Category: Healthcare

Employee engagement

Leverage Employee Engagement Strategies to Shape Next-Gen Pharma Leaders

The global healthcare industry has undergone major transformations over the last few decades owing to factors such as technological advancements and evolving business models. As a result, pharma companies have to devise employee engagement strategies to shape the next-gen industry leaders who can overcome the industry challenges.  The healthcare industry faces several challenges as it is increasingly exposed to a sudden surge in competition from small and medium biotech manufacturing companies, entry of generics, rise in pricing pressures, complicated regulatory standards, Ask an analystcomplex patent and trademark issues, and growing environment and sustainability concerns.

To counter such challenges, the healthcare industry must ensure that their workforce has the required skill sets, flexibility, and are responsive to the evolving landscape. The answer to shaping the next gen pharma leaders is to drive employee engagement and devise an effective talent management strategy. Employee engagement and talent management strategies enable companies to equip the workforce and transform them into next-gen pharma leaders.

Shaping the Next-Gen Leaders Through Employee Engagement

Healthcare companies must build industry specific training and development programs that train the workforce to overcome the future challenges in the healthcare service industry. These specific development programs prepare the next-gen leaders by exposing them to a wide range of markets and regions, thereby, enabling market disruption and driving innovation. The employee engagement programs challenge their thinking, change their thought process, and encourage them to work in teams and devise effective strategies. Organizations can initiate a team building process through employee engagement programs, promote organizational networking; thereby, building diverse leadership skills and capabilities.

At the time of recruitment, pharma companies must hire candidates with the skill sets to address the challenges in healthcare and biotechnology, and have an understanding of the consumer behavior and market as well. The relationship between the employees and their managers or team leads is extremely important when it comes to building employee engagement, managing employees, and improving the team’s performance. Organizations can identify the strengths and weaknesses of their employees, determine the best performers, and offer constructive feedback to employees, through an effective employee engagement and talent management strategy. In the wake of increasing competition in the healthcare industry, the pharma companies must leverage the employee engagement tools and strategies to motivate the employees to perform better, retain them within the organization, thereby driving employee value proposition.

View the latest case study from Infiniti Research to know how the insights gained from employee intelligence can drive profitability and shape next-gen leaders for your organization.

IoT in healthcare

Applications of IoT in the Healthcare Industry

Internet of Things (IoT) in healthcare aims at improving the health of millions of people across the globe. The concept of Internet of Things is relatively old but has recently garnered more attention, especially in the healthcare industry. What is the internet of things, you ask? It is the use of mobile or electronic devices connected to the cloud that captures and monitors data, thereby allowing them to trigger certain events. Ask an analystThere are various applications of IoT in the healthcare industry right from remote patient monitoring and health information technology (HIT), which help diagnose, track, and prevent chronic diseases. IoT in healthcare services enables personalized patient monitoring, facilitates calorie count, offers regular checkup reminders, and tracking health information. Smart IoT enabled devices eliminate the need for a direct physician-patient access and interaction by leveraging data insights.

Applications of IoT in Healthcare

IoT in healthcare has revolutionized the medical services industry through apps and devices that have redefined the way physicians and patients interact and communicate with each other. The introduction of technology in healthcare has improved patient journey, enabled remote monitoring, and real-time location services. IoT in healthcare offers tools and systems that help improve the efficiency of service providers, improve the quality of services, resulting in a significant reduction in health care costs. IoT in healthcare

  • Through remote monitoring, health care service providers can offer timely and prompt attention to patients. These IoT-enabled wearable devices fitted with sensors can be leveraged to immediately notify family members and doctors of any interruption in the individual’s routine activity

 

  • Physicians and service providers can leverage real-time location services by tracking medical devices and apparatus used to treat patients. Medical tools and surgical devices can be tagged with IoT enabled sensors to help the medical staff locate it

 

  • IoT in healthcare helps improve patient journey by streamlining processes and minimizing costs. The health care service providers provide better patient experiences with an updated infrastructure and accessing patient information stored in the cloud; thereby, providing immediate assistance, communicating through email services, and providing quality medical care to patients

 

IoT in healthcare enables the physicians, providers, promoters, and hospitals to optimize their resources to achieve operational efficiency. Although there are a few loopholes and concerns regarding security and privacy of patient information, applications IoT in healthcare has gained momentum across the globe.

