Journey to Connected Digital Health
A connected digital health ecosystem is a medical device manufacturer’s ammunition to fuel differentiated value creation. These are challenging times for medical device companies. The mounting need to sustain the momentum of business growth and innovate amidst increasing regulations and competition, is creating a lot of pressure on the top line as well as the bottom line.
Medical device companies are going through challenging times. The mounting need to sustain the momentum of business growth and innovate amidst increasing regulations and competition, is creating a lot of pressure on the topline as well as the bottom line.
Industry challenges are demanding manufacturers to create better value proposition on cost, value, and experience of care. With healthcare payers and government pushing towards value based healthcare model, the devices companies have to be extremely innovative in providing and measuring the value they bring to the patients.
Connected Digital Health Ecosystem
Creating a connected care ecosystem that puts the patient at the center and leverages the power of data to address industry challenges and drive business growth, is what an astute manufacturer needs to build, as outlined below:
Create a connected ecosystem: It is becoming increasingly critical for device manufacturers to own the disease or medical condition and create an end-to-end spectrum of products and services. To enable such a model, deep focus is needed to create a connected system of systems that goes beyond providers’ perimeter to include home, long-term care, and skilled nursing facilities. The objective is to collect data from medical devices and systems to better understand needs of patients and providers.
Focuses on Patient Centricity: Placing interactions and information emanating from patients in the center and creating relevant and engaging patient experience through connected systems can result in much improved health outcomes and reduction in cost of care.
Embrace and Leverage the Power of Data: Combining wearable sensors with medical, insurance, genetic, and social data can provide a comprehensive view of patients that leads to highly effective and tailored care. Big data and predictive analytics are key engines to drive such results. Through connected ecosystem, device makers can leverage the power of data and analytics to draw actionable inferences and predictions to demonstrate value of the products and offer better/newer products and services to their customers.
By taking a lead in creating a connected ecosystem working with providers, medical device manufacturers can expect following benefits:
- Potential to be at the front of the changing healthcare landscape where patients and outcomes are driving the revenue potential
- Enhanced ability to offer value-based care by being involved in the therapeutic life cycle end to end
- Competitive dominance in the market by establishing a stronger relationship with providers and creating a superior value proposition in selected disease areas
HCL’s strong experience in cloud, cyber security, internet of things, big data and advanced analytics have helped our clients develop next generation connected digital health solutions leading to business transformation.