The business of longevity: alive and consuming

The demographic challenge is a headache for the sustainability of the welfare state, but it has also added new cohorts of consumers of all types of goods and services (especially health). the baby boomers, in particular, will have in 2020 a purchasing power valued at 15 billion euros.

With a population increasingly aging and living more and more, there is a clear niche in the development of products aimed at those over 65 years. For example, the global market of assistive devices for the elderly and people with disabilities was valued at 14,000 million dollars in 2015 and is expected to exceed 26,000 million by 2024, according to a 2017 report from the intelligence company Coherent Market Insights market.

The demographic challenges it raises, among other things in terms of systems of social provision and sustainability, are evident. Especially in Spain, which in 2050 will be the second OECD country with the greatest generational dependence, according to the predictions of this organization. It is not surprising, judging by the data: the average life expectancy of Spaniards (83.4 years) is the fourth highest in the world, according to a recent report by the World Economic Forum; the number of people over 65 reaches almost 19% of the population (almost nine million) and the trend is growing according to the INE. The figure is expected to rise to around 35% in 2066. And the proportion of octogenarians among the inhabitants gains weight.

In the midst of the war for the uncertain future of pensions, organizations such as the Círculo de Empresarios and Fundación Transforma España deplore the lack of action and the lack of political measures to tackle the demographic challenge. This was stated in a meeting on longevity last February. In April, during another event on this subject (organized by Aging 2.0), the High Commissioner against the Demographic Challenge, Edelmira Barreira, responded to these demands with the objectives set by the Government. Its purpose, he affirms, is "to provide the population with a healthy, well-being, dignity and active aging".

Senior economy

Among the lines of action indicated by Barreira include favoring the participation of the elderly in social life; avoid sedentary lifestyle and unwanted loneliness; promote their personal independence and equal access to goods, products and services; give special coverage to situations of vulnerability; design social economy strategies or develop basic tools to gain efficiency in health systems. Also "to offer people confidence and preparation to have the children they would like".

In the technological aspect, the high commissioner talks about promoting formulas for the incorporation of new technologies focused on people that allow covering these needs. It also points to the deployment of e-health (which has been on the agenda for years). And he talks about the need to be able to turn these challenges into opportunities. How? Encouraging research, development and innovation in areas linked to aging. Also the new business niches in the silver economy (silver economy or senior), an area in which the European Union has multiple projects underway, in partnership with institutions such as the health division of the European Institute of Innovation and Technology EIT Health.

The deployment is not for less. According to statistics from Euromonitor, the purchasing power of the baby boom generation will reach 15 billion euros in 2020. In this sense, Barreiro is committed to promoting entrepreneurship in the field of aging and longevity as "the most useful way to adapt to the future " Be proactive to be prepared, he says. It also points out the positive part of the aging of the population and the prolongation of life in major stages, as it is given by better health conditions and by advances in longevity.

Aging 2.0

Defending the quality of life of the elderly and supporting entrepreneurship in this area is the purpose of Aging 2.0, an international community of more than 15,000 people based in San Francisco (United States), present in more than 20 countries and with some 3,000 registered startups, according to the organization's data. Its areas of action are eight: financial well-being, mobility, daily life, care, coordination in care, cognitive health, commitment and purpose and end of life.

The Aging 2.0 chapter in Spain is in Madrid and is led by Luis Castillo, deputy general manager for Spain and Portugal of the Doro AB telecommunications company for the senior market. Among the associated startups is Vooiage, a company that applies virtual reality technologies to the rehabilitation process. Its first virtual therapy product counts, according to its co-founder and general director Ana Carolina Guglielmi, with the European quality certificate and is approved as a class 1 medical device.

The product (Vooiage physio) is a tool aimed at physiotherapists, either in clinics or in nursing homes. It is an integrated platform with glossy modules that allows the realization of interactive exercises and the monitoring of data in real time of patients. Guglielmi emphasizes that his main effort focuses on improving virtual reality technology to prevent dizziness and its adaptation for use by the elderly.

Training

Beyond the rehabilitation goes the School of Longevity, an initiative of the spa of Cofrentes (Valencia), directed and managed by doctors. Although this has been going on for 30 years, the program as such was launched five years ago, says Clara Fernández, future general director of this family business. The idea came after years of experience with their thermal medicine treatments. They realized that the more they trained their patients in the management of their ailments (for example, back or knee) better evolve, also in the medium and long term.

Given that the programs offered by the spa are 12 days long, customers can take advantage of this time not only for relaxation but also to learn how to design their own life strategy for 10 years. "It's a kind of health camp where training is done both at a general level and for specific pathologies," explains Fernández. The program includes state-of-the-art diagnostic tests (such as measuring telomeres or the genetic map) and other health resources. In addition, 50% of its cost is subsidized by the Imserso.

Given that the programs offered by the spa are 12 days long, customers can take advantage of this time not only for relaxation but also to learn how to design their own life strategy for 10 years. "It's a kind of health camp where training is done both at a general level and for specific pathologies," explains Fernández. The program includes state-of-the-art diagnostic tests (such as measuring telomeres or the genetic map) and other health resources. In addition, 50% of its cost is subsidized by the Imserso.

In the field of caregivers, Verklizan develops software focused on facilitating the work of teleassayers, so that they can operate from anywhere with a mobile application. That is, eliminate the physical barrier of the call centers. They also provide telemedicine services (for healthcare professionals) such as monitoring patient activity and monitoring medications. Explains Alberto Val, director of Verklizan Spain and Portugal and former director of Roche, who argues that social services and health should converge more efficiently.

Legacy

Outside the field of health, the startup Hasta Siempre is dedicated to collecting the emotional legacy of seniors. It does not pretend to be just a resource for people facing the end of their lives but for anyone who feels the need to leave recorded on video what they want others to remember about him or her. It can be a story, an anecdote or a recipe to cook with your grandchild. Whatever comes to mind.

The company is responsible for the recording, physical custody and delivery. "We offer an acknowledgment of the value that older people bring to the next generations, we are used to thinking about inheritance as something material, but more and more the new generations appreciate its origins, they want to have continuity", says the manager of Hasta Siempre, Jaime Rosales.

From Aging 2.0 point out that these initiatives are an effort to better meet the social needs of the elderly. They also seek their incorporation into the digital world, providing them with the knowledge and resources required. Finally, they demand the union of all the actors involved in this process (institutions, companies, civil society) and the need for a cultural and mental change to face the demographic challenge.

Source: Expansión