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Babylon Health
NYSE: BBLN
IndustryHealth care
Founded2013 (2013)
FounderAli Parsa
Headquarters
London, United Kingdom
RevenueUS$322.9 million[1] (2021)
Number of employees
2,189[2] (2021)
Websitewww.babylonhealth.com

Babylon Health is a digital-first health service provider that combines an artificial intelligence[3] powered platform with virtual clinical operations for patients. Patients are connected with health care professionals through its web and mobile application.[4]

Their subscription business model for private healthcare services launched in the UK in 2013. They since expanded internationally to 17 countries including Rwanda and the United States.[5] They also provide services in Cambodia, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.[6] The company covers over 20 million people and provides over 5,000 consultations per day.[7]

History

The company was founded in 2013 by Ali Parsa, who was previously the CEO of the Circle Health hospital operator and investment banker. Babylon Health, formerly Babylon Health Services Ltd, is owned by its holding company Babylon Holdings Limited[8] along with Babylon's technology branch, Babylon Partners Limited.[9] In 2014 Babylon Health Services Ltd. became the first service of its kind to be registered with the Care Quality Commission, the health care services regulator and inspector in England.[10]

In January 2016, Babylon received the highest financing for a digital healthcare company in Europe with $25 million. Investors include Hoxton Ventures, Kinnevik and the founders of Google Deepmind.[11] In August 2019, $550 million was brought in with a new financing round to further develop the skills of the artificial intelligence of the Babylon software. The equity items corresponds to an assessment of the company of over $2 billion. According to the company, around 4,000 medical consultations are offered per day in 2019.[12]

Services

Babylon Health provides healthcare services through either their website or iOS and Android mobile applications. This is funded through a subscription based model, pay-as-you-go payments, centrally funded initiatives like NHS or as part of health insurance packages.

Users are able to send questions or photos to the company's team of health care professionals (which includes doctors, nurses, and therapists) in a manner similar to a text message.[10] Alternatively, users can hold video messaging consultations with a clinician to answer questions for common medical topics such as fever, sore throat, allergies, skin irritations, and colds. This service also allows users to receive referrals to health specialists, have drug prescriptions mailed to the user or sent to a pharmacy or to consult with therapists to discuss topics such as depression and anxiety. In situations where a physical examination is required users can book health exams with a limited number of facilities in London, nurse appointments are limited to one location.[13]

In addition to the direct healthcare services, users can access various health monitoring tools such as an activity tracker, ordering home blood-test kits [14] and reviewing general lifestyle and fitness questions.

Operations

USA

Babylon began operations in North America in 2018. In August 2019, at the same time as their series C funding announcement, Babylon Health stated that the new investment would, amongst other uses, allow for international expansion into the United States.[15]

In May 2020, Babylon Health announced a partnership with Mount Sinai Health Partners, which would make the app and its healthcare services available to New Yorkers during the COVID-19 pandemic.[16] New Yorkers are able to consult doctors from the New York Telemedicine Association.[17]

In October 2020, it was announced that Babylon Health and Home State Health had partnered to launch its new Babylon 360 service to health plan members living in 10 counties in Southeast Missouri which would see Babylon serve as the primary care physician via its mobile application.[18] In March 2021, Babylon Health expanded its Babylon 360 services in California with investment in First Choice Medical Group which serves nearly 50,000 Medicare Advantage and Medi-Cal members. It also supports a network of 180 primary care providers and 1,000 specialty providers.[19] In April 2021, Babylon Health acquired Meritage Medical Network, a medical group with 700 physicians based in California.[20]

In January 2022, Babylon Health acquired Higi, a consumer health engagement firm,[21] and DayToDay Health, a care management platform.[22]

UK

In the UK, Babylon Health provides services via private subscription, pay-as-you-go & through the private medical insurer Bupa. In November 2017, Babylon launched GP at Hand, providing a free at the point of care, NHS funded service.[23]

