In healthcare, innovation’s intent is people. From X-rays and pacemakers to wearables, innovation has always been about creating solutions that improve the treatment experience for patients – and practitioners.
At the end of the day, innovation is all about making treatments accessible, affordable, and effective — not just for the people who need them, but also for the medical professionals and decision-makers who can drive and inspire change. Wondering how? Read about four stakeholders using innovative technology to transform the industry.
1. Healthcare providers: According to a Mayo Clinic study, 63% of physicians reported experiencing at least one aspect of burnout in 2021. The pandemic was a trying time that forced many administrators to make tough decisions and push their staff members to the limit to keep the quality of care consistent.
Innovation of any kind can help reduce that stress and, in turn, improve treatment quality. Remote consultations, telemedicine, and virtual wards were becoming increasingly popular features before 2020. Now? They’re must-haves. A McKinsey report reported that hospitals examined 50-175 times more patients via telehealth during the pandemic’s initial months than previously.
From a diagnostic standpoint, AI health technology can be a resource used by lab techs and researchers to get automated, real-time insights that help providers act quicker. Practitioners who want to better assist their patients can prompt the kinds of unique solutions that make treatment more effective and patients more engaged.
2. Insurers: Innovation always comes at a price. In healthcare, however, that mindset becomes complicated. The patients that need the care sometimes get priced out of the treatments they need most — and that should never be the case.
Innovative healthcare technology and practices let payers' direct patients and providers toward affordable and effective solutions. That can mean supporting up-and-coming virtual and remote treatments or innovations that help carriers reduce their own risk. Insurers can also apply predictive models to their processes to better assess who is insurable.
The less risk an insurer’s patients carry, the less financial load other clients must bear. This way, innovation helps insurance payers better serve the public.
3. Pharmaceuticals: Successfully creating a new pharmaceutical treatment is a significant ask. On average, the approval of one new drug takes 10-15 years and costs more than $1 billion. And those are the lucky few — 90% of new medication candidates don’t make it past the trial period.
The amount of time and money put into the approval process makes it disheartening when the final answer is “no.” But innovative development and delivery processes can help with successfully creating those treatments and getting them to the people who most need them.
In research and development, non-traditional approaches like genomic and personalised treatments can address an ailment more directly. The more focused a medication is on certain traits of an ailment, the quicker it potentially can be moved through trial and into stores and care facilities where they’re most needed.
Innovation can also apply to how medications are tested, prescribed, and managed. Virtual and remote solutions aren’t just in or outpatient resources. Patients and providers can connect via technology to check in or adjust. Whatever is best for the patient, the pharmaceutical industry can answer the call.
4. Industry newcomers: Legacy facilities and industries aren’t the only ones with something to gain from healthcare innovations. Non-traditional names and companies are entering the fray more than ever to make a stamp in devices, pharmaceuticals, and more.
Amazon Pharmacy is up and running, while other companies are building their names as early entrants into the virtual and remote care fields. While some companies might not have the brand awareness to make a splash, embracing innovative healthcare technology and connected healthcare solutions builds goodwill with patient providers looking for potential vendors.
No matter which stakeholder an innovation is designed for, its ultimate goal is to have an impact on the entire industry. Healthcare innovation is just scratching the surface right now — and we are excited to see what’s next. To learn more about the new frontiers facing the industry, download our “Delivering Innovation for the Connected Patient” whitepaper today!