Category: Digital Healthcare

wear your health

Wear Your Health: How Wearables & Digital Therapeutics Are Transforming Healthcare

April 19, 2024

With a growing shift towards personalised healthcare, technological adoption has simultaneously grown by leaps and bounds. This technology-driven framework has extended not just towards mainstream healthcare, but also the pharma biotech sector. Have you heard of therapeutics? It refers to how a medical treatment/therapy is administered. The digital revolution has enabled the advent of devices that can easily track physical aspects, such as wearables, while therapeutic products are now being increasingly developed to leverage the same. The initial DTX (digital therapeutics) instances worldwide are already contributing towards better outcomes for patients. Of course, the FDA (Food and Drug Administration) had already issued its approval for 35 DTX-based applications last year and the number may go up exponentially in the near future. Remember pedometers (if you were born in the 1960s or 1970s or simply have parents or others who have used these devices)? These humble devices were the first of many steps towards tracking physical fitness and health. Electronic trackers made it to the market sometime late in the 2000s and early 2010s. The initial brief was measuring steps, followed by blood oxygenation and heart rates and eventually sleep quality, stress levels, hydration and what not. Wearables started absorbing many of these functions of trackers, including smart watches and now smart rings. The data gathered by these devices can now be easily monitored and viewed on dedicated apps that run on computers, tablets, smartphones and other devices. How Therapeutics Are Stacking Up There is a compelling proposition offered by therapeutics and wearables in terms of bringing about a complete transformation of the healthcare industry worldwide. They have made it possible for the sector to track the health statuses of patients, diagnose problems, take preventive action, enhance epidemiology, manage operations, and of course, ensure that treatment or rehabilitation procedures are followed. Some of the top choices in this context include the following: Some other categories of therapeutic devices include insulin pumps and rehabilitation devices along with pain relief and respiratory therapy devices. Activity trackers can also help measure properties in relation to particular diseases or ailments as well. They usually sync the data that they gather with applications and then dispatch the same to cloud platforms for further evaluation and analysis. The Road Ahead The global market for therapeutics may have touched $4.5 billion in 2022 in terms of revenues, as per forecasts by Markets and Markets. It has also predicted growth in revenues by 2027 to a whopping $17.7 billion. There will be growing emphasis on lowering the costs of healthcare and this will propel the segment towards greater heights, particularly when it comes to better outcomes and care delivery, higher efficiency, and reduced costs. Digital therapeutics will benefit patients across the board, saving them time and enabling access to continual tracking, guidance and education. They can flexibly access treatment/therapy along with anywhere-anytime support while not having to go through physical appointments and scheduling issues. While saving time and money, DTXs will transform healthcare in underserved and un-served regions and communities considerably. Patients will have total empowerment in terms of monitoring and managing their health. They can also set objectives for progress based on feedback in real-time and also take better decisions regarding their treatments. It will greatly enhance patient satisfaction levels, especially for those managing chronic ailments or conditions. Recommendations and higher involvement are the two key aspects worth noting here. Patients benefit from support networks and forums in many cases, while the burden on the healthcare system will also go down significantly. Wearables integrate themselves easily into this context, enabling all-round advantages throughout the spectrum, as mentioned above. Caregivers will also benefit from better decision-making and access to vital data and real-time monitoring. It will help them automate routine and repetitive tasks including reminders for medication and tracking vital signs. How this will expand is clear from the Deloitte Global Survey which states how 80%+ individuals now have an interest in these devices and technologies. Statista has also projected the ear-worn wearable market alone to grow to $44.16 billion and more by 2023 itself. Wearable technology will ultimately enable personalised healthcare since they will gather data in huge amounts on sleep patterns, activity, vital indicators, and more. It will help in the creation of customised treatment strategies while helping manage chronic diseases with regular monitoring and early identification of symptoms. Remote monitoring will be easy for healthcare professionals, while predictive analytics and machine learning can help identify potential medical problems prior to them getting out of hand. Wearables will also recommend steps and offer guidance on following healthy habits or behaviours that will eventually help with disease prevention. FAQs Can wearables and digital therapeutics support personalised lifestyle interventions, beyond medication management? Digital therapeutics and wearables can be used to support personalised lifestyle interventions. These go beyond medication management, including recommendations on healthy habits and behavioural changes through proper motivation and data-based outcomes. Can wearables and digital therapeutics be used to create personalised treatment plans for rare diseases? For those suffering from rare ailments, digital therapeutics and wearables may be useful in enabling the creation of more personalised plans for treatment. This will be based on real-time tracking and analysis of health indicators and other data. How do pharmaceutical companies ensure the compatibility of their medications with digital therapeutics and wearable technologies? Pharmaceutical companies can ensure that their medication is compliant with wearable technologies and digital therapeutics through proper data integration and management. They can make sure that recommendations and reminders pertain to specific medication for particular use cases and treatment plans, while also gathering patient data to evaluate the efficacy of their products. Are there examples of specific digital therapeutics designed for personalised mental health care? There are a few examples in this segment worldwide, including EndeavorRX to help kids who have ADHD and Freespira for those with panic and anxiety-related disorders. Several other applications are being created to enable the personalisation of mental health treatments and care strategies. What does the future hold for DTX and wearables

