Due to the technological shift from last decade, there is a significant change driving digital transformation in the healthcare industry. From critical resource shortages to government regulations in different countries, a strong need for healthcare services to changing consumer behavior – all this has enabled crisis that has led a strong data-driven solution for operational efficiency. Healthcare is one of the most stringent industry where data is crucial for patient care. A North Western University study suggests that 2.5 exabytes of data are produced every day – and life sciences is one of the industries which topples for unorganized data from different source systems, like EMRs, HR software, to different departments, like radiology or pharmacy.
Interestingly, use of data in healthcare industry continues to grow as images, medical records, EMRs and now use of fitness wearables also added to the list. As the industry is trying to cope-up with the market pressure and need for solutions there is a solid urgency to bring new technologies that support continuous information delivery across the life science industry. In this article, I pointed out the four technological trends that are shaping the life sciences industry:
Cloud Computing an Opportunity for Healthcare
Life sciences industry is one of the early adopters of cloud computing which first established its strong foothold and leveraged big data with the help of cloud computing. A significant amount of healthcare organizations relies on the workflows connected with of paper medical records, duplicate tests, film-based images, paper-written notes and traditional mode of IT infrastructure.
A recent report suggests that by 2018, 65% of interactions with health care facilities will occur by mobile devices. Currently, around 80% of doctors already use smartphones and medical apps and 72% being accessed for getting drug info on smartphones. Due to overgrowing internet penetration and increase use of internet healthcare industry is also embracing cloud computing technology – thanks to some forward-thinking organizations who are continuously trying to advance the technology that can take the information in systems and records and deliver it as cloud computing services. Now, it cannot be denied with the proper use of cloud computing can become more effective for taking a better business decision and reduce cost and most importantly to provide a good patient care.
Artificial Intelligence and Big Data
Now, Artificial Intelligence is not a new term in the healthcare industry. According to the latest market research report, the AI market is expected to be worth USD 24.16 billion by 2022 which currently represents only $2.4 billion worldwide. Even though there is a threat of excessive use of artificial intelligence that could bring unemployment in the industry, the use of technology will be five times compared to the current usage rate. Last year five big Silicon Valley companies Microsoft, Google, Facebook, Amazon, and IBM joined hands to take the Artificial Intelligence revolution to the next step. Companies like Microsoft and its partner companies are on the digital transformation drive with their intelligent cloud platforms, helping healthcare organizations to better engage with patients, optimize clinical and operational effectiveness, and transform the business operation.
It is undeniable fact that big data is the king in the digital world and Artificial Intelligence is driving the forces. In an industry where data is everywhere it is very difficult for organizations to manage data manually – perhaps Artificial Intelligence is the option to organize those data and more importantly to identify risk associated with it and take the action accordingly.
Internet of Things(IoT), a Major Player
Today’s digital world is interconnected with the internet, devices, apps, wearables and most importantly its people who are constantly interacting which are creating data point. There is no doubt that the Internet of Things(IoT) is playing a crucial role transforming the healthcare industry by redefining how people interact and connect with each other in delivering healthcare solutions. Although slowly, Internet of Things is getting into the healthcare industry and connecting the bridge between doctors and patients.
Now, the technology is helping both the patients to track their medical records at the same time helping organizations to operate seamlessly. Thus, so to say with the proper use IoT, healthcare organizations can take advantage of better patient care, reduced cost, improve disease management and enhanced patients experience.
Use of Technology by Empowered Patients
The advanced use of technology is not only putting a dent in healthcare organizations, at the same time it is empowering the patients. In National health expenditures in the United States accounted for $3.2 trillion —nearly 18% of the country’s total GDP. Interestingly, with the advancement of technology and use of technology among patients, it is predicted that the digital revolution will save $300 billion in spending in the sector, especially in the area of chronic diseases. Now smartphones, apps, and fitness devices are connected with the IoTs and patients taking the advantages of technology to communicate with doctors or even healthcare organizations. Companies using cloud computing can eliminate the manual process which will shorten the process connected with patient care.
Our world of technology is changing rapidly, where cloud computing, Artificial Intelligence, big data and Internet of Things are the enabler of organizational transformation. With the proper use of these driving forces, healthcare organizations can improve operational effectiveness, increase revenue and deliver good patient care.