Healthcare goes digital and it may try this "virtually totally free," says tech investor Tim Draper
People wait in line to get a 15-minute rapid Covid-19 test on November 24, 2020 in Madison, Wisconsin.
Andy Manis | Getty Images News | Getty Images
The use of technology will make health care "almost free worldwide," according to venture capitalist Tim Draper.
"Healthcare is going to be completely digitalized," said CNBC's Dan Murphy during a panel discussion at FinTech Abu Dhabi that happened practically this year.
"This will create near-free health care around the world," said the founder and managing partner of venture capital firm Draper Associates in the early stages.
Ibrahim Ajami of Mubadala Investment Company, one of Abu Dhabi's sovereign wealth funds, said the coronavirus resulted in "probably the most significant acceleration in technology … that we will see in our lives". The role of technology in healthcare has changed, he said.
"From clinical trials to drug discovery to healthcare system transformation and even telemedicine and personalized health – many of us will go through this entire Covid pandemic without ever seeing a doctor," said Ajami, director of operations in Mubadala.
Eventually we will have a way to make healthcare much cheaper.
"You start to combine this with other data – your genetic history, your blood test results, your Fitbit results, the plane seat you sat in, the food you ate – all of that data will be available, and this data – that's what I'm going to make a really good AI doctor, "Draper told CNBC.
Technology is also helping to develop drugs that are specific to the recipient, and robots are even being used in surgery, he added.
In the future, artificial intelligence will diagnose and develop the specific medicine required, he predicted. "It's going to be a great place because I think most of it can be done at very little cost."
The early internet investor added that medical costs had been "insane" for many years. "Eventually we will have a way to make healthcare a lot cheaper."