GP at Hand patients can book virtual appointments through the Babylon App. If necessary, users can request in-person appointments at one of Babylon Health's clinics.  As a functioning clinic, GP at Hand clinicians can prescribe medication, issue sick notes, and refer users to specialists.[24] As of August 2021, Babylon GP at Hand had a list size of over 100,000 patients. The patient population is significantly skewed towards younger patients, with 85% of GP at Hand patients being aged between 20 and 39 - compared with just 28% nationally.[25] In August 2022 Babylon Health announced cuts to its NHS GP at Hand service in Birmingham as it was not profitable. Babylon also ended a ten-year partnership with the Royal Wolverhampton NHS Trust after only 2 years as it wasn't making enough revenue.[26]

Rwanda

In September 2016, Babylon Health launched in Rwanda as Babyl, in partnership with the Bill and Melinda Gates Foundation. Rwanda was the first country outside of the UK to acquire Babylon Health's services. By May 2018, Babyl was reported to have 2 million members, covering roughly 30% of Rwanda's adult population.[27]

During 2018 Babylon launched their artificially intelligent chatbot in Rwanda.[28] At the time of launch, the Babylon AI system did not include some common diseases relevant to Rwanda such as TB or Malaria.[29]

In January 2020, Babylon Health reported 1 million completed consultations in Rwanda. In March 2020, the company signed a 10-year partnership with the Rwandan government, agreeing to roll out Babyl to all Rwandans over the age of 12 through the government's community-based health insurance scheme, Mutuelle de Santé.

Canada

In September 2018, Babylon formed a partnership with the Canadian digital solutions company Telus Health to deliver Healthcare services in Canada. In 2021, Babylon stopped providing clinical healthcare services in Canada and have entered into a software licensing deal with Telus.[30]

Funding

In January 2016, Babylon raised a $25 million Series A round.[31] This was considered the highest raised funding for a digital health venture in Europe.[32] Its investors include the Hoxton Ventures and Kinnevik AB. In April 2017, it raised a further $60 million to develop its artificial intelligence capabilities.[33]

Babylon's series C funding in August 2019 was led by Saudi Arabia's Public Investment Fund. It raised $550 million.[34] At the time it was rumored that the round was due to have a cap of $400M, making it oversubscribed. Notable investors include the ERGO Fund, Kinnevik AB, and VNV Global former known as Vostok New Ventures.

In April 2020, Kinnevik AB reduced their valuation of Babylon due to "greater uncertainty over the roll-out of existing partnership contracts as a result of COVID-19."[35]

In September 2020, Kinnevik further reduced their valuation of Babylon by 10% while peer companies such as VillageMD and Livongo grew by 209% and 199% respectively.[36]

In October 2021 Babylon listed on the NYSE (ticker BBLN) via a SPAC merger with Alkuri Global Acquisition Corp.[37]

In May 2022 the share price dropped from around $1.50[38] to $1. Parsa said "the UK government pays you to look after people in our [average] age cohort two to three times a year... in reality people use us six or seven times a year and we actually lose money on every member that comes in." The company had announced a near threefold increase in revenue for the first quarter of 2022, to $266 million.[39]

Criticisms and controversy

Unsupported claims and chatbot safety

There have been concerns raised regarding the governance of Babylon Health, in particular the use of misleading promotional claims and the safety and quality of the advice offered by its artificially intelligent chatbot.Critical safety concerns relating to the chatbot were raised with UK regulatory authorities.[40][41][42]

In June 2018, the company announced that its AI had the ability to diagnose health issues as well as a human doctor, however these claims have been widely disputed and the methods of evaluation utilised by Babylon discredited.[43] In November 2018, a Lancet publication concluded; "Babylon's study does not offer convincing evidence that its Babylon Diagnostic and Triage System can perform better than doctors in any realistic situation, and there is a possibility that it might perform significantly worse. If this study is the only evidence for the performance of the Babylon Diagnostic and Triage System, then it appears to be early in stage 2 of the STEAD framework (preclinical). Further clinical evaluation is necessary to ensure confidence in patient safety."[44]

