In 2020, the competitive advantage for any company, regardless of their vertical is technology. Developing digital health products and innovating within a business can reinvigorate a company, disrupt the market and create new leaders.
Whether it is detection, prevention, monitoring, support or engagement, the way that technology is empowering the health sector is awe-inspiring. Leveraging all of the benefits of emerging technologies and building applications that map to specific use-cases is creating a new generation of digital interaction points that can speed up processes, collect invaluable data and encourage behavioural alteration.
The current pace of change in digital health start-ups is staggering, with a new generation of companies aiming to by-pass traditional healthcare providers & organisations and build a relationship directly with the high-value patients and consumers. This may not be seen as a threat by the traditional players in the space, but as we have started to see in banking it doesn’t take long before these young companies start to chip away at established revenues and prick up the ears of the tech hierarchy (Amazon, Microsoft, Apple), who start to look at the feasibility of disrupting the space.
Being able to deliver the desired digital solutions at scale with little friction is no mean feat, especially in highly regulated industries. However, by applying agile methodologies and building out minimum viable products, prior to testing & iterating, the ‘big’ solution can be broken down into smaller chunks and addressed holistically to ensure that the desired use-case is being mapped to and the application or product will deliver suitable outcomes (for the business & patient).
From personalised treatment to individual monitoring, medication management to patient engagement solutions regardless of the sub-vertical (health, medical, pharma, fitness or wellness) there is a digital solution waiting to be developed.
The global market for health apps, mHealth, telehealth, health analytics and digital health systems has been projected to top $500 billion by 2026 according to Acumen research and consulting, with the same firm suggesting that eClinical solutions market size will be $14 billion in the same year. With the pace of change and a new generation of entrants without legacy infrastructure looking to capitalise on the pace of innovation at multinationals, there has never been a better time to establish a digital transformation programme and fund it adequately.
For large healthcare companies, the commercial potential of new technological innovations are enormous. However the commercial benefits are almost a side benefit to the phase-shift that is occurring in the provision of better outcomes for patients.
Waracle build digital solutions for specific business challenges, we excel in highly-regulated industries and are well-versed in the dual requirements of business & patient. We work with a range of emerging technologies to ensure that the digital health products we develop for you are future-proofed and will show their efficacy over the years to come. If you are planning a digital health product project, get in touch with us today.