Top tech trends transforming the healthcare industry
How does technology enable innovation in medicine?
Technology continues to revolutionize the healthcare industry and affects almost every part of the medical field – from helping to make new discoveries in medicines and treatments, to data collection, disease research, health monitoring and post-surgery care. Not only that, but technology has also been responsible for making healthcare more accessible to people around the world.
What are some top technology trends that the healthcare industry is counting on?
For any organization, digital transformation should always be a journey that starts at home, with a commitment that the journey will not change who you are – your values or your mission. Digital change, as with any other change in business, must begin with a clear definition of who and where you are and where you want to end up.
With that in mind, we are seeing a number of technological trends roll out in the healthcare industry that are improving patient outcomes and promoting a better quality of life. The adoption of artificial intelligence (AI) in particular has increased rapidly in recent years as organizations leverage its capabilities to help improve the speed and accuracy of diagnosis, treatment protocols, drug discovery, drug development, patient monitoring, and patient care, among other applications that improve patient care. will improve their lives and optimize the healthcare ecosystem.
Data science and analytics is another big trend we are seeing in the industry. Data generated in the healthcare industry will be key in analyzing diagnostic reports as well as submitting patient treatment histories.
Why is innovation important in medicine?
Innovation is essential because it leads to the creation of new treatments and processes that enable healthcare professionals to focus more on the needs of their patients and to help people improve their lives. Innovation improves the effectiveness, efficiency, quality, sustainability, safety and accessibility of healthcare. To ensure the health of our communities and to improve access to life-saving medicines and treatment, we must continue to innovate across the healthcare sector.
What is the expected growth of innovative medicines driven by technology?
Reports have suggested a significant increase in the growth of the innovative medicine sector driven by technology. For example, a recent GlobalData survey revealed that more than 70 percent of pharmaceutical industry respondents expect drug development to be the area most affected by the implementation of smart technologies such as AI, augmented reality/virtual reality , big data and quantum computing. Another report by Grand View Research shows that the global AI healthcare market is expected to reach $31.3 billion by 2025.
Globally, the pharmaceutical manufacturing market was valued at $405.52 billion in 2020 and is expected to grow at a compound annual growth rate of 11.34 percent from 2021 to 2028. In addition to the massive transformation the industry has undergone due to the increasing adoption of new technologies, as well as cost-effective and more efficient manufacturing approaches, an increasing investment flow in this space have also positively impacted market growth.
What are some benefits of introducing technology into medical innovations?
Introducing technology into medical innovation can potentially accelerate and optimize every stage of drug research, leading to faster drug discovery. As mentioned earlier, several companies, including Novartis, are already looking at AI to optimize and automate the manufacturing process for innovative medicines.
AI combined with machine learning (ML) helps healthcare companies analyze the profiles of different individuals and compare the effectiveness of medicines and demand. As a result, manufacturers can create improved drugs and medicines by understanding their effectiveness in specific individuals. And through the use of Big Data and Analytics, researchers are able to predict the side effects of a drug, which consequently shortens the time needed for clinical trials.
What is your outlook for innovation in medicine in 2023?
Looking ahead to 2023, I believe we will continue to see an increasing wave of digital transformation sweep across the healthcare sector, lowering the cost of R&D for innovative medicines while improving efficiency across the industry. Healthcare and pharmaceutical companies will continue to increase their investments in technologies such as AI, ML and data analytics to boost predictive medicine and make it possible to track the effects of different therapies on groups of patients over time.
In line with these global trends, we will continue to focus on our strategy to deliver high-value medicines that alleviate society’s greatest disease burden through technology leadership in R&D and new access approaches. Our digital vision will embrace the best technology to produce the best medicine for patients everywhere. This has always been our goal and it will remain so.
Read: Here’s how 3D printing is revolutionizing healthcare
