Digital health solutions use technology including computing platforms, connected devices, software, apps, artificial intelligence, machine learning, and sensors for health purposes.
The broad definition of digital health covers unregulated and regulated solutions. Regulated digital health solutions are more robust and focus on improving patient outcomes, increase our ability to diagnose and treat patients, and help enhance the delivery of more personalized health care. Non-regulated solutions often support activities like education, engagement, and onboarding, but can also include health and wellness products like fitness trackers.
While some life sciences companies consider digital health a ‘nice-to-have’, the majority now recognize it as a necessity and want to give patients the personalized experience they’ve become used to in other industries for years, like banking. Choosing the right type of digital health solutions to do this is important.
Collecting data through digital health solutions gives a holistic view of patient health and can enable more personal control over treatments. They facilitate better prevention and early diagnosis of disease and enable management of conditions outside of traditional health care settings, reducing demand on in-hospital resources like beds.
The COVID pandemic accelerated the uptake of remote healthcare provision, mostly through telehealth and virtual consultations. But even before the pandemic, the U.K. health service was planning to free up 2,000 to 3,000 acute beds – the equivalent of opening five new hospitals – by changing where care is provided. After experiencing remote care many people want to continue digital and home treatment; creating a $250 billion opportunity for the companies that support this demand.
For pharmaceutical companies, digital health solutions can also:
Digital products are very different to traditional pharmaceuticals. With a pharmaceutical, the product released to the market will generally stay unchanged for a considerable time, it will address a single clinical need, and will provide a clear return from its release.
Digital products will evolve over time based on a staged plan and data collected on the solutions themselves. The first version of a digital health product should be a realistic and simple MVP that addresses a very clear unmet patient and clinician need. By focusing on gaining meaningful uptake and adoption among patients, the product can scale to expand its value and purpose incrementally with great success.
So, with digital health, the needs of patients and clinicians must be balanced with those of life sciences companies over time. To make sure you’re on the right track, those involved in a digital project should have a 30-second strategic elevator pitch about the benefits of the solution to patients, clinicians, and ultimately to the organization. If they don’t, readjust and reconsider.
In general:
Patients are more active participants in their healthcare now. Tools like fitness trackers have become widespread and appetites for digital health grew significantly during the COVID19 pandemic. If life sciences companies don’t provide patients with the digital health tools they need, big tech will. To share in the success of digital health and steer the evolution of healthcare, companies should embrace more regulated digital health products.
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