Forecasting the Role of Connected Health in Lifesciences Revenue Growth

While around half of organisations believe their connected health efforts have matured, most admit that robust data management capabilities are still lacking. Despite a more mature approach to connected health strategy and planning compared to three years ago, the research finds there is a general lack of a common framework, standards, and tools for data handling in relation to connected health.

In the realm of lifesciences, the integration of connected health products marks a significant trend poised to reshape the industry landscape. Recent findings from the Capgemini Research Institute reveal that a substantial 63 percent of lifesciences organizations, encompassing both biopharma and MedTech sectors, have already deployed or are developing connected health solutions. These innovations are not merely experimental but are expected to play a pivotal role in driving revenue growth, with lifesciences firms foreseeing that connected health will contribute over 20 percent of their total revenue within the next five years.

However, amid this ambitious vision lies a critical challenge: the need for robust data capabilities. The Capgemini report underscores that many organizations lack essential data infrastructure necessary to fully capitalize on the potential of connected health technologies. This deficiency could potentially impede their ability to harness the full benefits of these innovations and realize their revenue projections.

Furthermore, the lifesciences sector is actively exploring the integration of generative AI to enhance interactions with both patients and healthcare providers (HCPs). The report reveals that three in five organizations are in the process of developing a strategic roadmap for implementing generative AI, with more than half already conducting pilot programs. This adoption of AI signifies a broader industry shift towards leveraging advanced technologies to improve patient care, operational efficiency, and overall outcomes.

In a recent incident involving Ascension, a prominent healthcare organization, the vulnerabilities associated with digital transformation efforts came starkly to the forefront. Ascension reported a cybersecurity breach where attackers accessed files from a limited number of servers, potentially compromising patient Protected Health Information (PHI) and Personally Identifiable Information (PII). While investigations are ongoing, the incident highlights the urgent need for robust cybersecurity measures alongside digital innovation initiatives within the healthcare sector.

As Ascension works towards restoring full functionality of its systems, including electronic health records and patient portals, the incident serves as a sobering reminder of the cybersecurity risks inherent in adopting connected health technologies. Despite these challenges, the lifesciences industry remains steadfast in its commitment to leveraging technological advancements to improve patient care and operational efficiencies.

Looking ahead, stakeholders in the lifesciences sector must prioritize building resilient data infrastructures and implementing stringent cybersecurity protocols to safeguard sensitive patient information. These measures are crucial not only for compliance with regulatory standards but also for maintaining trust and confidence among patients and stakeholders in an increasingly interconnected healthcare ecosystem. As lifesciences organizations navigate the complexities of digital transformation, they must strike a delicate balance between innovation and security to realize the full potential of connected health technologies in shaping the future of healthcare delivery.