GAFAMS, STARTUPS & INNOVATION IN HEALTHCARE by PHARMAGEEK

Healthcare innovation is one of the most important battles in the fight to prolong human life, so here we discuss which medical technologies are leading the way to a brighter future.

The future of healthcare holds many possibilities, and medical technology has a large role to play in ensuring that we are able to tackle all of the biggest health issues we face. Often, we consider healthcare jobs to be very human labour intensive; for example, doctors and nurses put in a lot of hours and physical work to look after patients.

However, it is new healthcare technologies that allow medical professionals to progress in their field, save more patients and fight new diseases. In this article, we’ll explore global healthcare in the current climate and how the industry has changed in the past decade, before discussing seven promising new healthcare technologies.

What is healthcare technology?
Before we discuss the current state of the global healthcare industry and how it’s changed over the past decade, we’ll offer a definition of healthcare technology. It’s fairly self-explanatory – any technology that is designed to support healthcare organisations.

The World Health Organisation (WHO) offers a more detailed definition of health technology, as the “application of organized knowledge and skills in the form of devices, medicines, vaccines, procedures, and systems developed to solve a health problem and improve quality of lives”.

What does global healthcare look like in 2021?
The healthcare industry has undoubtedly changed in the past couple of years since we’ve been fighting a global pandemic. COVID-19 overwhelmed healthcare systems all over the world, has killed as many as 3 million people worldwide, and forced many other dangerous diseases to be placed on the sidelines.

While social distancing and mask-wearing reduced the spread of infectious diseases like the flu, lockdowns and restrictions also meant that fewer people were getting diseases diagnosed and receiving important treatment.

However, one good thing that has come out of the pandemic is that more of the world now has access to healthcare through things like digital appointments and online prescriptions.

Thinking about the global healthcare outlook outside of COVID-19, Deloitte Insights wrote a report detailing six of the biggest factors driving change in the healthcare sector.

They suggest that consumers are seeking more on-demand, digital healthcare services, and healthcare organisations are transitioning to health IT systems powered by cloud, data and analytics tools.

In addition to this, we’re shifting to view healthcare as something encompassing our total wellbeing rather than just our physical health, and we’re seeing more collaboration between different governments, industries, academia and tech giants than ever before, in the name of healthcare innovation and progression.

How has the healthcare industry changed in the last 10 years?
Since we’re thinking about what healthcare could look like in the future, it’s worth acknowledging the amount of progress that has been made in the healthcare industry in the past decade. Below we discuss some of the biggest innovations that have changed healthcare for the better.

Remote monitoring
Remote monitoring allows patients and their progress to be monitored at all times without using clunky technology or a doctor needing to be present. Not only does this mean that doctors and nurses are able to help many patients at once, but patients are able to leave the hospital earlier and be monitored safely from afar. This creates a more comfortable and cheaper experience for everyone involved.

Electronic medical records
Since the introduction of electronic medical records, it’s been so much easier for doctors to view and seamlessly share medical history. This means that records are less likely to be lost and patient care is improved because the doctor has complete access to the patient’s health background, prescriptions and previous care. Electronic records also allow patients themselves to keep track of their medical data.

Telemedicine
Telemedicine consists of remote clinical services where the healthcare provider or doctor communicates virtually with the patient. Examples of this include appointments with a GP over video call, therapy over the phone, and text messages that reveal medical test results.

The positive consequences of this are undeniable – access to healthcare has been improved for those who are in remote areas or who face difficulties attending physical appointments.
Advantages and disadvantages of medical technologies
Before we dive into the seven new healthcare technologies of the future, it’s worth considering the advantages and disadvantages of medical technology. While the benefits outweigh the costs, there are still some drawbacks to be aware of.