To know more about IoT in healthcare industry

 

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Future of Medical Devices – Technological Advances in Healthcare

With the rapid pace of technological advancements in the healthcare industry, the future of medical devices looks promising.

The new-age medical technology has transformed the way doctors and patients participate and interact with each other. Obtaining real-time information, tracking past health records, identifying potential health issues, and devising a treatment plan are allAsk an analyst signs of the gradual shift from traditional methods to smart medical devices. The future of medical devices is influenced by technological trends and opportunities that promise to revolutionize the operations of the healthcare providers and the medical technology companies. The medical device market space is driven by innovation, and the development of state-of-the-art medical devices and technologies has shown an unparalleled growth and advancement in the healthcare services industry.

The Future of Medical Devices Impacted by the Changing Market Dynamics

A medical device is an apparatus that helps prevent, diagnose, detect, restore, or treat diseases. According to our specialists, the future of medical devices is affected and influenced by the ever-changing market dynamics and other factors such as innovation, growth of emerging markets, advent of new business models, evolving healthcare delivery models, health information technology (HIT), and rapidly changing regulations and compliance standards.

future of medical devices

 

Today, the medical device market is driven by innovation, which has coerced the medical device manufacturers to invest in research and development. As a result, the medical device manufacturing companies are contemplating new business models and market expansion strategies in emerging markets such as the APAC, Africa, and LATAM. With the technological advancements and revolutionary changes in the medical device market, manufacturers and healthcare service providers have started offering personalized patient care and access to complete end-to-end medical device products and services. Med-tech companies are also focusing on new medical device development and are expected to invest a significant amount of the organization’s revenue on research and development. However, the future of medical devices looks interesting but crowded as manufacturers and med-tech companies are launching several new technologies and products.

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Medical Device Manufacturers and Emerging Technologies

Medical device manufacturers are seeking to develop and enhance product prototyping, minimize operation costs, and be responsive to product developments and latest market trends. Emerging technologies in the medical device space have revolutionized the way surgical tools and medical equipment is formulated, improved, and manufactured to cater to the demands of the healthcare service industry. Why should medical device manufacturers track the development of emerging technologies, you ask? Here’s why:

  • By tracking the development of emerging technologies, med-device manufacturers can enhance existing product lines or create adjacent product categories, thereby offsetting the potential impact on existing product lines and categoriesmedical device manufacturers
  • Targeting new markets is the future of medical devices and manufacturing that allows companies to expand market and devise market entry strategies for emerging markets. A medical device manufacturer can either enter a new product category or a new region. Companies can leverage the benefits of low-cost country sourcing and manufacturing, thereby reducing operational costs and providing the highest quality products at the best possible price
  • The emerging technology market space has witnessed a surge in M&A activities over the past years. Med-tech companies are participating in mergers and acquisitions to gain market shares and acquire patented medical technology. This allows companies to gain the first mover advantage and operate in new areas.

Emerging medical device technologies are driven by the internet of things (IoT) and are equipped with wireless communication technologies such as the Bluetooth and internet connectivity to facilitate machine-to-machine communication. Interconnectivity between these tools and equipment with cloud-based platforms that capture, store, and analyze patient data and health information is the next step in the future of medical devices. These systems will enable remote patient monitoring, tracking of previous medical prescriptions and patient locations, monitoring patient progress, and providing access to caregivers.

Tracking The Potential of Emerging Technologies

To stay ahead in the market, it is essential for med-tech companies to track the potential of emerging technologies at an early stage. Traditionally, medical device companies relied on internal intelligence and syndicated research reports that provide insufficient data, invalid assumption, and offer findings that often misleads the organization. Besides these, companies scan the web and media such as magazines, trade journals, industry published reports and brochures that provide limited, outdated, and biased information. Organizations who follow the traditional way of assessing emerging technologies and their potential face the following three issues,

future of medical devices

Assessing The Future of Medical Devices, The Infiniti Way

Infiniti’s team of expert analysts understand the shortfalls of the traditional method of assessing the potential of emerging technologies and present new market models that are fine-tuned to track the latest developments and emerging technologies in the medical device market space. The Infiniti market assessment model categorizes product into three categories namely very new, moderately new, and existing products. The process entails extracting real time data, building realistic market models, and validating the models, framework, and assumption with physicians, patients and others in the med-tech industry to provide accurate and relevant actionable insights.

