Britain's Health Ministry says plans to overhaul the NHS will be 'powered by cutting-edge technology'. PA
Britain's Health Ministry says plans to overhaul the NHS will be 'powered by cutting-edge technology'. PA
Britain's Health Ministry says plans to overhaul the NHS will be 'powered by cutting-edge technology'. PA
Britain's Health Ministry says plans to overhaul the NHS will be 'powered by cutting-edge technology'. PA

Britain plans tech revolution in health despite budget cuts


Tim Stickings
  • English
  • Arabic

Britain could hand out smart watches for patients to monitor their health at home under plans to ease pressure on the struggling National Health Service.

Health Secretary Wes Streeting said his plans to overhaul the NHS will be “powered by cutting-edge technology, that helps us stay healthy and out of hospital”. Patients could be alerted via their smartphone if they have unusually high blood pressure or glucose levels.

Patient data and test results will be rolled into an app under Mr Streeting's plans to “shift from analogue to digital” in the NHS. However, he refused to rule out cuts to the UK's science and research funding in a belt-tightening budget on October 30, the first under Britain's Labour government.

Prominent scientists and universities have written to Chancellor of the Exchequer Rachel Reeves warning that Britain's economic growth could be “undermined by the false economy of short-term cuts”. They said spending on research would “drive high-skill sectors and cutting-edge technologies”.

Mr Streeting said on Sunday that the Chancellor “has had more letters than Father Christmas at this stage of the year”. He told the BBC's Sunday with Laura Kuenssberg programme that research and innovation were important for growth but “so is good transport infrastructure, so is education and skills”.

“We can’t fund everything, everywhere, all at once, so you’ve got to bear with us here because we inherited a real state,” Mr Streeting said. “We can’t have a situation where the NHS budget balloons and balloons and balloons because we don’t reform the system.”

Britain's Health Secretary Wes Streeting refused to rule out cuts to the UK's science and research budget despite his hopes for a tech revolution in health. PA
Britain's Health Secretary Wes Streeting refused to rule out cuts to the UK's science and research budget despite his hopes for a tech revolution in health. PA

A review by Iraqi-born professor Lord Darzi informed Mr Streeting last month that the health service, founded in 1948, was “in serious trouble” due to long waiting lists, overburdened hospitals, growing ill health and public dissatisfaction with the NHS. Labour is looking at expanding the use of private providers.

Despite the potential research cuts, Mr Streeting said there was money for technology within the health budget as he predicted it would “transform how patients are cared for, making their lives infinitely easier and the NHS fit for the future”.

“One of the things that we’ve prioritised during the budget round is making sure that we’re taking steps particularly on capital and tech that will enable us to run a more productive, a more efficient NHS so that we get both better outcomes for patients but also better value for taxpayers’ money,” Mr Streeting said.

He said his 10-year plan to make the NHS a “neighbourhood health service” would include a “shift from analogue to digital, with the NHS not just benefiting from but actively driving the revolution in life sciences, med tech and data”.

A recent review of Britain's state-funded National Health Service warned of long waiting times, overburdened hospitals and low public satisfaction. PA
A recent review of Britain's state-funded National Health Service warned of long waiting times, overburdened hospitals and low public satisfaction. PA

Britain's health department will “look at the options for expanding access” to wearable technology such as smart watches, it said. Patients with type 2 diabetes are among those who could be encouraged to see their doctor less frequently, freeing up appointments.

The G7 countries last week threw their support behind using artificial intelligence in health care, saying the technology should be used “to its full potential” in diagnosing illnesses, recommending treatments and developing new medicines.

Ministers from Britain, France, Germany, Italy, the US, Canada and Japan said the first task was to gather data on patients to be processed by AI algorithms, in a way that “respects security and privacy”. They acknowledged this would come with “technical and cultural challenges” over trust in the technology.

Doctors in the UAE have used AI to improve success rates for IVF. Trainee eye doctors were outsmarted by ChatGPT in a study published in April. Britain recently announced funding for a promising AI-assisted blood test that could detect 12 cancers.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: October 20, 2024, 10:17 AM