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This is something we are seeing on a daily basis – wearables now provide a wealth of information to consumers, as well as care givers and health care organizations. This data can be used to predict potential problems before they become matters of concern, as well as provide personalized, targeted treatment. Once expensive scans and imaging techniques are now becoming cheap and easily accessible thanks to mobile devices and the cloud.
Hundreds of billions of dollars in potential revenue are at stake, to be captured by digitally transformed incumbents or by digital start-ups.
Ubiquitous sensors, on smart phones and wearables today provide the ability to continuously monitor a person’s condition – it could be preventive healthcare for a healthy individual, or customized monitoring for a patient with a specific set of conditions. This ability to track and monitor in real time can help to tailor therapy to custom needs, as well as provide real time access to data for the care-giver. What’s more, this monitoring can be extended over time as more and more devices around a typical home become IoT enabled, providing even more holistic information and care. Obviously, these have ramifications for health insurance, and could redefine the way the industry operates. From wearables to intelligent textile fabric with sensors woven in, access to low cost and minimally intrusive monitoring can transform healthcare.
As is the case in other industries such as manufacturing, integration of data present in various silos in an organization can yield new insights and intelligence. But in the case of the heavily R&D-dependent healthcare industry, the ramifications are much more. Availability of vast amounts of data from wearables and low costs sensors will yield a critical input to R&D efforts. The availability of huge amounts of compute capacity, residing on public clouds can speed up development and synthesis of new targeted molecules, as well as computer simulation and testing that can make for safer clinical trials. On the other hand, analysis of Electronic Medical Records (EMRs) can yield deep insights about conditions and potential treatments. These will enable the development of highly customized treatment regimes, powered by advanced algorithms that enable targeted treatment like never before. Extending and sharing this data to surrounding verticals such as insurance can provide a more holistic view, while helping optimize the cost of treatment.
Digital technologies can enable always-on, real-time data exchange between patients and care givers, as well as with laboratories, pharma and research organizations. New age digital platforms are revolutionizing the patient-doctor interface and enabling access to healthcare in remote areas as well as for underprivileged patients. Again, these platforms enable the capture of information, as well as the development of communities which can aid treatment and support. The digital platforms can shift the revenue stream to new age providers who rely exclusively on technology platforms to reach out, deliver treatment and manage the patient relationship.
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