• Advantages of medical technology
• More efficient healthcare systems
• More accessible healthcare
• Earlier predictions of diseases
• Faster surgery and recovery times
• Better analysis of healthcare data
• Faster development of drugs and vaccines
• Increased legibility of medical documents

Disadvantages of medical technology

• Forces reliance on internet connection – it’s harder for rural healthcare providers to communicate with each other and with patients
• Bigger risk of serious security breaches due to data sharing
• Higher chance of miscommunication in virtual appointments
• Lack of empathy due to it being more impersonal or relying on AI
• More expensive for healthcare providers and patients
• High chance of frustration if technology fails

7 promising new healthcare technologies
There are so many exciting new medical technologies being used in the healthcare industry, but these are some of the most prominent. Some of them have been around for a little while now, but they are becoming more technologically advanced as time goes on.

AI & robots
Artificial intelligence (AI) has so many exciting applications in healthcare. One of the most important applications is in diagnosis, as there have been several situations in which AI has been able to identify diseases like skin cancer and diabetic blindness better than experts in the field. You can find out more about this in our What are the Possibilities of AI in Healthcare? open step by Taipei Medical University.

Other than diagnosis, AI can be used to perform routine tasks, manage data, design treatments, manage medication, monitor health and more. AI can even be used on robots, and then these robots can act as medical assistants, take lab samples, assist in surgeries, and disinfect hospital rooms.

Clearly, there’s a lot of room for further development in the field of AI in healthcare, and AI holds plenty of challenges, but we could see some really life-changing results. To learn more, you could try our MedTech: AI and Medical Robots course by the University of Leeds or our AI for Healthcare: Equipping the Workforce for Digital Transformation course by the University of Manchester and the NHS.

Nanotechnology for diagnosis
Another innovative technology in the medical field is nanotechnology for diagnosis. You may not have heard of nanotechnology before, but it’s concerned with objects that have at least one dimension under 100 nanometres (nm) in size. One nanometre is one-billionth of a metre. You can learn more about nanotechnology in our open step.

So what does this have to do with diagnosis? Essentially, nanotechnology can be used to recognise unique cells and identify genetic content that might signify disease. This then allows drugs to reach specific damaged cells whilst avoiding healthy ones.

If this is of interest, you can join our Nanotechnology for Health: Innovative Designs for Medical Diagnosis course by the University of Twente and explore the potential of nanotechnology products in medical applications.

eHealth apps
eHealth refers to the use of technologies to improve healthcare, including health and wellbeing. Therefore, eHealth apps are mobile applications that tend to target a specific area of healthcare. Since almost everyone has a smartphone these days, eHealth apps make looking after your health and wellbeing feel more accessible and less daunting.

Good examples include Coala, a heart monitoring app that comes with a mini ECG device, and Elsa, an app that helps people with chronic illnesses monitor how they feel and why. To learn more about eHealth, you can try our eHealth: Combining Psychology, Technology, and Health course by the University of Twente.

Internet of Things
In our open step, The Internet of Things and the future, experts define IoT as any “set of sensors and actuators embedded in physical objects that are linked through wired or wireless networks”. In recent years, there have been plenty of innovations in the healthcare industry that fall under the Internet of Things, and they allow patients to take control of their own health.

This is important because often, people experiencing health difficulties feel a total lack of control, and this can have negative consequences on mental health. Some examples of IoT applications in healthcare include wearable technologies like sleep monitors and glucose trackers.

You can learn how IoT can give agency to ageing people and help them deal with medical issues in our Internet of Things for Active Aging course by Taipei Medical University.

Future of genomics
Genetics is a fast-moving and innovative field in medicine, with so many possibilities. While it may be one of the more controversial medical fields, it has exciting applications, including early detection of diseases, synthetic DNA production, and faster, cheaper DNA testing.

To discover more about innovations in genetics and genomics, you can try our MedTech: Exploring the Human Genome course by the University of Leeds or The Genomics Era: the Future of Genetics in Medicine course by the St George’s University of London.

Regenerative medicine
Regenerative medicine is what you might imagine – medical treatment that seeks to replace damaged tissue or organs. Clearly, progress in this area is invaluable, and there’s no knowing how far regenerative medicine will be able to go in the future.