The safety concerns relating to the chatbot highlighted significant gaps within the medical device regulatory framework for eHealth Apps. Currently in the UK, AI Healthcare chatbots can be registered as a class 1 medical device (comparable to spectacles and walking frames), hence are not subject to any form of regulatory approval.[45]

In February 2020, safety concerning relating to the Babylon AI Chatbot were the subject of a BBC Newsnight investigation.[46] The UK's medical device regulatory body, MHRA, has acknowledged the 'concerns' regarding Babylon Health.[47]

Investigation by Alberta's Privacy Commissioner

In April 2020, Alberta's privacy commissioner launched two investigations into Babylon, by Telus Health, over non-compliance and medical privacy concerns.[48] The reports found that the province's health information privacy laws when ignored when the Telus Babylon App was launched commenting; "I think what we have here is an example of an app that was developed in another jurisdiction and was dropped into Alberta without due regard for Alberta's legislation".[49]

Sales of COVID-19 antibody tests

In May 2020, Babylon Health marketed a non-MHRA approved COVID-19 antibody home testing kit that used capillary blood (finger-prick). Abbott which developed the antibody test to work on venous samples released a statement to advice that the test should not be conducted with finger prick samples.[50][51] The Medicines and Health Products Regulatory Agency (MHRA) asked all providers of COVID-19 antibody testing services using capillary blood collected by a finger-prick to stop providing these services and advised the public to ignore any result they get from the private kits.[52][53][54][55]

Babylon App Data breach

On 9 June 2020, a data breach occurred in which three patients were provided with access to recordings of other patients video consultations.[56] Babylon Health claimed the breach was live for 2 hours and was due to a software error.[56] Following the breach, a Digital Health investigation found that a series of technical information exposing potential weaknesses in Babylon Health's technology was freely available through a Firebase database mistakenly left open.[57] Babylon Health's app security score was 10/100, putting it in the "critical risk" category, according to the CVSS scoring, globally recognised standard for testing software and scoring its weaknesses. The full assessment report has been published on GitHub.[58]

In 2017, Babylon made a legal challenge in the High Court to prevent the Care Quality Commission (CQC) from publishing a report that raised a number of concerns regarding the potential for prescriptions being misused and information not always being shared with the patient's primary GP.[59] The High Court ruled against the injunction and the report was published on 8 December. Babylon has also agreed to pay the regulator £11,000 in costs.[60]

