After 2008 The financial crisis, a new set of regulations aimed at protecting consumers and businesses, has opened the floodgates for a wave of fintech companies that have grown into big names over the past decade. Now it may be the turn of healthcare.
Part of the Wall Street Consumer Protection Reform Dodd-Frank Act, passed in 2010 stated that financial institutions should provide consumers with access to their financial data electronically for personal or third-party use. Thanks to this rule, we can link our bank accounts to Venmo or Zelle to send money to our friends, or why Stripe and Plaid were able to revolutionize the payment infrastructure for so many businesses.
Now healthcare sees its own regulatory catalyst. 21st century drug law passed in 2016 and will be implemented this year, contains recommendations for the exchange of information, API standardization and national infrastructure for the exchange of this kind of information. Increase healthcare innovation listed as one of the objectives of the act.
The question is, will healthcare startups embrace these regulations with the same zeal that the founders of fintech have over the last decade?
Credit: techcrunch.com /