What is Personalized Healthcare?
Personalized healthcare is the enablement and delivery of individual patient care based on patient’s unique genetic makeup and lifestyle. Enabled by emerging technologies, personalized care represents an exciting bold vision for life sciences industries. It involves tools, strategy, and combined science of genome to facilitate personalized medical care.
With collaborative innovation, where technology is playing a crucial role in healthcare and science fields, life sciences are taking personalization to the next level. Companies are leaning in towards more accurate, predictable, and effective healthcare that is tailored to individual needs.
Interesting Read: Digital Transformation Trends in Pharmaceuticals
Personalization- Shaping the Life Sciences Industry in a Big Way
It is no secret that “age of customers” in now blurring the “age of patients” as patients are more empowered related to their health information. Activities that were once prime players in the domain of shoppers – are now considered as table stakes for any health & life sciences company. Such shifts to patient-centric organizational culture require reimagining business with cutting-edge technologies and innovation.
Here’s how personalization driven by technology breakthroughs is enhancing care delivery and impacting the future of life sciences industries.
Accelerated Affordable and Accessible Care through Telemedicine
Telemedicine care is a personalized medical care service that provisions personalized live video doctor consultations. In this service, doctors come face to face over video to assess patient symptoms, diagnose medical conditions and write prescriptions. Patients get personalized attention while staying at their home safely. This personalization service has the potential to make healthcare more affordable and accessible with the promise of anytime, anywhere care delivery.
Did you know?
Global Telemedicine Market is valued at $27.04 Billion currently and it is expected to rise to $171.81 Billion by 2026.
Improved Health and Quality of Life using Digital Twins
Imagine a fully functional model of the human body. A model which is a real-time model (a twin) of a patient that contains patient’s medical record. Applying big data and artificial intelligence, this digital twin will monitor patient’s health, and make recommendations to improve health and quality of life. The protective algorithms provide relaxation advice, create reminders to help patients follow medication for any chronic conditions. This advanced digital interaction with patients put forward multiple opportunities for the life sciences to improve patients’ experience.
Quicker Patient Assessment & Cost Saving using IoMT and Smart Technology
With the emergence of crises, healthcare and life sciences companies have become more data-driven to provide patient-centric services. Technologies like Internet of Things, Smart Wearables, and now Internet of Medical Things (IoMT) have given individuals ownership over their data so that they will be data empowered.
The Internet of Medical Things (IoMT) is a combination of medical devices, wearables, mobile apps and even smart pills that equip staff with the ability to check a patient’s medication routine. This connectivity will enable quicker assessments and provide customized patient healthcare data. Moreover, the data collection benefits which are improving access to constant, real-time and accurate data, wearable technology could also help in cost savings in paper process and health record management.
Prediction of Outbreaks & Demands Have Become Easier using Big Data
Using big data analytics, life sciences companies can offer accurate and preventive care. The technology supports predictive analysis of patient records and emergency visitors which help pharma companies to gain insight about the diseases and market. Furthermore, companies can make budget estimates for production based on accurate demand predictions using advanced data analytics. Aggregated data boosts personalization in life sciences in terms of developing therapeutic and pharmaceuticals-based patient solutions. For instance, data generated against frequent medical conditions to predict and prepare for serious outbreaks.
Improved and Accurate Diagnosis of Diseases using AI
Personalization using technologies including Artificial Intelligence, Machine Learning, NLP, Data Science helps the life sciences industry make better decisions to pursue in the future. In fact, Life Sciences companies spend on Artificial Intelligence is expected to reach $34 billion mark in the US by 2025.
Intelligent algorithms work on identification of new diseases, accelerate research work, and even diagnose disease similarities. Machine Learning technology reduces time to a great extent to develop, manufacture and launch new patient therapies and medical solutions. Deep Learning, on the other hand, automate diagnostics through automated immunohistochemical measurement systems. And AI with human collaboration is used to create personalized health recommendations. For example, Mednections, a doctor referral platform, partnered with Icreon to offer primary care to patients. The reliable web platform uses ML based service (Amazon Polly), AI for Voice Response to help patients connect and schedule appointments with right specialists.
Personalization driven by emerging technologies and data is going to be life changing for both industry and recipients of medical care. The continued adoption of patient-centric culture will infiltrate all parts of the ecosystem- right from affordable and effective individual care to prediction and cost-effective production of medical needs. Companies will continue to face regulatory and data security challenges but taking risks and thinking strategically in the height of crises, will help them harness the tremendous benefits in support of personalization opportunity.
Personalized health ecosystem is on the verge of change. How ready is your organization to embrace personalization to thrive in patient-centric world? Consult with us today to make a digital move and sustain the life sciences future.