In an industry where staying ahead of the pack is king, deciding it's time to invest or time to avoid the shiny new innovation can be a high-stakes proposition.
But unlike other industries, the stakes are a lot higher in healthcare. Patients could die, data privacy could be compromised, and all sorts of terrible litigation could ensue.
Figuring out how to balance the status quo vs. the iteration of new technologies requires an evaluation process that is both systematic and flexible. It’s not just a matter of what’s cheapest, fastest or easiest. Some would consider compliance and innovation to be competing forces. However, making them work together can be a competitive advantage.
Consider digital therapeutics and connected care in the biopharmaceutical and med device space. New entrants, such as digital sensors or mobile apps, can help patients make behavioral changes, give providers real-time data and insights, and provide insurers and employers with new tools to better manage beneficiaries’ health. Sometimes, people assume that only "medical-grade" devices and apps cleared or approved by regulators are appropriate. But, it’s important not to ignore consumer-grade devices in these conversations: they’re inexpensive, widely available, often developed with a great deal of attention to user experience, and can offer benefit to researchers.
The second piece in the evaluation process is training. Healthcare companies that invest in upskilling and/or reskilling workers get the most out of new and impending investments into technologies. According to research by Gartner, artificial intelligence (AI) will create more jobs than it will eliminate. In the next few years, AI and process automation are expected to eliminate 1.8 million jobs while creating 2.3 million new ones reliant on a more skilled workforce.
Before rolling out any technology, healthcare companies should invest in training programs that free up employees to focus on higher-value tasks. Their input should be considered in the technology selection and implementation process. Repetitive, tedious work should be automated, leaving room for specialized talent.
Source: Gartner, “Gartner Says By 2020, Artificial Intelligence Will Create More Jobs Than It Eliminates,” Dec. 13, 2017, https://www.gartner.com/newsroom/id/3837763