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Data Analytics in Health Insurance for Better Risk Management

2024 Trends: Data Analytics in Health Insurance for Better Risk Management

January 8, 2024

The health insurance industry has witnessed a rapid evolution in terms of digitisation, which has also swiftly transformed several other sectors worldwide. One of the biggest contemporary trends in health insurance (and poised to last for the foreseeable future) is the harnessing of data analytics to ensure superlative risk management among other benefits. Pharmacy managers, insurance companies, healthcare providers, and other industry stakeholders are already leveraging analytics to tackle issues of fast-growing healthcare costs. Insurance companies are already using them to identify high-risk patients and operate accordingly. Why Data Analytics is Indispensable From an operational standpoint, data analytics is indispensable for health insurance companies. They keep generating huge data volumes internally through sales and engagement but also get sizable chunks from varied external sources. When this data spreads out through multiple systems, it becomes an uphill task for insurers to effectively use and track the same. This is why analytics-based solutions that can fuse and consolidate data from multiple touch points and sources have gained relevance in recent times. A centralised data gathering system with consistent analytics and actionable insights is thus one of the key trends in health insurance currently. How Data Analytics Enables Better Risk Management Data analytics is undoubtedly contributing towards enabling insurers to manage their risks better. Here are some aspects that should be highlighted in this regard. These benefits have gained even more traction in recent years if one considers how insurers lose a whopping $40 billion per annum on account of fraudulent claims as per Gartner reports. Many insurance companies also estimate 10-20% of claims to be fraudulent while identifying less than 20% of the same. Suspicious and fraudulent behaviour and patterns can be identified with data analytics, with insurers creating diverse models to enable swift detection based on historical data and activities. For instance, analytics has reportedly helped the Czech Republic’s Allianz Insurance to save a whopping US$4.5 million annually by lowering fraudulent claims paid by it. This is just one of the instances that testify to the need for insurance companies to rapidly adopt data analytics into their operational frameworks. Analytics can be used to conduct risk evaluation in real-time which will help organisations respond swiftly in volatile scenarios. For example, in the case of auto insurance, an accurate assessment of risks posed by specific drivers will help insurers create more competitive premiums. Cars connected to the internet will help them gather large volumes of data accordingly. Insurance firms can now predict the chances of drivers being involved in accidents by analysing driving habits and behavioural data. Some other advantages of data analytics include easier customer lifetime value (CLV) prediction and prospective claim forecasting. FAQs How can data analytics contribute to more precise risk assessment in the health insurance industry? Data analytics can enable more accurate risk assessments in the health insurance sector. It can help identify fraudulent behavioural patterns and flag the same for review before the actual payout. What impact do 2024 trends in health insurance data analytics have on customer experiences and personalised offerings? 2024 trends in health insurance data analytics will have a positive impact on customer experiences. Insurers will be able to personalise their offerings for customers based on their behavioural data and also offer custom premiums with incentives for recommended and healthier actions.

