In this Transformative Age, the pace of change has never been faster and embracing disruption never more essential. While change is powered by people and driven by technology, data will be the key to transforming business models in health care. Data is the driving force underpinning the Fourth Industrial Revolution; in health care, the goal is to use data to achieve better, more personalized health outcomes and ultimately, a shift towards prevention rather than treatment.
Five trends are leading the rise of a new, data-centric approach to health care. An organization’s ability to generate value depends on how effectively it can unlock the power of data and generate insights by connecting, combining and securely sharing data at greater scale than ever before.
1. Data will be better connected, combined and shared across the health ecosystem
Data are being democratized and that means every health company is now a data company. The goal must be to use these data to drive actions that lead to improved health outcomes – better clinical outcomes, more efficient care delivery or lower health care costs.
Today, health data are split between too many organizations to achieve usable insights. No single company has access to the totality of relevant data that could improve health outcomes. Companies equate data with intellectual property; they treat them as a proprietary asset and resist wider disclosure. Limitations imposed by regulatory frameworks also discourage data sharing. Ultimately stakeholders can work around these barriers, but only if they can minimize risk and realize mutual benefits from their data collaborations.
2. Nanomedicine, sensors and artificial intelligence will be recognized as the nervous system driving innovation
Technologies such as nanomedicine, sensors and artificial intelligence (AI) make it possible to decouple data collection from the traditional health care visit and process massive amounts of health data in real time. As such, they represent a new “nervous system” for receiving and transmitting health data that makes it possible to deliver convenient care anytime, anywhere.
It’s not just about which organization develops the best-in-class nanodevices, connected devices or algorithms. The organizations that succeed will be the ones that best adapt their business models to these technologies, with an emphasis on interoperability and turning data into actions and economic results.