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Convergence of Life Sciences and Technology can Revolutionize the Healthcare Vertical

Life Sciences | Healthcare | Insights Care

Digital healthcare is the buzz word these days. Technologies like Artificial Intelligence, Machine Learning, Big Data Analytics, and more have the potential to revolutionize the medical sector. These innovative digital technologies can play a pivotal role in curbing long term healthcare costs, and enabling better health outcomes. Digital healthcare can empower both the patient and healthcare provider with real-time data and assist in far better healthcare outcomes. Mobile phones, smartphone sensors, wearable gadgets, cloud storage, and big data can assist healthcare providers and patients in early detection of various chronic diseases. With the efficient and precise use of these technologies, behavioral changes could be detected in early stages which prevent, eliminate or reduce the overall healthcare cost.

Patients will also get empowered with the usage of these technologies. Patients will be able to compare the service, quality and affordability of different healthcare providers and thus assist in making an informed decision based on value, which will ultimately improve productivity. Telemedicine and remote monitoring are the other facets of digital healthcare which can improve patient’s health without even directly coming to the hospital premises and ensures the most efficient level of care through long distance.

These benefits are driving the digital healthcare innovations towards the positive trajectory. In 2016, the global digital health market was valued at $179.6 billion and is expected to touch $536.6 billion by the end of 2025. The projected CAGR of 13.4% from 2017 to 2025 itself indicate the growing interest of technology adoption in healthcare. But there are certain areas that need an overhaul. The digital environment comes with an array of implications, and evolving will require a bit of a balancing act. For example, products will need to be “patient differentiated” while delivering both value and best-in-class quality, and solutions. Digital healthcare solutions will need to cover a broader part of the patient pathway supporting the full range of care. Apps and devices must be secure yet provide seamless interoperability, and the value proposition must be transparent while driving improvements across the value chain. Better usage of big data analytics and machine learning algorithms to draw much more effective insights without any error is the other area which must be looked into on priority basis.

Working on these vital aspects will truly transform healthcare vertical and will provide the optimum level of benefits to all the stakeholders.

Ashwini Deshmukh



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