We’ve talked about the mainstream types of technology that are leading the revolution – robotics, Internet of Things (IoT), mobile and the cloud – but today I want to talk about one trend that may not initially come to mind: medicine. The next-gen healthcare space is a truly exciting one for patients and investors alike. I’ve always like it when we can make money off of something that is improving people’s lives.
Nobody enjoys going to the doctor. You have to take time out of your day to drive to the office and sit in a waiting room for who knows how long, only to receive an illegible slip of paper for antibiotics that you then have to waste half a day at the pharmacy just to get filled. There’s nothing fun about it.
But that’s where this new trend in technology comes in. Virtual doctors’ offices are the future, and they represent an experience that will not only benefit consumers, but also insurance companies and the doctors themselves. Think about it. More patients equal more money. It’s a win-win situation.
I love the idea. I go to the doctor at the first sign of a cold, so if you’re telling me I can dial up a doctor on the computer and not have to deal with the hassle of going to the office, sign me up! I know I’m not the only one, either.
Teladoc (TDOC) is the perfect example of how this next-gen theme is already making an impact. The company was founded in 2002 with a goal of tackling healthcare’s three biggest issues: access, cost and quality. Today, it’s the leading provider of telehealth medical visits in the country. TDOC boasts being able to put you in contact with a licensed doctor in under 10 minutes – hard to believe, right? – whether it’s via the phone, internet or mobile app.
The company already has more than 15 million users and a 95% satisfaction rate. Sure, it may not be as popular with older generations used to seeing their doctor in person, but the millennials, who are used to having everything they need at their fingertips, are more game for a remote visit. Remember, we’re looking at the areas that will drive the next generation of profits on Wall Street and this is definitely revolutionary technology.
Virtual doctors’ offices aren’t the only interesting thing going on within the theme, though. As the Baby Boomers age, the demand for new and better healthcare (everything from drugs to medical devices) is growing rapidly. And President Trump has already stated that he plans to speed up and simplify the FDA’s drug approval process. This is great news for all biotech companies, but specifically the smaller ones that Wall Street isn’t paying much attention to. These could be some of our best opportunities.
Then there’s the wearables space. More and more often I’m seeing people walk down the street with some sort of fitness tracker on their wrists. Whether it’s a Fitbit (FIT), Apple (AAPL) Watch or some other brand of tracker, there are all kinds of dynamic devices out there that allow users to monitor all their vital health stats. As new products come on the market, investors will have more options to profit from.
There’s no question the innovation of today will change the future, and healthcare is going to look a lot different down the road thanks to the ever-growing tech space. We’re already seeing the changes, so now is the time to be looking for ways to profit, and Wall Street is not. I plan to take advantage of all the opportunities this next-gen trend provides as it takes off, and I hope you’re on board with me.
Stay tuned for more ways to profit from the Tech Revolution in my next article.