References

  1. ^ "Babylon Delivers Four-Fold Revenue Growth in 2021 and On Track to Meet Three-Fold 2022 Revenue Growth to up to $1 Billion". bailii.org. Retrieved 10 March 2022.
  2. ^ "Babylon". owler.com. Retrieved 7 December 2021.
  3. ^ Marr, Bernard. "The Amazing Ways Babylon Health Is Using Artificial Intelligence To Make Healthcare Universally Accessible". Forbes. Retrieved 2021-05-26.
  4. ^ "Tech pioneer brings GP appointments into the living room". The Daily Telegraph. 28 April 2014.
  5. ^ Babylon (2022-04-24). "Babylon Health Partners". Babylon. Retrieved 2022-04-24.
  6. ^ Wnuk, Piotr (2018-08-06). "Prudential and Babylon join forces in Asia". Pharmaphorum.
  7. ^ "Babylon Health confirms $550M raise at $2B+ valuation to expand its AI-based health services". TechCrunch. Retrieved 2021-05-26.
  8. ^ "BABYLON HOLDINGS LTD - Overview (free company information from Companies House)". find-and-update.company-information.service.gov.uk. Retrieved 2021-05-12.
  9. ^ "BABYLON PARTNERS LIMITED - Overview (free company information from Companies House)". find-and-update.company-information.service.gov.uk. Retrieved 2021-05-12.
  10. ^ a b "Babylon app puts a GP in your pocket". Wired UK.
  11. ^ "Babylon, The U.K. Digital Doctor App, Scores $25M To Develop AI-Driven Health Advice". TechCrunch. Retrieved 2022-08-29.
  12. ^ "Babylon Health confirms $550M raise at $2B+ valuation to expand its AI-based health services". TechCrunch. Retrieved 2022-08-29.
  13. ^ "AI, robots, pocket doctors: Patient-centred health tech". BBC News. 22 September 2014.
  14. ^ "Doctor in your pocket? Babylon replaces your GP with an App". The Memo. Archived from the original on 2016-01-27. Retrieved 2016-01-21.
  15. ^ Melton, Monica. "Babylon Health Gets $2 Billion Valuation With New Funding That Will Help It Expand In U.S." Forbes. Retrieved 2021-05-26.
  16. ^ "Babylon teams up with Mount Sinai to launch AI-based app in New York City". FierceHealthcare. 5 May 2020. Retrieved 2021-05-26.
  17. ^ Telehealth &Telecare Aware https://telecareaware.com/category/c1-telecare-telehealth-news/. Retrieved 2021-05-26. {{cite web}}: Missing or empty |title= (help)[failed verification]
  18. ^ "Home State Health and Babylon Partner to Bring App-based, 24/7 Healthcare to Southeast Missouri". finance.yahoo.com. Retrieved 2021-05-26.
  19. ^ "Babylon expands digital healthcare services in US | Digital Healthcare". Healthcare Global. 4 March 2021. Retrieved 2021-05-26.
  20. ^ "Digital health company Babylon acquires 700-physician group in California". beckershospitalreview.com. Retrieved 30 January 2022.
  21. ^ "London's Babylon Acquires Higi to Deliver Digital-First Healthcare to US". pymnts.com. 5 January 2022. Retrieved 25 January 2022.
  22. ^ "In its 2nd deal in 2 weeks, Babylon picks up DayToDay Health to bolster its remote care portfolio". fiercehealthcare.com. 19 January 2022. Retrieved 25 January 2022.
  23. ^ "Are babylon GPs NHS registered?". GP at hand. Retrieved 2021-04-21.
  24. ^ "GP at Hand - NHS Launch" (PDF). NHS (National Health Service). Archived (PDF) from the original on 2022-01-12.
  25. ^ August 2021, Nick Bostock on the 12. "GP at Hand hits new milestone with first 100,000-patient practice list". www.gponline.com. Retrieved 2021-12-15.{{cite web}}: CS1 maint: numeric names: authors list (link)
  26. ^ "Babylon Disrupted the UK's Health System. Then It Left". Wired UK. ISSN 1357-0978. Retrieved 2022-09-20.
  27. ^ "Babylon claims its chatbot beats GPs at medical exam". BBC News. 2018-06-27. Retrieved 2022-01-11.
  28. ^ "Babyl's chatbot to enhance digital healthcare platform". The New Times | Rwanda. 2018-01-11. Retrieved 2022-04-25.
  29. ^ Can AI beat a doctor? - BBC Click, retrieved 2022-04-25
  30. ^ Ghosh, Shona. "Saudi-backed $2 billion health firm Babylon is selling its Canada operations as part of a $70 million licensing deal". Business Insider. Retrieved 2022-04-25.
  31. ^ "Babylon, the U.K. Digital Doctor App, Scores $25M to Develop AI-Driven Health Advice".