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2024 Trends: Data Analytics in Health Insurance for Better Risk Management

2024 Trends: Data Analytics in Health Insurance for Better Risk Management

December 20, 2023

The health insurance industry has witnessed a rapid evolution in terms of digitisation, which has also swiftly transformed several other sectors worldwide. One of the biggest contemporary trends in health insurance (and poised to last for the foreseeable future) is the harnessing of data analytics to ensure superlative risk management among other benefits. Pharmacy managers, insurance companies, healthcare providers, and other industry stakeholders are already leveraging analytics to tackle issues of fast-growing healthcare costs. Insurance companies are already using them to identify high-risk patients and operate accordingly.  Why Data Analytics is Indispensable From an operational standpoint, data analytics is indispensable for health insurance companies. They keep generating huge data volumes internally through sales and engagement but also get sizable chunks from varied external sources. When this data spreads out through multiple systems, it becomes an uphill task for insurers to effectively use and track the same.  This is why analytics-based solutions that can fuse and consolidate data from multiple touch points and sources have gained relevance in recent times. A centralised data gathering system with consistent analytics and actionable insights is thus one of the key trends in health insurance currently.  How Data Analytics Enables Better Risk Management Data analytics is undoubtedly contributing towards enabling insurers to manage their risks better. Here are some aspects that should be highlighted in this regard.  These benefits have gained even more traction in recent years if one considers how insurers lose a whopping $40 billion per annum on account of fraudulent claims as per Gartner reports. Many insurance companies also estimate 10-20% of claims to be fraudulent while identifying less than 20% of the same.  Suspicious and fraudulent behaviour and patterns can be identified with data analytics, with insurers creating diverse models to enable swift detection based on historical data and activities. For instance, analytics has reportedly helped the Czech Republic’s Allianz Insurance to save a whopping US$4.5 million annually by lowering fraudulent claims paid by it. This is just one of the instances that testify to the need for insurance companies to rapidly adopt data analytics into their operational frameworks.  Analytics can be used to conduct risk evaluation in real-time which will help organisations respond swiftly in volatile scenarios. For example, in the case of auto insurance, an accurate assessment of risks posed by specific drivers will help insurers create more competitive premiums. Cars connected to the internet will help them gather large volumes of data accordingly. Insurance firms can now predict the chances of drivers being involved in accidents by analysing driving habits and behavioural data. Some other advantages of data analytics include easier customer lifetime value (CLV) prediction and prospective claim forecasting.  FAQs How can data analytics contribute to more precise risk assessment in the health insurance industry?  Data analytics can enable more accurate risk assessments in the health insurance sector. It can help identify fraudulent behavioural patterns and flag the same for review before the actual payout.  What impact do 2024 trends in health insurance data analytics have on customer experiences and personalised offerings? 2024 trends in health insurance data analytics will have a positive impact on customer experiences. Insurers will be able to personalise their offerings for customers based on their behavioural data and also offer custom premiums with incentives for recommended and healthier actions. 

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Life Sciences & Healthcare News Wrap

Healthcare & Life Sciences News Wrap | Weekly Snippet | December

December 1, 2023

✅Fem-tech, AI in Mental Health on Investor Radar Next Year The fem-tech sector focuses on meeting women’s healthcare needs and is projected to reach $60 billion in the next four years. And, artificial intelligence is being integrated into digital mental health services to address the shortage of mental health professionals. https://www.financialexpress.com/business/industry-fem-tech-ai-in-mental-health-on-investor-radar-next-year-3318500/ ✅Rising Chronic Disease Rates Boost Global Digital Health Market The market size of digital health is expected to reach USD 651,924 Million. It can be seen to grow at a CAGR of 17.92% by 2030. https://finance.yahoo.com/news/digital-health-market-size-expected-174000895.html ✅Automation, Burnout Drive Healthcare Tech Integrations Healthcare facing disruption with virtual visits, demand for rapid access to patient data, and the rise of AI. Managing this data influx requires extensive collaboration, often involving external entities like labs and physicians, handling a multifaceted challenge for the industry. https://www.businesswireindia.com/healthcare-leaders-cite-automation-worker-burnout-as-top-drivers-of-technology-integrations-mgma-and-laserfiche-study-finds-87662.html ✅Pharma’s path to Net Zero: Targeting Scope 3 emissions With a target of net zero for 2050, pharmaceutical companies need to tackle Scope 3 emissions that generate the majority of their carbon footprint. Scope 3 emissions encompass raw material production, distribution, product use, and end-of-life disposal, making them a complex part of the industry’s carbon footprint. https://www.pharmaceutical-technology.com/features/pharmas-path-to-net-zero-targeting-scope-3-emissions/?cf-view #DigitalSuccess #newswrap #lifescience

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Protecting Patient Data in the Digital Age

