Healthy Innovation: A Look into the HealthTech Market in Mexico

The VivaWell team at a trade show by their stall
Credit: VivaWell

In the dynamic intersection of technology and healthcare, HealthTech has emerged as a transformative force. Among the noteworthy players in this field is VivaWell, a Latin American healthtech founded in 2020, with a mission to democratize access to healthcare through personalized remote care based on Artificial Intelligence (AI).

VivaWell’s commitment is evident in its pursuit to provide an easy, agile, and efficient user experience for both patients and healthcare providers. The company’s name itself reflects its goal — to help people live better. This dedication has fueled its robust growth since its launch, positioning it as one of the HealthTech companies with high projections for expansion in the Latin American region.

Challenges in the Mexican Healthcare Landscape

Taking a closer look at the Mexican healthcare landscape reveals several challenges, creating an opportune environment for innovative solutions. Recent estimates show that Mexico has the highest labor turnover rate in Latin America, standing at 16.7%, surpassing the recommended rate of 10%. Moreover, the average absenteeism rate in the country is 7.5% of total working days in a year, according to a study by Kronos.

A significant concern is the lack of suitable conditions for employees to achieve a work-life balance, impacting physical and psychological well-being. The International Labour Organization reports that 85% of Mexican organizations fall short in providing such conditions. Additionally, Mexico is the second OECD country with the highest out-of-pocket health expenditure, with over 16 million Mexicans lacking some form of financial health protection.

Considering these challenges, VivaWell’s entrance into the Mexican market represents a strategic move to address critical gaps in healthcare access, employee well-being, and operational efficiency for companies.

Revolutionizing Health and Well-being

VivaWell’s journey began in Argentina during the challenging times of the Covid-19 pandemic. Building on its success in that market, the company expanded its footprint to Mexico in 2021. By mid-2022, VivaWell started offering its innovative services to the corporate market across the entire Mexican territory.

Functioning as a health and well-being services integrator, VivaWell leverages Artificial Intelligence (AI) and machine learning to craft personalized solutions tailored to the unique needs of each worker. Founded by Latin America’s insurtech pioneer, Eduardo Iglesias, the company aims to bridge the gap for millions without access to affordable and quality healthcare.

Identifying an opportunity in the regional market, VivaWell positioned itself as a complementary health service provider. The platform integrates various benefits into a single solution, offering companies a streamlined approach that reduces costs while enhancing employee well-being.

Accelerated Growth and Recognition

VivaWell’s innovative approach garnered attention from Pegasus Tech Venture, leading to its selection for acceleration in a program developed in collaboration with Harvard Alumni Entrepreneurs. A seed investment round of 1.6 million dollars further fueled the company’s growth.

In its first year, VivaWell achieved an impressive milestone, reaching over 100,000 users. The company has provided services to a diverse range of organizations, including prominent brands such as Grupo Bimbo, Sanofi, Paramount, Avon, and Natura.

The key to VivaWell’s success lies in its ability to combine high-quality healthcare services with real-time and predictive health information. By offering insights into the well-being of employees, companies can take proactive measures to improve overall health and productivity.

Living Better: VivaWell’s Contribution to Growth

True to its name, VivaWell’s focus on enabling people to live better has propelled its strong growth trajectory. As the company continues to make strides in the HealthTech landscape, it stands out as a beacon of innovation and positive change, with high expansion projections in the Latin American region.

VivaWell exemplifies the transformative power of HealthTech in addressing healthcare challenges and improving the well-being of individuals and organizations alike. As we navigate the evolving landscape of digital health solutions, VivaWell’s journey serves as a testament to the potential for innovation to reshape the future of healthcare in Mexico and beyond.