Market Research & Insights

Life Sciences and healthcare predictions 2022

Health Industry Hub | December 16, 2019 |
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In a recent report Deloitte identified six new predictions for the life sciences and healthcare ecosystem in 2022 and the key constraints to overcome.

  • The quantified self is alive and well: The genome generation is more informed and engaged in managing their own health.
    In 2022, individuals are better informed about their genetic profile, the diseases they have or might develop, and the effectiveness of health interventions. The ‘quantified self’ has embraced prevention and is devoting time, energy and money to staying healthy, including using regulated and validated health apps and wearables. Patients are true consumers; they understand they have options and use information and data about themselves and providers to get the best treatment at a time, place and cost convenient to them.

  • The culture in healthcare is transformed by digital technologies: Smart healthcare is delivering more cost-effective patient-centred care.
    By 2022, demographic and economic changes, increased patient expectations and advanced digital and cognitive technologies have disrupted healthcare worldwide. Clinical roles have been optimised, and staff use cognitive technologies to deliver more seamless, integrated care designed around patient needs and patients control access to their health data. The digital hospital leverages technologies to optimise care delivery, patient experience, staff deployment and the management of back-office services, reducing costs and improving outcomes.

  • The life sciences industry is industrialised: Advanced cognitive technologies have improved the productivity, speed and compliance of core processes.
    In 2022, pharma uses a lean operating model to generate funding for R&D and deliver more cost-effective medical innovations. The ’industrialisation’ of pharma has led to predictable productivity increases across its functions and geographies. Companies have moved through three phases of evolution and are now deploying artificial intelligence and machine learning to increase the pace and productivity further still. The traditional focus of industrialising finance and operations has been extended to compliance, commercial, development and discovery.

  • Data is the new healthcare currency: Artificial intelligence and real-world evidence are unlocking value in health data.
    In 2022, healthcare data is a national infrastructure priority and critical business asset, attracting significant funding. Real-world data (RWD) is providing the information needed to enable researchers to develop more precision medicine and clinicians to predict patients’ response to treatments, improving outcomes and healthcare productivity. Pharmaceutical companies collaborate fully with patients and healthcare systems, using data to develop better treatments, launch them faster and price them according to improvement in health outcomes.

  • The future of medicine is here and now: Exponential advances in life-extending and precision therapies are improving outcomes.
    By 2022, medicine is Predictive, Preventative (based on predictive risk), Personalised and Participatory. Insights from human genetics, precision and personalised medicine has transformed healthcare, bringing value through innovative biotechnology. Artificial intelligence has revolutionised healthcare through mining medical records, designing treatment plans, speeding up medical imaging and drug creation.

  • New entrants are disrupting healthcare: The boundaries between stakeholders have become increasingly blurred.
    In 2022, the healthcare landscape has changed significantly, with non-traditional healthcare players using their brand, engineering expertise and knowledge of customers to disrupt the healthcare landscape. These new entrants have partnered with traditional providers to deliver a more customer focussed, experience of healthcare. New partnerships and collaborations at both global and local level have blurred the boundaries between providers and new entrants, including supermarket chains, technology giants and life sciences companies.

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The key enablers to thrive and survive the future

  1. Wide-scale adoption of new digital and cognitive health technologies
    The life sciences and healthcare industries have traditionally been slow to use data and analytics due to multiple disconnected systems, poor data quality and patient and provider behaviours that have been difficult to change. However, we are now at a tipping point in advanced technology adoption towards an outcomes-based, patient-centric care model.
  2. Recruitment and retention of new skills and talent
    The delivery of efficient and effective services requires organisations to have access to appropriate specialist and generalist skills and talent, including digital and analytical skills. How the healthcare industry responds in relation to recruitment and retention of the right talent and skills will determine how well these predictions are realised.
  3. A new approach to regulation
    For the past decade, most life sciences and healthcare companies have highlighted that a risk-averse approach to regulation has impeded adoption of innovation. The evidence today and predictions for tomorrow illustrate that this is changing.

Adopting these enablers should see the life sciences and healthcare industries survive and thrive.

Reference: https://www2.deloitte.com

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