Protecting Patient Data in the Digital Age

November 22, 2023

Patient data protection is the need of the hour for the healthcare industry, particularly when it comes to a more digital way of doing things. In fact, data privacy in healthcare is even more important, considering the growing costs of cyber-attacks in the sector. As per IBM’s Cost of a Data Breach 2022 report, $10.1 million is the average cost of a data breach in healthcare. This indicates 10% growth as compared to 2021 and a whopping 42% increase in comparison to 2020. The financial effect of data breaches covers costs related to responding to incidents, legal charges, remediation, and regulatory fines, if applicable.  At the same time, the sheer cost of a data breach goes well beyond regular financial implications for healthcare players. Digital age patient data protection is a must and if information is compromised, then it leads to lower confidence in the system and loss of business as patients go to other competitors. The long-term impact of data breaches can be immensely negative for healthcare players. In the current landscape, where protecting medical data goes hand in hand with digital innovation, there is a pressing need to ensure best practices at all operational levels.  Steps for Patient Data Protection  When it comes to ensuring healthcare data security, healthcare players should first evaluate the possible risks and then take measures to safeguard valuable data accordingly. The healthcare industry has become a major target for cyber-criminals owing to the sensitive nature of the data that it holds. Outdated systems and multiple entry points further scale up the risk levels in this case. A major attack point is through web applications with a view towards compromising patient data. These are applications and tools that healthcare professionals depend on these days. Cyber-criminals are always on the lookout for gaining unauthorised entry into patient data platforms.  Hackers have also come up with novel methods such as BOLA (broken object-level authorisation). This equates to the manipulation of the rules of the system along with ensuring unauthorised access to restricted information. They can thus go through confidential data and even erase the private records of patients. There is also the Internet of Medical Things (IoMT), which is a network of multiple devices transmitting data in real time for better patient care. While it offers innumerable advantages, the vast amount of sensitive information available makes it an easy target for cyber-criminals as well. Here are some steps that the industry can consider for protecting medical data.  Some Other Patient Data Protection Strategies  As can be seen, regular risk assessments should be conducted while implementing a defensive strategy that has multiple layers. Healthcare institutions should also be informed about emerging cyber-security threats and other vulnerabilities along with engaging experts to augment internal resources along with providing extensive management and tracking. Through the adoption of best practices in this space, healthcare players can minimise the risks of data breaches to a large extent.  FAQs What are the most pressing security challenges in protecting patient data in today’s digital healthcare landscape? Some of the biggest security challenges in safeguarding patient data include continual vulnerabilities related to unauthorised access, hacking threats, system compromises, multiple entry points, and the lack of proper awareness and education among employees.  How can healthcare organisations ensure compliance with data protection regulations while managing and storing patient information? Healthcare organisations can ensure adherence to data protection regulations while storing and managing patient information. They can do this by complying with requisite information handling and data privacy guidelines issued by the authorities in their respective regions, while also having proper data security protocols and audits in place.  What cyber-security measures and best practices should be adopted to safeguard patient data from cyber threats? Some of the best cyber-security measures and best practices for protecting patient data include vendor security measures, encryption, data minimisation, regular tracking and audits, access control, de-identification, and more.  What role do emerging technologies like blockchain and encryption play in enhancing the security of patient data in the digital age? Emerging technologies like encryption help make medical data unreadable to unauthorised individuals. At the same time, blockchain also enhances data security through smart contracts and inherent principles of cryptography, consensus, and decentralisation. It offers greater control over sensitive data and is near-impossible to tamper with. 

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Harnessing CRM to drive innovation, and strong customer experiences in Life Sciences

Harnessing CRM to drive innovation, and strong customer experiences in Life Sciences

