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The Pharma & Healthcare Industry is constantly changing and in the past few years has gained more speed. On a previous article - Data-Readiness In Pharma & Healthcare Industry, - we shared key information about an international data study that reveals how Pharma & Healthcare will experience a compound annual growth rate (CAGR) of 36% through 2025.
Jan 10, 2019
Rapid growth also involves constant innovation, larger competition, and new challenges. Some pharmaceutical companies are already starting to recognize some big shifts related to downward pressure on pricing and move towards prevention and diagnosis. Also, in response to this disruption, new “playing fields” are emerging related to Immunotherapy, Genetics and Pharma Tech, which are also opening doors for companies to rethink their strategies.
New technologies and data are crucial to succeed in this scenario. It is essential as well to know how to integrate them on daily basis in the organization culture and into the decision-making process.
We selected some disruptive trends that are driving change in Healthcare. Learn how to take the best of them and continue to improve and succeed.
1. Unsustainable Costs
Healthcare costs are becoming more unsustainable due to the aging population, lower mortality, increase of chronic disease, unnecessary hospital-based care, financial incentives for services volume instead of preventive health, combined with the outpacing economic growth in OECD* countries for the last years.
To address this issue, some organizations are working through a wellness and prevention approach for patients and employees. Developing new reimbursement models to encourage outcomes (instead of volume). Another main key is to increase the collaboration with partners in care handoffs.
Data & Analytics help to support cost reduction by:
- Tracking and reporting on health to stakeholders;
- Monitor Treatment costs against outcomes;
- Identify trends and outliers to find cost savings.
*Organization for Economic Co-operation and Development - an intergovernmental economic organization with 36 member-countries including the United States.
2. Digital Health
At the moment the top 10 emerging technologies are Healthcare related, and this is the tricky part, organizations that work in this industry are constantly catching and driving emerging technologies with big potential for growth. At the same time, the organization itself and even the patients are demanding more Digital Health.
Healthcare providers are using Digital Health technologies to improve their core transactional systems, as well to track usage and inventory of medications and other materials through networks. They are mining big data for important insights into health and using Smart Devices, Genomics, and Artificial Intelligence.
Data & Analytics has massive potential to improve Healthcare by:
- Data integration across Healthcare processes;
- Connect people with the real-time patient and institutional information;
- Control costs and better manage resources;
- Provide new insights into treatments and outcomes.
3. High User Concentration
The Top 1% of healthcare users consume 30% of the resources. Almost half of these group are elderly. Also, many of them have a preventable illness such as heart diseases and type 2 diabetes, or unmanaged physical and mental health issues. Another main question here is the reactive instead of proactive treatments reality.
Many Healthcare organizations are now more focus in identifying these patients; address issues that lead to illness in these target population segments. They are looking for better ways to manage palliative and chronic care.
Data & Analytics has an important role in manage High User Concentration by:
- Identify outlying high-use patients and track their health on a regular basis;
- Monitor the effectiveness of past treatment against new models.
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