Worldwide healthcare expenditure has increased from $7.7 trillion in 2013 to $9.6 trillion in 2018. Digital transformation has an impact on Healthcare sector far beyond the product by taking into account the information dimension, which is accentuating the sector’s worldwide growth by a combined annual growth rate of 21% from $61 Billion to $233 Billion over 2013-2020.
Looking at the sector in the MENA region, Lebanon is considered to be one of the leading countries in healthcare quality and the testing of new medical technologies. In view of the enormous social and economic implications of the complete digitization of health services and wellness, any entrepreneurial ecosystem should focus on supporting Healthtech startups.
The startup market in Lebanon has been growing significantly since the launch of Circular 331 in 2014 by Banque du Liban, providing support for new startups, private equity firms, and accelerators. Additionally, there is great human capital residing in Lebanon indicating a promising potential for Healthcare sector.
One of TIP’s 3rd cycle startups, Spike Diabetes Assistant, has revolutionized healthcare in the country ever since its launch in 2017. Spike is a mobile assistant that helps diabetics better manage their diabetes. The app monitors the patient’s daily behavior and jumps in with reminders and tips when needed about insulin, food, activity, etc. In addition to that, Spike stores the patient’s data for further analysis and/or sharing with doctors and caregivers.
The startup launched by Ziad Alame has seen great milestones in its journey. In 2017, Spike joined Speed@BDD’s 5th acceleration program, working on solving problems in Foodtech, Mobility, Healthtech, Adtech, and Edtech sectors.
The startup’s winning streak started in April 2018, when Ziad Alame won over the jury at the MIT Enterprise Forum (MITEF) of the Pan Arab Region and secured the 1st runner-up prize. After graduating from Speed@BDD, Spike took home the 1st prize at the GITEX’s Future Stars Supernova Challenge in Dubai in October 2018, and represented Lebanon in the Seedstars Summit!
Spike Diabetes Assistant has climbed the ladder of success and touch is proud to take part in the next chapter of the startup’s journey.