Well Health Technologies (TSX:WELL) is a digital healthcare company that’s transforming health care. And it’s exactly what’s needed at this time, when society is being overtaken by the coronavirus. What we used to call normal, we now call dangerous. The we used to spend our time is now off limits. If we could at least continue to receive health care, then we can overcome the pandemic.
This is exactly what Well Health has been striving to do. Well Health stock demonstrates how much it is in demand and is making our healthcare needs available to us from anywhere.
Well Health has been on a mission since before the coronavirus hit
Technology has uplifted many industries. It has taken them to the next level. But the healthcare industry was left behind. It’s arguably the most important of industries. Shouldn’t it be among the first to utilize the technology we have at our disposal? We all have healthcare needs. It is the most important necessity in our lives, for without health, there can be nothing else.
But unfortunately, underinvestment in Canadian health care has been the norm. There are many competing needs for government funds. The result is a healthcare system that has not improved along with technology. It’s still in the “dark” ages. How will this change? How far can technology in healthcare go?
Well Health has been tackling this problem since before its IPO in 2016, and progress is being made. We can see evidence of this is Well Health’s financial performance. We can also see evidence of this in the price of Well Health stock.
The coronavirus vaccine will not stop Well Health stock
The vaccine is here. We only have months left in the critical phase of the coronavirus. We will soon be feeling relief. Hospitals will soon feel relief. Things will get back to “normal.”
But what will normal look like? It will not look like pre-pandemic times, and I think that’s a good thing. Society will use what we’ve learned from this virus. Better ways of doing things have become apparent. We will hopefully not let this lesson go wasted.
One of the things that has been driven home to us is crystal clear: we cannot continue to let the healthcare system run without extensive use of technology. This is where Well Health comes in. Technology changes everything. It improves everything, resulting in better outcomes, improved patient care, better efficiencies, and more innovation. With or without a coronavirus vaccine, all of this holds true. The coronavirus was just an impetus to changes that were already coming.
Precision medicine is the future
Precision medicine is a new area that can only be made possible with extensive use of technology. Precision medicine “proposes customizing healthcare decisions, treatments, practices, and products to suit individual patient needs.” It basically means identifying best approaches for an individual patient. Genetic, environmental, and lifestyle factors all play a role in determining a patient’s treatment. This is only possible with information databases. Well Health’s technology can do this. Well Health stock is rallying on this very fact.
In the future, a digital database with patients’ DNA can take all this a step further. Pharmacogenomics is the study of how genes affect a person’s response to particular drugs. A database that has genetic data, biological samples, and other health information will step up health care into a new age.
Motley Fool: The bottom line
It’s possible that Well Health stock sees some weakness as the coronavirus vaccine takes effect. But make no mistake, technology in healthcare is not just a passing fad. It’s a badly needed revolution of the healthcare system, and it’s one that will see growth for years to come. So, rest assured; the coronavirus vaccine will not alter Well Health stock’s positive outlook one bit.
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Fool contributor Karen Thomas has no position in any of the stocks mentioned.