Some examples of current innovations in this field include tissue engineering, cellular therapies and artificial organs. To learn more, our MedTech: Orthopaedic Implants and Regenerative Medicine course by the University of Leeds will teach you how stem cells are used for tissue engineering, among other things.

Orthopaedic implants
The final healthcare technology we’ll be discussing is orthopaedic implants, which are manufactured devices that replace damaged bones, joints or cartilage. The market for orthopaedic implants is growing at a fast rate, with more products being released than ever before.

Now, patient-specific, customisable orthopaedic implants made with revolutionary 3D technology are becoming more common, so it’s an exciting area to keep tabs on. Again, our MedTech: Orthopaedic Implants and Regenerative Medicine course will teach you more about this topic.

What will the future of healthcare look like?
Now that we’ve evaluated the global health situation and explored some of the innovations that exist, it’s safe to say that the future of healthcare holds plenty more scientific breakthroughs and opportunities for digital innovation.

A recent McKinsey Global Institute report suggested that by 2040, global disease could fall by 40%, and 70% of this would be made possible by preventative measures. Some of the technologies we’ve discussed today could help form part of this preventative care, so it’s worth learning more in order to secure a brighter future for us all.

Our medical technology courses are the perfect place to discover all of the health innovations driving change today. Whether you’re a medical professional or just interested in the future of society, you’ll learn something that inspires you.

Healthcare is an industry that is currently being transformed using the latest technology, so it can meet the challenges it is facing in the 21st century. Technology can help healthcare organizations meet growing demand and efficiently operate to deliver better patient care. Here are 9 technology trends that will transform medicine and healthcare in 2020.

AI and Machine Learning

As the world population continues to grow, and age, artificial intelligence, and machine learning offer new and better ways to identify disease, diagnose conditions, crowdsource and develop treatment plans, monitor health epidemics, create efficiencies in medical research and clinical trials, and make operations more efficient to handle the increased demands on the healthcare system. By 2020, medical data will double every 73 days. McKinsey estimates that there could be $100 billion in annual savings for medicine and pharma by leaning on big data as well as the artificial intelligence and machine learning tools to process it. Artificial intelligence algorithms powered by recent advances in computational power learn from the data and can predict the probability of a condition to help doctors provide a diagnosis and treatment plans. Ultimately, AI and machine learning can assist with many clinical problems as long as governing and regulatory bodies can determine how to regulate the use of algorithms in healthcare.

Robotics

When it comes to life or death, would you trust a robot with yours? Currently, collaborative robots—such as the da Vinci surgical robot— are already assisting humans with tasks in the operating room. However, the potential for robots in healthcare expands beyond surgical uses. With tremendous growth expected in the industry—the global medical robotics market is expected to reach $20 billion by 2023—there’s no doubt that robots used in healthcare will continue to conduct more varied tasks. These already include helping doctors examine and treat patients in rural areas via “telepresence," transporting medical supplies, disinfecting hospital rooms, helping patients with rehabilitation or with prosthetics, and automating labs and packaging medical devices. Other medical robots that are promising include a micro-bot that can target therapy to a specific part of the body, such as radiation to a tumor or clear bacterial infections.

There will hardly be another year that will change healthcare as much as 2021 did. The global pandemic pushed the sector to adapt and innovate. It defined, too, how healthcare will change in the next 10 years.

This does not mean the industry has moved substantially from the path that it was on. Digital technologies were already having an impact on healthcare, but the investment in change wasn’t hurried. Now investment is an expedited change.

2021 will see similar technology trends in healthcare, as well as adoption of new technologies, though most of it will be the ripple effect of the changes that happened in 2020. Read on to find our detailed analysis of the most significant healthtech technology trends for this year to stay ahead of the market.

Healthcare Technology: Market Overview
In what is now a familiar story, the healthcare systems, overwhelmed by COVID-19 patients, relied heavily on technology to become more efficient. This meant streamlining in-patient care, relying on remote technologies, using big data analytics to make decisions, and even accepting the risks of weak cybersecurity measures.

