Use smart technology to live a healthy life
The digital transformation of healthcare is happening before our eyes. Digitalization has already transformed industries such as consumer goods, automotive and banking, and healthcare is actively following suit. Digital technology and cloud connectivity are now essential improvements to many medical devices and other healthcare products.
Historically, technological advancement in healthcare has been slower than other industries, due in large part to the combination of safety and quality concerns as well as complex regulatory requirements. While the pandemic tested all assumptions, systems and solutions in the healthcare industry, it also helped accelerate trends that had been primed in recent years and ready for broader implementation.
Tools like wearable devices and smartphone health apps help consumers take control of their own wellness and directly access information to discuss with their medical providers. Likewise, new connected digital health devices can help alleviate the stress that can come from simply following doctor's orders. Healthcare companies are getting closer and closer to making increasingly complex digital solutions like these available to the masses. More than half of the companies surveyed are at least in the development phase of their digital solutions, 28% of which are in the testing phase.
For medical device companies, digital solutions offer several advantages over traditional devices.First, 41% of companies reported that the lifetime revenue of their digital solutions is higher than that of their non-digital solutions because they can be sold through a subscription model.
There are a number of interesting fitness and wellness tracking products on the market that collect, measure and analyse biometric data, from blood oxygen saturation to sleep cycles. The device, often a bracelet, is usually connected to an app that provides analysis, training guides and coaching, paid for through a monthly subscription fee.
For healthcare companies, major changes to their product offerings come with changes in the way their organisation is structured to support this new marriage between healthcare and technology. The overwhelming majority of companies surveyed have made some type of change to the way their organisation is structured or operated to develop their digital health strategy.In North America, nearly half of companies chose not to change their organisational structure, possibly due to a more mature industry in the region.
There are different approaches to making the necessary organisational changes to support the introduction of digital solutions. About 45% have implemented organisational structures such as hybrid reporting or a digital tiger team of subject matter experts to ensure better coordination. A similar number, 43%, have formed new teams with expertise in areas such as big data or software user interfaces to do hands-on work in building and maintaining their solutions. Organisational changes depend on the
solution being developed.
Healthcare is not just about caring for people who are already sick. It is primarily about maintaining people's health and preventing illnesses and injuries from the outset. By monitoring patients when they are in good health, providers (and patients) can detect early signs of disease when they are most treatable.
Partners help identify market trends that can determine product lifecycles and potential redesigns. Encouraging collaboration with industries outside of your own is an important strategy for navigating inevitable change and disruption.Few respondents said they would not need outside help, indicating that healthcare companies have recognized that partners can help manage risks and resolve challenges and provide expertise not traditionally found in healthcare. About half of respondents said that IoT and connectivity issues, with interoperability, were the top issues they needed partner support to solve.
