Google created Alphabet Inc., a holding company, last year. Alphabet has multiple companies under its control. Investors are buzzing about Verily, the Google Life Sciences company now called Verily. Verily’s unique business model promises to revolutionize healthcare. This post is about understanding “How Verily, now Google life Sciences, reinvents healthcare” and “How it makes money.” We also suggest how Verily could make Money in the future.
Is Google Life Sciences Reinventing Healthcare?
Google’s Verily is a translation of “truly,” and its mission is to “bring together technology and life science to uncover new truths regarding health and disease.” Conard recently stated that “we could transform the healthcare system from reactive to proactive.” Let’s find out what he means by Proactive Healthcare. The following graphic shows how Verily’s proactive healthcare approach will revolutionize healthcare.
Understanding the Current Reactive Healthcare Management Approach
The reactive healthcare system allows patients to approach the healthcare provider to treat their symptoms. A series of diagnostic tests are used to identify the type of disease the patient has. The patient is then offered treatment, which may include medication, surgery, or rehabilitation. She is also enrolled in wellness and disease awareness programs to prevent the recurrence of similar or related diseases. The new digital age could reduce the disease burden through a reactive healthcare system. The infrastructure supporting this reactive healthcare system is now a multi-billion dollar industry. Every year, vast amounts of funding are being poured into this sector. Despite all these efforts, the system continues to fail. Both healthcare costs and quality of care continue to rise. Google life sciences promise to transform the existing reactive healthcare system into proactive healthcare with a team of software engineers, analysts, experts, and user experience designers. Let’s take a closer look at this system.
Understanding Verily’s Proactive Healthcare Management Approach
Verily is committed to making proactive healthcare a reality. These are the foundations of proactive healthcare:
To stratify your risk, establish a baseline for the disease
Establish proactive healthcare diagnosis standards
Innovate treatments for Life Sciences companies that treat diseases
Create the disease management ecosystem
Verily is currently working on a baseline study of human health. This will collect biological, genetic, and behavioral data. Verily can use this data to understand human variability and create personalized treatments. Verily uses its nanoparticle diagnostics, as well as wearable detectors, to determine the disease state. Verily is making this dream come true by transforming reagent-based disease diagnosis into biomarker and platform-assisted diagnosis. Verily also works with top life sciences companies to develop innovative smart devices and personalized medicines.
Verily believes it will be able to create a disease management ecosystem in the long term. Verily can deliver Patient Management Services (PMS) through this ecosystem. Let’s first understand how Verily makes Money currently before we dive into the future PMS.
How Google Life Sciences Verily makes Money?
Verily isn’t in the business of making science fictions become a reality. The Verily business was built on solid foundations to be the R&D partner of Life Sciences companies. The following graphic shows how Verily makes Money right now.
Verily currently has two revenue streams.
How Verily Makes a Living from Research?
Verily works with scientists to offer its healthcare platform, software, and analytical capabilities for building disease management therapies. In return, Verily receives the time of researchers and patient data and the research grant from funding agencies.
How Verily Makes a Living from Life Sciences Companies?
Verily works with both MedTech and Pharma companies. It offers its Healthcare platform, data, and software for developing disease management therapies. Verily receives payment in exchange for the development of disease management therapies. It has already partnered with Novartis and Dexcom for diabetes partnership. Novartis is using its contact lens to monitor people with diabetes with tears. Verily uses the same technology to create Dexcom-sized glucose monitors. Sanofi will also use this information to collect, analyze, and understand it to develop more integrated diabetes treatment strategies. Verily also collaborated with Biogen to create wearable sensors for multiple sclerosis. In a joint venture, it has partnered with Johnson & Johnson to develop medical robots. Verily also works on Heart disease and mental healthcare in several other initiatives.
How will you make Money in the future?
Verily’s strong tech background and knowledge of product management will allow it to build the Patient Management Ecosystem, which will offer Patient Management Services. Verily will provide its Healthcare platform, software, and development tools to enable developers to create patient management services. These services will be available on-demand, and Verily will continue to earn a pay-per-use service revenue.
In various forums, we are often asked, “Which company will disrupt the healthcare system?”. Our analysis shows that proactive healthcare is the future of healthcare. Verily is the company that will both disrupt the healthcare system and reinvents it.