One big indicator of this is how IT teams have become part and parcel of hospital operations. From cybersecurity to AI applications, technology companies are developing more and more solutions for healthcare clients. The use of data interoperability, artificial intelligence (AI), and machine learning (ML) have been particularly impressive.

The healthcare technology market trends reflects this increase in investment and the urgent need for advanced digital solutions. According to CB Insights, global healthcare funding hit a new record in 2020. There were over 5,500 deals that amounted to a total of $80.6 billion raised as equity funding. There were a record 187 healthcare mega-rounds ($100M+) as well.

Funding for digital health companies touched $26.5 billion in 2020, an all-time high. On-demand healthcare was the most funded “value proposition” in 2020. The market is betting that healthcare technology can unlock great value and significantly impact digital health trends in 2022.

On-Demand Economy: How Does It Relate to Healthcare Trends?
Technology companies created the “on-demand economy” to meet the consumer request for goods and services. Obviously, this business model is driven by developments in connectivity and personal devices. It’s also referred to as “access economy” or “shared economy.”

This also changed the way jobs were seen in two ways. One, it created an independent workforce that met the lack of talent in many on-demand services. A good example would be Uber drivers. Two, staffing itself came to be seen as an on-demand service. More and more people were comfortable taking on “gigs” and then moving on. This offered high-skilled workers an alternative to full-time employment.

The on-demand economy has grown over the past decade. Uber was founded in early 2009, and there’s been an explosion of on-demand services since then. The Harvard Business Review reports that there were about 150 million “independent contractors” in North America and Western Europe in 2018. A SunTrust survey found that 81% of Americans would like to convert their “side gig” into a career. Over 50% of those surveyed had taken up a freelance job to earn extra money.

Demigos experience

Of course, the innovations seen in the on-demand economy impacted the healthcare sector as well. From tackling the shortage of talent to finding new ways to engage with patients and healthcare payers, digital solutions like the US-based Wendy’s, for example, make sense for the healthcare sector. This particular digital on-demand service connects caregivers to seniors at the click of a button.

Staffing Issues in Healthcare
The COVID-19 pandemic exposed quite a few weaknesses in the global healthcare system, with staffing a major problem in many parts of the world. Staffing issues will extend beyond the pandemic, though: the World Health Organization estimates there would be a shortage of 9.9 million healthcare workers globally by 2030.

The United States, for instance, will need to hire 2.3 million new healthcare workers by 2025 to take care of its aging population, according to a report compiled by the global healthcare staffing consultancy Mercer.

Under such circumstances, it’s not surprising that healthcare job postings remain open for months or even years. This is especially true for rural areas, even in North America and Europe. The concept of “travel nursing” has become more common in the US with fewer nurses available.

The result is healthcare facilities that have been unable to find enough doctors and nurses to meet crisis requirements. While the current global pandemic might be extraordinary, it’s just as much an issue during seasonal outbreaks. A good example would be peak influenza season. Apart from doctors and nurses, there aren’t enough clinicians, lab workers, and technicians in many countries. A great example of a tech solution to the problems like these is GapNurse, a web-based staffing platform for healthcare providers we developed.

Telemedicine
Telemedicine would represent the simplest form of an on-demand service in the list of healthcare technology trends. Not every patient needs to go to an emergency room or a hospital to consult with a doctor, and a teleconsultation could be the most appropriate alternative.

It might seem like a nice-to-have option, but in the context of 2020, it suddenly turned into a must. In the early days of the pandemic restrictions, patients with chronic health issues—diabetes, hypertension, high cholesterol, and so on—had to stay away from hospitals. This delayed the care they needed, the care that could have been provided through telemedicine adoption and connected medical devices.

Regulations and Risks
The on-demand economy is a tricky subject when it comes to regulations. Most recently, the UK’s Supreme Court ruled that Uber drivers were not “self-employed” and were to be considered Uber employees. That means they’re entitled to benefits like minimum wage and holiday pay, which adds a huge wage bill to Uber’s expenses.

