Healthcare and Life Sciences – Together, yet separate in their technological journey
You see them everywhere – Fitbits, wearable trackers, and other health and diagnostic applications – that make monitoring your health easy and manageable. And in your doctor’s office, you find automatic thermometers and digital blood pressure devices that are more efficient, accurate and more connected than their manual counterparts.
While heading in the right direction, these devices are only the first step toward a truly digital Healthcare and Life Sciences ecosystem. To that end, Luxoft works with large and small clients at the forefront of this digital transformation. We understand the challenges of adopting new technologies across these two industries, and are helping our clients embrace the opportunities available by engineering transformational business solutions.
Two industries, two priorities
Healthcare and Life Sciences are two large industries with two distinct priorities, yet are converging now more than ever through patient empowerment and advances in technology.
On one hand, the patient has traditionally been at the center of the Healthcare ecosystem. This ecosystem includes health insurers (also known as payers), hospitals and clinics (also known as care providers), as well as regulators and governments. And when it comes to technology, Healthcare is largely dependent on manual processes and siloed electronic data records. For instance, just think about when you go see the doctor – the front desk typically pulls out your physical file of your medical information and hands it off to whomever needs it. While connected electronic health records around the world would be great, the industry just isn’t quite there – yet.
On the other hand, the drug has traditionally been at the center of the Life Sciences ecosystem. This includes large pharmaceutical and smaller biotech companies who discover, manufacture and commercialize new medicines, as well as medical device companies and CROs (clinical research organizations) who specialize in running clinical trials to get new compounds to market. Life Sciences companies, like their Healthcare counterparts, operate slowly with minimal automation, cumbersome processes and fragmented data sets. For instance, initial drug discovery, research and conduction of lengthy clinical trials often takes a decade to get one drug to market. But one has to wonder: with more automation and more intelligent insights gleaned from integrated internal and external data sets, could that lengthy amount of time be shortened or even cut in half?
How are these two industries connected?
There are increasingly stronger links between the patient and drug ecosystems. Pharmaceutical companies are interested in getting deeper insights into the patient populations they serve, and Healthcare insurers are anxious to know that their members are being helped by the therapies they prescribe Together, they are incentivized by ensuring that patients get faster access to therapies they need to maintain their health.
But perhaps more importantly what both industries are realizing is, through increased access to health-related data and technologies, we experience a paradigm shift from ‘Sickcare’ to ‘Healthcare’ – careful management of our health so that we do not become patients at all. The truth is taking preventative measures via modern data monitoring is beneficial for both the patient and the industry. Helping prevent or lessen the symptoms of diseases before they happen or become severe ultimately keeps patients out of the hospital, where the cost of care increases dramatically. For these reasons, the convergence between the Healthcare and Life Sciences industries is accelerating at an incredible pace, and we are seeing many solutions have an applicability across the entire ecosystem.
What makes Luxoft special?
Luxoft addresses the digital challenge of Healthcare & Life Sciences from a holistic perspective – combining technologies, experience and knowledge that have been acquired across multiple domains. This unique approach allows industry and technology experts to deeply understand a desired business outcome and then design and implement necessary processes and digital assets – making the outcome a reality. All of this is done in a flexible, collaborative approach with a truly agile mindset and delivery. If you would like to learn how we can help your business flourish through applying digital transformation capabilities (such as IoT, AI, Big Data, Dev Ops and Cloud), please contact us by clicking here!
Are you looking to bring your business into the digital age? How can the Healthcare and Life Science industries do it? In my next blog, I will expand on the technology issue these two industries currently face and how to solve it.
Sam Mantle Managing Director of Healthcare & Life Sciences, Luxoft
A dynamic global business leader and technology executive. He has a strong track record of business partnership, digital transformation, successful IT delivery and talent development across diverse geographies and functional areas. Sam is passionate about leveraging technology to realize business value and high performance in Healthcare, Life Sciences and data driven companies. He is equipped with an agile, collaborative and entrepreneurial mind-set combined with a willingness to challenge his team, peers and business executives to achieve ambitious goals.