  32. ^ Barlow, James (2016). Managing Innovation in Healthcare. Hackensack, New Jersey: World Scientific Publishing Company. p. 248. ISBN 9781786341525.
  33. ^ "Babylon Health raises further $60M to continue building out AI doctor app – TechCrunch". techcrunch.com. Retrieved 2018-06-27.
  34. ^ "London-based healthtech scaleup Babylon raises over half a billion dollars to scale to Asia and the US". Tech.eu. 2 August 2019. Retrieved 2021-05-12.
  35. ^ "Highlights Q1 2020 | Kinnevik". kinnevik.com. Retrieved 2020-05-24.
  36. ^ "Kinnevik Q2 2020 Report" (PDF). Archived (PDF) from the original on 2020-09-27.
  37. ^ "Financial Times". 3 June 2021. Archived from the original on 2021-06-03.
  38. ^ "Babylon Holdings Limited (BBLN)". finance.yahoo.com. Retrieved 6 June 2022.
  39. ^ "Babylon 'very cautious' over UK expansion". Health Service Journal. 27 May 2022. Retrieved 30 May 2022.
  40. ^ Heather2018-06-11T05:59:00+01:00, Ben. "Safety regulators reviewing concerns about Babylon's 'chatbot'". Health Service Journal. Retrieved 2019-01-01.{{cite web}}: CS1 maint: numeric names: authors list (link)
  41. ^ "High-profile health app under scrutiny after doctors' complaints. Babylon advice service faces warnings it can miss symptoms of serious illness". Financial Times. 13 July 2018. Retrieved 2019-01-01.
  42. ^ Das, Shanti (13 October 2019). "It's hysteria, not a heart attack, GP app Babylon tells women". The Sunday Times. Retrieved 13 October 2019.
  43. ^ "BBC Two - Horizon, 2018, Diagnosis on Demand? The Computer Will See You Now". BBC. Retrieved 2019-01-01.
  44. ^ Wong, David; Coiera, Enrico; Fraser, Hamish (24 November 2018). "Safety of patient-facing digital symptom checkers". The Lancet. 392 (10161): 2263–2264. doi:10.1016/S0140-6736(18)32819-8. ISSN 0140-6736. PMID 30413281.
  45. ^ "An introductory guide to the medical device regulation (MDR)" (PDF). Retrieved 2 Jan 2019.
  46. ^ Digital Healthcare: Is it clinically effective? - BBC Newsnight, retrieved 2022-04-26
  47. ^ Lomas, Natasha. "UK's MHRA says it has 'concerns' about Babylon Health — and flags legal gap around triage chatbots". Archived from the original on 2021-03-05.
  48. ^ "Office of the Information and Privacy Commissioner of Alberta". oipc.ab.ca. Retrieved 2020-05-04.
  49. ^ "Telus Health ignored Alberta's privacy laws when it launched Babylon app, reports reveal". CBC News. Retrieved 2022-04-24.
  50. ^ Taylor, Phil (2020-05-15). "Update: Abbot responds to Babylon coronavirus antibody test launch -". pharmaphorum.com. Retrieved 2020-05-19.
  51. ^ "Statement from Abbott on use of Abbott's Architect SARS-CoV-2 antibody test with home kits | Abbott UK". abbott.co.uk. Retrieved 2020-05-22.
  52. ^ "For patients, the public and professional users: a guide to COVID-19 tests and testing kits". Government of the United Kingdom. Retrieved 2020-05-29.
  53. ^ Boseley, Sarah (2020-05-27). "English retailers told to halt coronavirus home antibody test deliveries". The Guardian. ISSN 0261-3077. Retrieved 2020-05-29.
  54. ^ Gibbons, Katie. "Coronavirus: Shop-bought kits taken off shelves for being unreliable". The Times. ISSN 0140-0460. Retrieved 2020-05-28.
  55. ^ Bodkin, Henry (2020-05-27). "Superdrug suspends sales of antibody tests following questions over reliability". The Telegraph. ISSN 0307-1235. Retrieved 2020-05-28.
  56. ^ a b Kelion, Leo (2020-06-09). "Babylon Health admits to GP app data breach". BBC News. Retrieved 2020-06-10.
  57. ^ "Firebase URL 'leaked technical information on Babylon's GP at Hand'". Digital Health. 2020-06-19. Retrieved 2020-06-20.
  58. ^ "robdyke/NHS-Apps-Library". GitHub. Retrieved 2020-06-20.
  59. ^ "Babylon Health Services says it has 'duty' to point out CQC 'shortcomings'". Digital Health. 2017-12-13. Retrieved 2020-06-23.
  60. ^ "Babylon Healthcare drops legal challenge against CQC". Digital Health. 2017-12-21. Retrieved 2020-06-23.
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