging population and a healthcare system that does not yet compare to that of developed countries. The inefficiency of the system is manifested in low access to basic medical needs and relatively low per capita health spending. Furthermore, in terms of infrastructure and specialized medical personnel, Latin America lags behind compared to developed regions.
The lack of access to public financing for health projects and the high direct out-of-pocket spending by the population have created opportunities for innovation through private investment. The combination of these challenges has generated a window of opportunity for Healthtech solutions that have the potential to improve the quality of life of the Latin American population.
Healthtech in Colombia
Colombia has experienced a boom in the Healthtech sector in recent years. According to the "Colombia Tech Report 2022-2023", of the 1,327 startups in the country, 93 are dedicated to the health sector, representing a solid 7% of the Colombian startup ecosystem. This positions health technology as the third emerging power in Colombia.
The global pandemic highlighted the need for technological solutions in the healthcare sector, and Latin America was no exception. The inefficiency of traditional healthcare has become an opportunity for digitalization, as the lack of access to basic medical needs and low per capita spending in the traditional system has been exposed.
Featured Healthtech in Colombia
In Colombia, several Healthtech startups have achieved a significant impact. Below are three of the main companies in the sector:
Founded in 2014, SaludTools offers management software that allows the transcription of interactions between patients and doctors. The company already operates in eight countries and has been recognized as one of the 100 best startups in Colombia by Forbes. With 13,000 registered users, SaludTools plans to expand its reach following the acquisition of NetMedik, an electronic medical records system.
Classified as the first digital visual health business in Latin America by the Colombian Chamber of Electronic Commerce, LentesPlus has stood out in the sale of contact lenses and glasses. During its eight years of operation, it has expanded its presence to three countries in the region.
This platform allows for simple medical consultations via video or chat, connecting users with doctors in less than a minute. Since its founding, 1Doc3 has performed more than 100 million virtual consultations and has experienced 300% growth, establishing alliances with prominent brands such as Juan Valdez and Movistar.
Healthtech is playing a fundamental role in improving healthcare in Latin America. In a context where inefficiencies in the health system are evident, Healthtech startups are emerging as innovative solutions that can make a difference in the lives of the Latin American population. Colombia has stood out as an important player in this movement, with significant growth in the technological health sector. The future looks bright as more entrepreneurs join the mission of integrating technology and health for the benefit of all.