The European Union is also struggling to draft clear regulations to oversee the on-demand economy. The European Agency for Safety and Health at Work says that most online platforms have used the “grow first and ask compliance-related questions later” strategy. This leaves on-demand platforms in a state of uncertainty while regulations are worked through.

The regulatory risks of running an on-demand service are very real. New regulations can upend a profitable business model by adding new expenses to the company’s balance sheet. On the other hand, workers’ rights is not something that can be neglected.

The Healthcare Technology Trends that Matter in 2022
The major healthcare technology trends have a clear connection to the digitization and the use of data. This is not surprising as healthcare is not unique in this. Almost all businesses are changing to keep up with the demands of digital transformation. So, here are the technological trends in healthcare that you’re likely to see in 2022.

Cybersecurity
Hackers chose to attack healthcare infrastructure while it was at its weakest in decades. The COVID-19 vaccine has been repeatedly targeted by hackers.

Pfizer, BioNTech, and the European Medicines Agency all reported attacks targeted at vaccine data. More than a few hospitals in the US fell victim to ransomware, which forced the healthcare sector to become far more conscious about its cybersecurity infrastructure.

Cybersecurity firm Carbon Black found that there were 239.4 million attempted attacks against their healthcare customers in 2020. Their report on cybersecurity in healthcare “found an average of 816 attempted attacks per endpoint in 2020, which represents a 9,851% increase from 2019.”

It’s clear that cybersecurity and data protection are probably the most monitored among all the emerging healthcare IT trends in 2022. Multiple data breaches in healthcare and attacks have emphasized the need to invest in cybersecurity. It’s only natural that a push towards a more digital healthcare industry will need a security infrastructure to protect it. This means that cybersecurity firms are likely to see an increase in healthcare clients in 2022.

Internet of Medical Things (IoMT)
The wide adoption of IoMT devices would be the easiest to predict among the health tech trends in 2022.

Devices that are part of the Internet of Medical Things will solve at least some problems that the healthcare sector had to deal with in 2020. IoMT can save money for the healthcare industry, too. A Goldman Sachs report estimated that IoT healthcare could save $300 billion through better ways of practicing medicine.

For example, telemedicine saves money by keeping all non-essential consultations away from hospitals—cutting down on the time and infrastructure costs. In addition, IoT healthcare can increase operational efficiency. Like in all digitized industries, workflows can be optimized and automated. For example, real-time data on everything medicine or equipment makes healthcare administration efficient. Tracking digital tags on medicines can help fight counterfeit drugs.

But IoMT devices are of the highest value in administering healthcare. They can bring healthcare to remote areas that cannot afford to have full-time hospitals. They bring regular consultations into people’s homes, which is especially important for patients with limited mobility. Portable point-of-care devices can run almost any regular test now—and share the results remotely with a doctor.

Digital solutions proved their worth in 2020. The global IoMT market was valued at $44.5 billion in 2018 and is expected to grow to $254.2 billion in 2026. Investments in IoMT and other digital solutions are already on the rise, and the new trend in healthcare technology is likely to continue in 2022.

Remote Patient Monitoring and Wearables
Doctors can do better by monitoring patients outside a hospital or clinic, effectively extending the healthcare system’s reach. Remote patient monitoring, also part of IoMT, can have a long-term impact on healthcare services. Treating chronic diseases like diabetes, heart disease, or asthma can change drastically through remote monitoring.

Regular real-time access to data from connected medical devices can be used for preventive healthcare measures. A wearable ECG device, for example, can alert a doctor of a possible cardiac arrest. In addition, access to such continuous data can help manage chronic conditions by motivating changes in unhealthy lifestyles.

Wearable tech is not as uncommon as one would think. Sensors in consumer devices have already become reliable enough to be considered medically useful. For instance, Apple Watch’s ECG feature was cleared by the US Food and Drug Administration (FDA) to detect a condition called atrial fibrillation. There’s more and more investment into making wearables that produce data that can be used for medical studies.

