At HSBC Innovation Banking, we've built something unique by combining the true scale and stability of HSBC with forward-thinking, value-driving products to serve life science and healthcare companies at all stages - from seed to public and beyond. Our runway-driving, non-dilutive venture debt solutions, deep sector expertise, and laser focus on client service help the industry's forward-thinkers move faster – to be bold. We want to both inspire and help companies realize their aspirations to shape healthcare for decades to come. Said another way, we’re here to serve.

We’re not alone in that goal – that’s why we partner with leaders like LINUS, a consultancy firm that provides market research, insights, and strategies dedicated to help the life science and healthcare community flourish. In January 2024, what started as a simple coffee catch-up between friends quickly turned into a discussion on how to inspire healthcare visionaries, CEOs, investors, and other changemakers by providing them with deep forward-thinking sector insights - information to help redefine the future of healthcare and healthcare delivery.

The result is Health 2035, a report that maps out what we predict the future might look like in 10 years. Our vision for Health 2035 was shaped by:

• Young Physicians' Insights: We spoke to over 1,000 young medical students, residents, and attending physicians to understand what they see for the future of healthcare.
• Scenario Planning: We constructed three distinct future scenarios of how healthcare might be delivered and how key factors might play out.
• Expert Voices: We recruited visionary stakeholders from across all aspects of healthcare to contribute and in doing so gained more perspective on how decisions today could impact health in 2035.

All this was done against a backdrop of studying current trends and potential changes in consumer behavior, government policies, and investment. Following is a synopsis of our journey and an overview of our findings.            

Young Physicians: Today's Challenges and Tomorrow's Opportunities

Healthcare today is often seen as overly complex, and many view technology as the answer. We went a step further, looking beyond generally accepted beliefs and starting with the people who will be integral in shaping how healthcare is delivered in the future – young physicians, at different stages of their careers and ranging in age from 21-35. Conducting both in-depth interviews and quantitative surveys, we set out to gain an understanding of this group's values, goals, and influences.

Here's what we heard. Most young physicians surveyed say they've chosen a career in medicine to help others and improve patient outcomes, not for money or prestige. What's most important to them is making personal connections with their patients. 

What do they hope for the future? Early intervention, preventative care, and minimizing health inequalities are top priorities. They want to concentrate on keeping patients healthy instead of treating illnesses.

What are the roadblocks? The administrative burden and paperwork eat up time they could be spending getting to know patients. More problematic is patients' growing lack of trust in formal institutions – including the healthcare system and their doctors. Physicians report that this mistrust goes both ways and is damaging the ability to make close personal connections.

Where do they see potential? Young physicians expect AI to change how they engage with patients. Their hope is that technology will be used primarily to streamline documentation and administrative workflows, freeing up time to build relationships.

Innovation Territories: Imagining the Future

In addition to young physicians, we gathered viewpoints and opinions from leaders working in or supporting the healthcare ecosystem. Based on what we learned from these two groups and our analysis of current trends, we began exploring three potential scenarios for what healthcare might look like in 2035. We're calling these 'innovation territories.' 

Migration Nation: In this scenario, we map out how population shifts driven by factors such as environmental impacts, ideology, or access to resources might redefine how healthcare is delivered. Care is not limited by place but is defined by beliefs and community needs and will be based on a decentralized care model.

The Healthspan Mandate: Here, the emphasis shifts from lifespan – the number of years alive – to improving the 'healthspan' – or the length of time people live high-quality, healthy lives. Predictive and precision medicine, powered by AI and comprehensive patient data, focuses on prevention, mental health, and holistic wellness.

Access Abundance: Unlimited access to care and therapeutics combined with an endless stream of health data empowers patients to be their own advocates. In this case, healthcare is integrated into daily life, with technology – such as wearables – enabling continuous, personalized care.

Health 2035 Summit

As a final step in building our vision, we gathered health experts to share what we learned and delve deeper into what these innovation territories might mean. This group of thought leaders represented various facets of the sector – from practitioners and biotech innovators to government representatives and educators to investors and more.

The input from this summit helped inform our final report. In it, you'll find a more robust exploration of the three innovation territories – including what's happening today and the current investment trends that support each future construct, what myths and challenges need to be addressed, and the overall significance to health in 2035.

The three predictions – or foresights – that we identified as critical for moving the healthcare ecosystem forward round out the report. Our hope is that bringing these foresights into focus will give future thinkers and industry stakeholders a starting point for reshaping how healthcare is delivered in the future.

Read our full Health 2035 Report, including more about the studies we conducted and predictions for the future, here: https://www.business.us.hsbc.com/en/campaigns/innovation-banking-vc-insights-webinar

Feel free to reach out to me, or anyone from HSBC’s Innovation Banking, Life Science & Healthcare team, this week at HLTH USA in Las Vegas. We’d love to discuss our findings and go deeper into the data.