Is this the year of the patient-centric business model for healthcare?

You can’t deliver tomorrow’s innovation if you’re still using yesterday’s business models. For Healthcare 4.0, that means designing services and solutions around patients and empowering…

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January 28, 20205 minute read

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You can’t deliver tomorrow’s innovation if you’re still using yesterday’s business models. For Healthcare 4.0, that means designing services and solutions around patients and empowering them to take more control, becoming partners in their own healthcare. In 2020, we’ll see a patient-centric approach finally take root throughout the life science and healthcare sectors.

Patient-centricity: From aspiration to necessity

Today, we are witnessing a much deeper patient engagement, one that requires greater communication and collaboration both between the patient, healthcare providers, pharma companies and other functions within life science organizations. We’re already seeing an explosion in the mobile health market, and in 2020, we’ll see more advances in the connected patient where mobile and wearable devices and healthcare apps do more than share data – they give patients direct access to their treatment regimes.

360-degree patient view: The growth of the interoperable data platform

You can’t achieve patient-centricity unless you can create a complete view and understanding of the patient. That requires being able to take data from any source and deploy it effectively within your operations. Deloitte sees this as healthcare’s major digital challenge in 2020, saying: “Exponential advances and interoperability in digital technologies are helping clinicians deliver health care services in ways that consumers prefer to receive them”.  The interoperable data platform will come to prominence this year, gathering all the data from people, systems and devices needed to establish a complete view of the patient and share it securely within the life sciences ecosystem.

Patients in clinical trials: From subject to partner

In the past, clinical trials have been designed around the most effective means to gain medical knowledge, rather than the personal experience of the patient. Trials in the past could become too focused on the outcome of the drug under trial, without taking into account other physical and environmental factors affecting the patient. The trend towards patient-centric clinical trials will accelerate as companies deploy digital technologies – especially AI and analytics – to radically improve the recruitment and operation of clinical trials. In particular, trials will increasingly be designed to enable patients to take part remotely.

Pharma pipelines: Focusing on the patient before profit

In its 2020 Pipeline Report, Pharma Exec notes that developing new drugs that will bring value and benefit to patients continues to be difficult and the prospect of failure is still very real. Taking a patient-centric approach to drug development offers advantages for pharma companies as it helps to target niche diseases and smaller patient populations. In addition, regulatory frameworks and guidance, such as from the FDA, mean patient-centricity will become central to the future pharma pipeline as companies focus on rare diseases and personalized medicines.

Self-managed healthcare: How IoMT is putting the patient in control

Patient expectations of how they manage their health and access medical services are changing. Today, there are over 97,000 healthcare apps in circulation. Estimates suggest that, in 2020, 40% of all IoT devices will be health-related. Their impact has been quick and profound. Recent research showed 53% of patients are more likely to choose a primary care provider who uses remote or telemonitoring devices. The challenge as the Internet of Medical Things (IoMT) adoption grows is twofold: first, trust must be built between the patient and the physician and pharma companies so they are happy to share their data; and second, IoMTs must be able to capture real-world data and blend it with other medical data such as EHRs to improve treatments and outcomes. To overcome these challenges, more life sciences organizations will adopt enterprise IoT platforms to properly manage patient data from apps, wearables and other devices.

Tackling cybersecurity: Building patient trust in IoMT and Life Science data sharing

The growth of IoMT places an even greater focus on cybersecurity. When you put connected devices into pace-makers or artificial limbs, the patient must trust that both the device is safe and their data is secure. The healthcare industry is already the most vulnerable to data breaches and the proliferation of IoMT devices dramatically increases the risks from hacking. In 2020, all life science organizations must focus on implementing an identity-driven approach to securing and managing their IoMT endpoints.

Understanding the patient: How growth in AI puts focus on integrated data management

Deloitte suggests that AI and machine learning will be the biggest technology trend in 2020, helping to transform almost every part of the life science and healthcare sectors. McKinsey suggests that there could be $100 billion in savings for medicine and pharma each year by adopting AI tools. Yet, in 2019, only 4% of all interactions between patients and physicians involved AI.  To reap the benefits of AI, life science organizations have to begin to treat data as a business asset, which requires an interoperable data platform that can make sense of vast amounts of data from different sources and quickly turn it into actionable insight.

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