Today at the 2014 HealthTech Conference in San Mateo, AARP and UnitedHealthcare announced the launch of “The Longevity Network” to promote innovations in health care that will improve the quality of people’s lives as they age. The platform will serve as a central hub where entrepreneurs, advocates and consumers can share information and access ideas, press and other media, social feeds and event invitations about health care innovation for the 50+ community.
According to a study from Parks Associates, breakthrough technologies, innovative services and disruptive business models are expected to represent $30 billion in cumulative revenue over the next five years and benefit more than 100 million people 50 and older.
The Longevity Network Overview
The Longevity Network inverts the common assumption that the senior demographic is a drag on the economy due to growing health care costs and highlights the enormous power of aging consumers to drive the economy. In fact, the economic power of people 50 and older dwarfs that of Millennials and Generation X. More than 106 million comprise the 50+ demographic that is responsible for at least $7.1 trillion in annual economic activity – a figure that is expected to reach well over $13.5 trillion in real terms by 2032, according to a study from Oxford Economics.
“The Longevity Network will help foster innovations across the consumer and health care landscape that will improve the health and well-being of the 50+ population,” said Tom Paul, chief consumer officer, UnitedHealthcare. “AARP and UnitedHealthcare have a long history of partnering on health care initiatives. We created the Longevity Network to encourage entrepreneurs and consumers to develop meaningful innovations that address the 50+ market.”
How the Longevity Network Works
AARP and UnitedHealthcare have focused on nine innovation “frontiers” that offer a framework for distinct innovation pipelines so entrepreneurs can focus their attention on these high-need areas. The nine frontiers are: medication management; aging with vitality; vital-sign monitoring; care navigation; emergency detection and response; physical fitness; diet and nutrition; social engagement; and behavioral and emotional health.
The Longevity Network will promote innovation by focusing entrepreneurial attention on these large, high-growth market spaces. The goal is to drive a national dialogue about the longevity economy and ensure everyone driving innovation in this country is asking themselves, “What is our 50+ strategy?”
The Longevity Network will include:
– focused research
– discussion groups
The network will also regularly publicize significant achievements in this area and the best innovations in each of the nine frontiers. The innovations will be evaluated for recognition based on their potential impact, marketplace viability, business model, originality, quality of design and consumer appeal.
To better serve the 38 million people AARP represents, and the nearly one in five Medicare beneficiaries nationally who are UnitedHealthcare members, the two organizations have collaborated on a variety of important health initiatives over the past 25 years, while supporting health innovations that benefit seniors and all consumers.
For more information, visit http://www.longevitynetwork.org/