This article highlights the opportunity for technology companies to help rein in the costs of healthcare which is continuing to grow at unsustainable rates. New technologies such as artificial intelligence, robotics, social media, sensors, and wearables in medicine may improve the quality of care while reducing costs.
It is noted that the incumbent pharmaceutical and medical companies are experienced in healthcare and dealing with regulatory barriers, but tend to struggle with either the adoption of new technologies or the ability to introducing big changes into the healthcare system. Given that most of the opportunities for change in the healthcare system are digital solutions tech companies have a competitive advantage.
Some of the challenges for tech companies to get involved include:
- Highly regulated environment
- Evidence-based medicine: takes significant time and efforts for new initiatives to show proof of effectiveness.
- Risking lives: many companies are not prepared to take this risk
- Empowerment: data, services, technologies tend to be inaccessible to external parties
- Quality of technology: challenges to provide high-quality, reliable, and long lasting products given the fact that they will be providing the data for doctors to make decisions.
The article also provides a variety of suggestions for the ways that tech companies could successfully become involved in healthcare. The full lists of recommendations can be found on the site here: