Connected health to contribute more than one-fifth of total revenue for lifesciences organisations in five years – ET HealthWorld


Paris: The majority (63 percent) of life sciences organizationsat the other side of biopharmaceutical and Medical technologyhave connected health products already on the market or in development. Regardless of their stage of product development, life sciences organizations anticipate that connected health will contribute more than a fifth of their total revenue within five years, but the lack of essential services data capabilities could hinder this ambition. This is according to the capgemini The Research Institute’s latest report, ‘The Connected health revolution‘, which also found that three in five life sciences organizations are currently developing a roadmap to integrate Generative AI, and more than half are already testing generative AI for interactions with patients and healthcare providers (HCPs). While about half of organizations believe their connected health efforts have matured, most admit that strong data management capabilities are still lacking. Despite a more mature approach to connected health strategy and planning compared to three years ago, research finds there is a general lack of a common framework, standards and tools for data management in relation to connected health .

Thorsten Rall, global life sciences industry leader at Capgemini, said: “Life sciences organisations, in both biopharma and medtech, are making real progress towards realizing the potential of connected health. Unleashing the power of health data and harnessing the possibilities presented by innovative technologies, such as generative AI, will be at the heart of this connected health revolution. They can accelerate drug development, improve patient care, and have the potential to reshape what “product” really means for pharmaceutical companies, especially medtech companies. Establishing robust data-driven frameworks will be key to ensuring data is accessible and trustworthy, laying the foundation for the advanced AI analytics and insights generation needed to reinvent healthcare.”

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The report also reveals that there has been a six-fold increase in the number of biopharmaceutical organizations with connected products ready for market since 2021. While preventative care and fitness remain top priorities for most biopharmaceutical organizations, there is a growing emphasis on areas that were previously neglected, including diagnosis. and monitoring. Oncology, immunology and cardiology are the main focuses of most biopharmaceutical companies, with emerging areas such as mental health, diabetes, obesity and dermatology also showing tremendous growth from 2021.

Connected health also remains a top priority for MedTech organizations, with three in four of them already having connected health products on the market or in development. Digital health solutions and wearables are its main areas of focus.

According to the report, biopharmaceutical organizations have made considerable progress in leveraging artificial intelligence (AI), machine learning (ML), and the cloud over the past three years. Biopharmaceutical organizations using AI for real-time predictive data analysis of connected healthcare products have nearly doubled since 2021, from 24 percent to 46 percent. The report also found that more than two-fifths (42 percent) also have a cloud platform for integrating data from different sources.

However, only a minority of life sciences organizations surveyed mentioned having an adequate supply of technical skills such as AR/VR and generative AI. To close this gap, almost two-thirds of organizations prefer to upskill their existing workforce, while 56 percent would hire new talent.

Generative AI has the potential to add value across the entire healthcare value chain, including research, clinical development, operations, regulations, compliance, marketing, and post-launch operations. The report reveals that more than half of organizations are currently piloting generative AI for interactions with patients and healthcare professionals. They are also piloting generative AI applications to produce synthetic data, analyze existing data, automate documentation and reporting, manage suppliers, design products, and identify sites for clinical trials.

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While connected health presents new opportunities for the industry, it is imperative that life sciences organizations define a clear vision and tailor offerings to specific healthcare and wellness needs to deliver measurable impact, the report concludes. Investing in the development of a scalable, secure and compliant data infrastructure and strengthening collaborations with other stakeholders in the ecosystem will also enable them to generate tangible value for all stakeholders.

The research is based on a survey of 420 industry executives from various biotechnology, pharmaceutical (biopharmaceutical) and MedTech organizations exploring connected health initiatives with annual revenues exceeding $500 million. Additionally, Capgemini conducted in-depth discussions with 15 executives from biopharmaceutical and medical technology organizations to complement the survey findings. This research serves as an update to Capgemini Research Institute’s 2022 connected health report, ‘Unlocking the Value of Connected Health,’ which assessed the maturity and adoption levels of connected health and explores how biotech and biopharmaceutical organizations can manage and grow your connected health portfolios. more effectively.

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  • Updated On Jun 18, 2024 at 04:48 PM IST
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  • Posted on Jun 18, 2024 at 04:48 pm IST
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  • 4 min read
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