Healthcare and Life Science Imperatives for 2024
Healthcare and life sciences (HCLS) is one of the world’s most dynamic and rapidly evolving industries. It encompasses a range of interconnected fields including pharmaceuticals, biotechnology, medical devices, healthcare services, and health insurance. The common theme among these diverse fields is that each is driven by innovation that constantly pushes the boundaries of what is possible to improve quality of life on the planet.
Today, HCLS finds itself at yet another inflection point with the widespread undertaking of digital transformation. HCLS Chief Information Officers (CIOs), Chief Technology Officers (CTOs), and Chief Digital Officers (CDOs) who are leading the effort find themselves inundated with persuasive business cases for new digital tools directly from their constituent business users. The sudden availability of generative artificial intelligence (GenAI) techniques has greatly accelerated the demand for such innovation.
CIO, CTO and CDO decision-making transcends buzz-worthy trends, focusing instead on fostering a synergistic partnership with the business units they support. This collaboration is aimed at effectively addressing customer needs, whether the customer is a patient or an ecosystem partner. Importantly, these leaders embrace the responsibility of fiscal stewardship, judiciously directing technology investments with a long-term perspective on achieving sustainable growth and efficiency.
There are always significant challenges facing HCLS technology leaders, but today two challenges have risen to the forefront:
Protecting valuable data assets by actively managing cybersecurity. According to the FBI, the healthcare industry was hit the hardest by ransomware attacks in 2022 compared to other critical infrastructure . Furthermore, healthcare organizations across the world averaged 1,463 cyberattacks per week in 2022, up 74% compared with 2021 .
Rising healthcare costs. Globally, rising costs threaten both the accessibility and sustainability of essential medical services, with total global spend up to US $9 trillion in 2020 (approximately 11% of global GDP) . Of great concern to the HCLS industry is that these trends can disproportionately impact the economically vulnerable thereby widening health disparities based on ethnicity or race. Effective cost reduction in healthcare and life sciences is not just an economic imperative but a moral one too, as it can enhance the universal availability of quality healthcare, fostering a healthier, more equitable society.
The challenge for tech providers today is to demonstrate how their solutions empower HCLS technology leaders to drive innovation while enhancing enterprise secure and controling costs. Yes, tech must meet the required performance specs (often refered to as “speeds and feeds”), but must also balance those within financial cost and cybersecurity constraints.