Digital blood pressure cuffs can be used to send one’s blood pressure and pulse readings to the GP continuously over a period of time. Smart pills have edible sensors that inform doctors or caregivers if their patients are using the medication as prescribed. This issue gains a new urgency, as studies have shown that only half the medication for chronic diseases is taken as directed.

Healthcare Data Interoperability

It’s usually difficult to make new medical technology trends predictions, but data interoperability is an easy one.

Electronic Health Records (EHR) and Electronic Medical Records (EMR) have been advancing interoperability for some time now. However, with the investments in healthcare digitization, interoperability could become a major medical technology trend for 2022.

In the US, the Department of Health and Human Services (HHS) has finalized its rules that give individuals greater control in sharing health information, a consumer-centric approach to healthcare. Patients can now access and share their electronic health information more easily. Interoperability between providers and medtech developers is also expected to improve.

Tech companies are getting involved as well. Google launched its Cloud Healthcare Interoperability Readiness Program to help healthcare clients evaluate and comply with the interoperability rule. The company says many of its clients cannot currently comply as they’re using legacy systems.

The impact was already visible last year. EHR provider Epic reported that its interoperability platform had shared over 221 million patient records in November 2020, a 40% increase compared to the same period a year ago.

Then there are AI startups like Saykara. They’re developing an AI assistant for healthcare providers to monitor patient visits and listen in on doctor-patient conversations to document consultations.

Clearly, interoperability initiatives are on the rise.

Billing and Claims Processing
In addition to ushering in telemedicine, the pandemic hastened the need to automate healthcare processes. This is especially important when it comes to administrative tasks.

Even when an in-person appointment with a doctor is necessary, everything else—billing, insurance discussions, and so on—needs to be handled online. IoMT devices and interoperable systems play an important part in this.

Let’s take the example of an e-Prescription platform, an extension of interoperable EHR/EMR systems. An integrated e-Prescription system gives doctors and healthcare workers access to details on insurance coverage. The system can be used to ensure that patients are prescribed drugs covered by their insurance plans. The whole process is fully automated. And since the paperwork, including insurance coverage, is verified electronically, all a patient has to do is pick up the prescription.

Read also about medical billing trends.

Virtual Reality (VR) and Augmented Reality (AR)
VR and AR technologies play their part in healthcare tech trends. The most obvious example is training for surgeons. VR training allows medical professionals to practice and upgrade their skills without having to be present at a hospital. Read also: Guide to Developing Medical Practice Management Software

During the pandemic, UK-based Virti worked with the NHS to train frontline workers. There was a critical need for more people to work in intensive care units, and they had to be quickly trained to properly use PPE, navigate an intensive care ward, use ventilators, and even engage with patients and their families.

The benefits of modern technology have now touched almost all aspects of our life. However, healthcare is one area that has probably gained the most from technological innovations we have experienced in the last few decades. Be it reducing nursing home abuse or the development of new treatment methodologies, technology continues to make our healthcare sector more efficient. Technological developments accomplished in recent years have saved millions of lives and improved the quality of human life.

Let us take a look at some of the most noteworthy improvements in healthcare caused by the latest technological innovations.

Digitalization of Health Records:

The replacement of paper-based records by Electronic Health Records (EHRs) has been a massive game-changer in the healthcare industry. This development has not only made it possible for the patients to access their medical records effortlessly but also ensured that critical errors are caught promptly.

Amongst many benefits brought to healthcare by electronic health records, here are few important ones.

• Improved Patient Care: EHRs are capable of sending automatic alerts to physicians about potential issues. This is proven to be a critical benefit for the treatment of unresponsive patients.
• Better Public Health: EHRs also help the process of advancing medical knowledge and developing treatment methodologies for health problems by proving important information to clinical researchers.
• Simplified Workflow: Out of all types of allied health workers in the US, medical coders and billers probably have the most stressful job. The introduction of EHRs has undoubtedly made lives much easier for these key healthcare professionals.
• Lower Healthcare Cost: A study conducted recently by the University of Michigan suggests that the expense incurred on outpatient care can be brought down significantly by shifting to electronic health records from paper.