October 5, 2023

CRM has been delineated by Gartner as specific systems or technologies which facilitate wider engagement with customers within the overall business strategy. These usually cover four key segments, namely marketing, sales, customer support/service, and digital commerce. For the life sciences industry, which encompasses the biotechnology, pharmaceutical, diagnostics, and medical device sectors, CRM is mostly helpful for field and sales systems, since they usually depend on on-the-ground engagement models.  These are systems which enable more support for automating sales and engagement activities, account management, monitoring experts and personnel, and also deliver educational content. They are also helpful for nurturing and finalizing HCP (healthcare provider) contracts or agreements with other healthcare organizations. CRM systems are also helpful for maintaining regulatory compliance. Hence, it is quite clear that life sciences entities are leveraging CRM (customer relationship management) software and platforms for various purposes. They are using cloud-based solutions for managing customer relationships better, along with managing their interactions with patients, physicians, and other stakeholders. Companies are steadily widening their customer base while boosting compliance and revenue streams. They are also gaining invaluable insights while foraying into newer markets and products.  How life sciences companies are benefiting from CRM Here are some of the ways in which life sciences companies are driving further innovation and revamping customer experiences with CRM solutions.  In the healthcare space too, CRM solutions enable better patient engagement and EHR (electronic health records) capabilities along with systems for managing claims better. At the same time, they offer more visibility into the entire journey throughout the healthcare system. Here are some more ways in which CRM can be a major boon for life sciences and healthcare companies.   Why and how CRM is a game-changer for life sciences companies CRM solutions play a vital role in streamlining and automating workflows. They can integrate multiple entities and systems while combating redundancies simultaneously. They are also helpful in enabling better customer engagement for life sciences companies, as illustrated above. CRM platforms are not just scalable but also flexible. They can evolve in sync with life sciences companies with changing customer and market needs. Cloud-based architecture also goes a long way towards enabling better integration with systems and applications, along with seamless customisation.  CRM platforms also enable better channels for communication, facilitating collaboration across multiple functions and teams alike. Building a centralized platform leads to better coordination and boosts sales teams while also adhering to compliance requirements. Gaps in communication are removed while CRM solutions also enhance customer relationships and overall satisfaction with quicker response timelines. The full visibility and control gained by life sciences entities help them achieve better outcomes while maintaining their competitive advantage and enabling higher innovation simultaneously. 

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Healthcare & Life Sciences Sector Drives Rapid Growth in the 3D Mapping and Modeling Market

Healthcare & Life Sciences Sector Drives Rapid Growth in the 3D Mapping and Modeling Market

October 3, 2023

The 3D mapping and modelling market has taken off in rapid fashion, particularly when it comes to healthcare & life sciences. There are several trends that have been observed in the 3D modelling and mapping segment, including machine learning and artificial intelligence integration for better accuracy of modelling and automation alike. Real-time collaboration is also coming to the forefront along with the integration of virtual reality (VR) and augmented reality (AR). This enables more immersive experiences while there is a higher demand for advanced solutions and simulations in healthcare for better decision-making.  Spatial mapping and geographic information systems (GIS) are also used for varied use cases in the industry. Segmentation in the industry is majorly focused on 3D modelling, 3D rendering, motion graphics, and visual effects (VFX). Along with healthcare & life sciences, other application-based segmentation includes construction and architecture, media and entertainment, manufacturing, academia and education, and more. Let us take a closer look at the key growth trends in the 3D mapping and modelling market.  Major Growth Findings  Here are some key aspects related to 3D mapping and modelling market growth trends that should be noted.  Here are some other aspects that are worth noting in this regard.  Some Other Insights With regard to 3D mapping and modelling, leading companies in the space include Airbus, Adobe, Apple, Civil Maps, Autodesk, Bentley Systems, Dynamic Map Platform, Dassault Systemes, Archilogic, Ansys, CyberCity3D, Google, Golden Software, Hivemapper, Mapbox, Intermap Technologies, Saab, Pointivo, Onionlab, PTC, and many others.  Some additional insights include the following:  As can be seen, the healthcare & life sciences market should witness skyrocketing growth over the next decade, majorly driven by 3D mapping and modelling along with the integration of technologies like AR, VR, and GIS along with spatial mapping.  FAQs Spatial data analysis can boost understanding of various medical conditions and biological systems. It helps in better detection of disease clusters and the underlying variables that may lead to certain medical conditions across these clusters. An early example is the study of the cholera outbreak in London in 1854 by John Snow. This indicated how cholera cases could be traced back to water usage from a particular pump in the city. Spatial data analysis helps in designing preventive healthcare measures while planning interventions at the same time.  There are several advantages of combining VR and AR in medical applications with 3D mapping and modelling. AR-based 3D simulation will help patients get a better understanding of their medical/health conditions. This will also help in interacting with various objects on a real-time basis, with mapping between real-world objects and the virtual world. The superposition of 3D models onto head-mounted displays is possible, along with immersive experiences and information exchange in addition to better decision-making.  3. What are some real-world examples of successful implementations of 3D mapping and modelling in healthcare and life sciences research? There are numerous real-world examples of 3D mapping and modelling being successfully implemented in the healthcare and life sciences research category. 3D projections of the human body may be used for disseminating medical knowledge. It has already been done by the likes of Oulu University, enabling students to interact with human body visualization, learning better about muscle and bone structures and other parts of the body. 3D modelling is already being deployed for surgeries, enabling surgeons to plan their surgeries more effectively in comparison to paper planning or conventional 2D. It is improving surgery success rates, patient outcomes, and saving time along with lowering the rates of readmission.

