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Is the human longevity industry geared for commoditisation?

Article-Is the human longevity industry geared for commoditisation?

Besides healthy lifespans, the paradigm shift from treatment to prevention is expected to promote the development of new products and services.

Older adults aged 60 and above are the fastest growing demographic cohort in the world. In 2020, there were approximately one billion people worldwide over the age of 60. The substantial increase in the ageing population is the main driver of the longevity industry.

The longevity industry is extremely complex and multi-faceted. Highly advanced IT, data science and predictive technology have created a dynamic and diverse longevity ecosystem. This encompasses geroscience R&D, P4 medicine, AI and finance. Trillions of dollars need to be invested to produce goods and services that will help consumers benefit from a longer, healthier lifespan.

In mapping out the entire global longevity landscape through the development of the world’s largest longevity and deep tech database, we were the first to identify and analyse over 50,000 companies, 9,000 companies and 1,000 R+D hubs active in longevity.

Dominic Jennings, Head of Strategic Partnerships, Longevity Financial Advisors.jpg

Dominic Jennings, Head of Strategic Partnerships, Longevity Financial Advisors

Today, the world is facing two opposing megatrends. On the one hand, ageing populations are now a global trend, particularly in developed economies like the UK. Since 1900, the average human life expectancy has more than doubled and is now above 70 years. This trend is creating challenges for pension funds and even nations as the cost of servicing the so-called ‘Silver Tsunami’ will only increase.

Conversely, biomedicine is making huge advances thanks to data analytics leading to a quantum leap in the use of AI for biomedicine R&D. This trend will extend healthy lifespans through a paradigm shift from treatment to prevention. The technological advances have created a multi-trillion-dollar investment opportunity for forward-looking investors and financial institutions.

These two megatrends create opportunities and challenges for the global economy – and the financial industry. Newer asset classes and investment strategies will need to be developed. However, there is a large gap between the highly advanced and innovative scientific developments in the longevity sector and the development of a commoditised financial infrastructure to take advantage of this enormous investment opportunity.

The longevity industry will be commoditised in the same way metals, gold and oil were in the 19th century. The Chicago Board of Trade and the London Metal Exchange offered a marketplace with secondary financial products such as indices, futures and derivatives. Similarly, IT and Tech 1.0 were commoditised from the mid-1980s with the development of the Nasdaq index and related financial instruments.

We will see the same trends develop for longevity as it becomes the largest and most sophisticated industry in human history. The financial industry will need to create innovative products to match the ongoing advances being made in longevity research and development. New financial infrastructure such as a stock exchange, trading platforms, indices, futures and derivatives will create a longevity marketplace for investors and enable public and private companies to fundraise.

The advances being made in deep tech innovation will also result in longevity-related goods and services becoming commoditised and widely available to the average consumer. These will promote longer, healthier life spans through advances in personalised and participatory medicine.

As health and longevity become more measurable, wealth management companies will shift towards managing health like any other asset. There will be many synergies between agetech, wealthtech and longevity. Health will become the new wealth as healthy life extension becomes as desirable a commodity as luxury assets such as real estate. New digital and financial services for customers are being developed to take advantage of this demographic megatrend. 

In anticipation of such demand, we have developed the Longevity Card, a single integrated platform that uses cutting-edge healthtech, agetech and fintech solutions for users who wish to live healthier, longer lives and remain financially stable. This niche fintech app will feature a UK IBAN, multi-currency accounts, payment solutions, fast sign-up, business accounts and 24/7 support.

The healthtech integration will incorporate a fitness tracker and is fully compatible with wearables. It will also provide AI-powered, personalised health and well-being recommendations and users can earn rewards for the longevity marketplace. This will be a one-stop shop of the biggest and best health and well-being brands in the world, giving customers priority offers and exclusive discounts.

Market categories will include fitness, healthcare, beauty, nutrition and insurance but customers will also be able to access private clinics and medical check-up providers. The Card will appeal to all ages but will also incorporate specific healthtech and agetech functions for the elderly who wish to remain high functioning and financially independent.

The Longevity Card is a prime example of an innovative, first-of-its-kind product which will be accessible to millions of consumers with an interest in finance, health and well-being as longevity for consumers become more commoditised. Indeed, it was recently recognised as one of the ‘Top 15 Big Ideas in a Post Pandemic world’ by Sifted, an FT-backed magazine.

Our mission is to remain at the forefront of product and services development for the longevity industry in the years to come.

TAGS: longevity AI
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