“Advances in technology will continue to reach for into every sector of our economy. Future job and economic growth in industry, defense, transportation, agriculture, health care, and life sciences are directly related to scientific advancement.” -Christopher Bond
Surely you have observed that the healthcare industry has changed impressively over the last decades. Some years backward, there was undeniably a lack of a patient-centric methodology in healthcare, difficulties of a paper-based system, too many administrative tasks, the shortage of capitalizing in prevention, security incidents and so on. At present, our health care system’s accomplishment can be defined by its rules, policies, regulations, enabling technologies, operating models, customs, and patient and provider preferences; together, these aspects comprise the advantage of what is possible.
With this, health care is an industry in need of innovation. Healthcare facilities, research companies, and the government are facing rising costs and inconsistent outcomes. They are working to improve care and health outcomes, all while reducing costs and spending.
What innovations are most likely to help investors transform healthcare over the next five years?
Over the years, patient care and patient’s data security have changed for the good and to this day present, things continue to progress in the healthcare realm. In fact, more and more procedures are being done at outpatient care facilities. There’s a growing trend of patients being treated at outpatient surgical facilities. Patients are being educated of different options to help them understand the benefit of apt care at a specialized base rather than to the usual hospital setting where in one must be admitted before receiving treatment.
Another advancement to look after to is the rise of precision medicine. Pharmacogenomics has seen great success in oncology by providing better treatment prescription through focusing on patient’s protein interaction and genetic composition. For this year, expect pharmacogenomics to be more widely applied not just to the oncology department.
Technology also plays a crucial part in the evolution of medicine. When we talk about technology in the healthcare setting, it is important to corelate it with how it can better the lives of patients. One way to check for its effectiveness is through association of innovative technology to the system. Over the past years, technology was aggressive in providing solution to healthcare challenges.
What do we expect the role of technology will play this 2019?
Anticipate healthcare organizations to take crucial steps in 2019 to decisively close the gap between healthcare cybersecurity standards and the standards of other industries. Healthcare data is typically more valuable to cybercriminals than any data available from financial services organizations or retailers. In fact, a news from Reuters some time in 2014 said that a medical record’s worth more to hackers than your credit card. Medical information is worth ten times more than your credit card number on the black market.
Another advancement that is paving its way in the healthcare system is the flourishing of Artificial Intelligence. Revolutionizing robotic process automation, manual task automation and deep learning are all favorable for strong applications in the healthcare industry.
There are numerous new healthcare AI projects currently being started and there will be more in 2019. Pharmaceutical companies, for example are hopping on this trend by investing ahead in artificial intelligence technology than usual. It is expected that there be several major procurements of AI and machine-learning startups that will substantially redesign the healthcare industry.
While discovering contemporary innovation is important, we also need to study the fundamental challenges they aim to unravel. A hard clasp of how care delivery is changing provides deeper insights into how new technologies can improve healthcare and resolve problems in the industry. And while these are some of the trends recognized as being imperative in this year, these are just a portion of what to expect in the coming years. Healthcare professionals and stockholders will have to focus on these trends as they progress throughout the coming years.