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Natural Language Processing (NLP) in Healthcare and Life Sciences Market 2023-2030

Natural Language Processing (NLP) in Healthcare and Life Sciences Market 2023-2030 | The Revolution of Analytics Industry

September 25, 2023

Natural language processing (NLP) is widely hailed as a future game-changer that will revolutionize various industries, including healthcare and life sciences. There are diverse NLP applications in the space which may foster an industry revolution in the future years. According to research reports, the NLP segment in the healthcare and life sciences category saw sizable revenue growth in 2022 with future forecasts of an increase by 2030. Here are some fascinating trends that industry watchers should keep an eye on.  Biggest NLP Providers in Healthcare and Life Sciences Some of the largest natural language processing (NLP) providers in this category globally include:  Key Trends in Natural Language Processing (NLP) for the Healthcare and Life Sciences Industry Here are some key facets that point towards an industry revolution driven by NLP applications in the healthcare and life sciences sectors.  Following current trends, NLP is poised to witness widespread adoption throughout the healthcare and life sciences industry. Healthy market size growth forecasts for the sector are based on extensive R&D and innovations done by leading players across major global regions. The suite of applications will only increase over the years, with better data extraction and comprehension for enhancing the overall efficiency of the healthcare and life sciences sectors.  FAQs The NLP market is poised to touch a handsome USD $ 9.54 billion by 2030, which indicates a CAGR of 19.1% from the 2022 market size of USD $ 2.35 billion.  Natural language processing (NLP) in healthcare and life sciences offers technology-driven abilities with regard to identifying contexts for the usage of words. This enables a more accurate understanding and interpretation of conversations with patients and other stakeholders while capturing vital nuances of health conditions. This helps manage treatment data and follow-ups. It also helps identify data patterns and automates various tasks in the life sciences and pharmaceuticals sector.  NLP is helpful for processing the electronic health records (EHRs) of patients with an aim to extract valuable information including medication, diagnosis, and other symptoms. This helps enhance overall patient care while ensuring personalized treatments accordingly.  4. What is the future of natural language processing?  Natural language processing (NLP) is expected to expand in the future with diverse applications and other possibilities. There will be more cutting-edge technological innovations in segments like sentiment analysis, speech recognition, Chatbots, and automated machine translation among others. 

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AI and life sciences: Navigating risks and challenges

AI and Life Sciences: Navigating Risks and Challenges

September 21, 2023

With the increasing penetration of artificial intelligence (AI) in life sciences, there has been a barrage of questions regarding the risks and challenges involved in this integration. While AI has already started its transformative journey throughout multiple other industries, the life sciences sector has recently woken up to the potential of the same.  Some factors that are key moot points in this regard include the role played by AI in developing COVID-19 vaccines in quicker time (less than one year as opposed to a decade in most cases), AI-driven drug discovery where a novel drug candidate was found for liver cancer in only 30 days, and more. Even Google Cloud has unveiled new AI-backed tools that facilitate quicker drug discovery. Many other technology companies are coming up with tools for automating processes that were manual and time-consuming in nature earlier.  How it stacks up  Life sciences and healthcare AI have already reached a watershed point where there are challenges and disruptions to contend with, but the speed and scale of adoption continue unhindered. Here are some points worth noting in this regard:  Yet, ethics, data privacy, regulatory aspects, and other challenges must be tackled with care to ensure widespread benefits from integrating artificial intelligence (AI) in life sciences. Let us first look at the range of its applications in this space.  Applications of AI in life sciences and healthcare Here are a few points that should be noted in this context:  Now that the benefits of AI are clearly visible, let us take a closer look at the challenges mentioned above and the ways to navigate them for swifter progress in the domain.  Major challenges of AI in life sciences Here are the risks that still remain while deploying artificial intelligence (AI) in life sciences.  Signing off, it can be said that the AI-enabled transformation drive is now in the second phase, i.e. completing patterns and going beyond the initial brief of recognizing them. The life sciences sector will greatly benefit from this current AI stage, provided it can counter the challenges mentioned above.  FAQs AI has a vital role to play in the life sciences industry, enabling faster drug discovery and development along with boosting clinical trial design and data-gathering. It helps analyze vast data sets and generate better insights from the same.  2. What are the key challenges and risks associated with implementing AI in healthcare and life sciences? There are a few challenges and risks that companies have to face while implementing AI in the life sciences and healthcare industry. These include the lack of skilled talent, regulatory compliance hurdles, ensuring data privacy and patient confidentiality, and steering clear of biases in AI algorithms. 3. How can data privacy and security concerns be effectively addressed when using AI in life sciences? Data security and privacy concerns can be tackled effectively with a few proactive steps while using AI in the life sciences sector. These include dedicated patient confidentiality and privacy approaches along with an increased focus on secure data transmission and usage. Governance and data security protocols should be established as per regulatory standards for secure storage, processing, and collection of patient data.  4. What ethical considerations should be taken into account when deploying AI in medical decision-making? The biggest ethical consideration that should be kept in mind while AI is being used for medical decision-making, is the elimination of biases. While training AI models based on real-world data and inputs, there are unconscious biases that get embedded into the same. This may have negative consequences for patients if they are not tackled at the outset.

