Key takeaways from the Conduit Connect Mental Healthcare Breakfast
Mental Healthcare Breakfast 23 November 2022
Conduit Connect recently hosted a breakfast in partnership with MQ Mental Health, a charity championing and funding research to bring together innovators, investors and healthcare providers, to explore how we could nurture partnerships amongst the public, private, and charitable sector to achieve real change within mental healthcare.
In the UK, mental healthcare problems cost the economy at least £117.9 billion annually. That’s 5% of UK’s GDP and nearly £50 billion more than the furlough scheme during the pandemic.* It has also been reported that in 1 year the UK recorded 10.3 million instances of mental illness and that depression will be the main cause of disease burden in high-income countries by 2030.
From research, to innovation, we were delighted to have experts: Aahuti Rai (Digital and Mental Healthcare Investor), Arden Tomison (Founder & CEO, Thalamos), Amazin LeThi (LGBTQ advocate, athlete and cultural change leader), Dr Lia Ali (Doctor and Digital Health Strategist), Lea Mulligan (CEO, MQ Mental Health Research) and Ben Lakey (Co-founder & CEO, Syndi Health) from across the ecosystem share their experience and shed some light on why partnerships are so essential. There were many common themes that came out throughout the talk. Here are our speaker’s key takeaways from the session:
Don’t start from ground zero. There has been exponential growth (7000% annually) in mental health research projects. Form partnerships with academics and use this research when fostering your innovation projects.
There is a connection between both mental and physical health. Your physical health is directly affected by your mental health so we need to stop thinking about and investing in physical and mental health in silos.
Investors’ support in facilitating contact with stakeholders in the healthcare system can have a significant impact on the success of healthtech companies.
Look outside your own social network. The people that may benefit from your work may not be someone you would normally think of.i.e. people in digital poverty, cultural minorities with unique considerations, etc.
Do not underestimate the opportunity. COVID19 has meant that a lot more people understand what digital transformation can be.
Do not be disheartened by systematic issues in the healthcare sector.
And finally… remember this is the most exciting time to invest in healthcare innovations!
* according to a report published by Mental Health Foundation and London School of Economics and Political Science).