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The future of EHRs and their impacts in patient care

The Future Of Electronic Health Records (EHRs) And Their Impact On Patient Care

April 18, 2023

Electronic health records (EHRs) have stolen a march over not just conventional paper-based records, but also electronic medical records or EMRs in several ways. The EMR vs. EHR debate can be put to rest with reports by Grand View Research that indicate how the global EHR market has achieved a valuation of $28.1 billion in 2022, with expectations of it touching $38.5 billion by 2030, growing by 4% (CAGR-compounded annual growth rate). EHR implementation has become a foundational activity for healthcare players, functioning as digital or electronic patient records, including all vital data from notes and prescribed medicines to the history of symptoms and vital signs, radiology reports, lab information, and a lot more. The entire clinical history of a patient is comprehensively held in EHRs while they also enable better optimisation and automation of workflows for healthcare providers, thereby contributing towards improved patient care at multiple levels. They also enable easier access to evidence-based tools for providers to come up with specific recommendations for patient care, which is another plus point to be noted in this context. Deloitte reports state that factors like the interoperability of data, data-sharing, and growing consumerism will fuel a transformation of the healthcare sector by 2030, with electronic health records (EHRs) becoming key catalysts of this change. Key Aspects Related To EHRs In The Healthcare Industry The industry is now transitioning towards a more value-based model of patient care, with specific requirements for suitable EHRs from this perspective. Here are some additional points that you should also keep in mind:  Future EHR Trends Here are a few future trends related to electronic health records (EHRs) that should be noted:  It is pertinent to note that EHRs will play a vital role in lowering the time for documenting and maintaining patient records. They will also enable quicker and easier access to entire medical records and the history of patients while enabling quicker decision-making and personalised recommendations for improved patient care. They will also help boost relationships between patients and providers due to this personalised approach and easier access to entire interoperable data records and histories. Participatory healthcare is the new buzzword today, where patients collaborate with their providers on their treatment journeys and decision-making. EHRs represent a pivotal step in enabling better outcomes for patients while offering clear benefits for the entire healthcare system at large. FAQs What are electronic health records (EHRs), and how do they differ from traditional paper-based records? Electronic health records are digital forms of patient records and data. They are different from paper-based records which have limitations in terms of space and legibility. EHRs enable electronic data recording and full understanding while being encrypted for higher security, unlike paper records which are vulnerable to damages, theft, exposure, transcription, copying, faxing, and scanning. How have EHRs evolved over time, and what are some of the latest trends in EHR technology? EHRs have greatly evolved over time to include more efficient capturing of data while automating several data-gathering procedures alongside. Automation has also enabled easier searching mechanisms alongside. EHRs are witnessing several trends including better result management, voice assistance, cloud platforms, better interoperability across systems, patient support and resource mechanisms, and reporting functions. What are some of the challenges associated with implementing EHR systems in healthcare organisations? Some of the challenges include the implementation costs and resistance by healthcare personnel, along with the lack of proper digital training and knowledge. Training takes a lot of time, while data privacy and migration remain concerns as well. How do EHRs enable collaboration between healthcare providers and improve care coordination? EHRs enable better coordination and collaboration across healthcare providers for patient care and other purposes. It enhances patient care quality through interoperability and easy access to data across departments and healthcare providers. EHRs enable seamless access to patient records, enabling personalised recommendations and faster treatment decisions.

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