future of medical devices

We assist healthcare service providers and med-tech companies by providing actionable insights that help them in strategic decision making and assess the future of medical devices. These insights enable the companies to answer the following questions,

future of medical devices

 

To know more about the future of medical devices and its impact on your organization

 

ACA vs. AHCA

ACA vs. AHCA and its Impact on the Medical Device Industry

Thanks to the ongoing healthcare bill debate between the Affordable Care Act (ACA) and the American Health Care Act (AHCA), the market space for health care in the US has been the center of attention across the globe. In the year 2010, a new healthcare bill named the affordable care act, more commonly known as the Obamacare, was brought into effect by the president of the US. The affordable care act was introduced with the objective to improve health care in the US by making health insurance coverage accessible and affordable to all. Through the affordable care act, the United States was one of the few developed countries to offer universal health care to its residents.

However, when the political reign shifted to president Trump’s administration, the Republican party introduced a legislation to repeal the affordable care act and replace it with the American health care act, with certain reforms. While the AHCA plan looms under the clouds of uncertainty, groups of doctors, nurses, hospitals, and patients have contested against the GOP’s health care plan to repeal Obamacare with the AHCA. One group missing from the opposition against the new health care bill are the medical device manufacturers organization.

What is the difference between the Affordable Care Act and the American Health Care Act

The American health care act, the GOP alternative health care bill that aims to repeal Obamacare (ACA), has been introduced with certain amendments to the latter. There are certain similarities and differences between the affordable care act and the AHCA; let’s have brief look at each. The similarities between the ACA and the AHCA are as follows,

  • The pre-existing medical conditions such as pregnancy or cancer will still be covered under the new coverage options, and insurancea2 companies cannot refuse the coverage for the same
  • Both the legislative pieces, the affordable care act and the American health care act, offer coverage to young Americans under their parent’s insurance till the age of 26
  • The affordable care act and the AHCA still prohibit the insurance plans from setting a lifetime limit and also offer tax credits to the citizens who buy insurance coverage

 

While a few aspects have been retained, there are few amendments made by the Republican party in their quest to repeal Obamacare through the GOP health care bill, replacing it with president Trump’s proposed health care reforms. The differences between the two are as follows,

  • AHCA eliminates the individual and employer mandate and the resulting penalties by making health insurance coverage optional for both the parties
  • Under the GOP alternative, Medicaid expansion is brought to a halt and restricts federal funding to facilities that offer abortions and planned parenthood
  • The proposed bill intends to repeal the taxes on health care and related services such as the over-the-counter medications, prescription drugs, health insurance and the medical device manufacturing industry, which was used by the affordable care act to pay for their plans

AHCA and Its Impact on Medical Device Manufacturers

Under the AHCA, the medical device manufacturers are set to witness sustainable growth that was capped by the excise tax of up to 2.3 per cent on the annual sales to help fund Obamacare. Under the affordable care act, this tax amount would be used to extend coverage to millions of American citizens without a health insurance coverage. The medical device manufacturing industry in the US develops, produces, and sells medical devices and surgical equipment such as high tech devices such as pacemakers and hearing aids across the globe. However, with the introduction of the affordable care act, the medical device manufacturing industry saw a significant loss of American jobs within a span of two years and scaled back their investment in research and development, and other related capital spends.

The drug, biotech, and medical device makers are set to benefit under the new reformed health care bill proposed by President Trump’s administration as it eliminates taxes worth billions of dollars on the industry. The medical device manufacturers have deemed the health care bill by the Republican party as a positive step towards eliminating medical device tax completely.

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Healthcare Reimbursement Scenario in China and Japan: A Nightmare for Medical Device Manufacturers

There are two fundamental working models for health insurance, the first being the out-of-pocket expenses paid by the insured, which is then reimbursed by the insurer and the second being the direct payment model, where the insurer pays the amount directly to the healtha2 care provider. Even though health insurance may seem like a relatively simple process, changes in country, governance, policies, laws, insurance agents, and healthcare acts make it a complicated affair. In the case of China and Japan, the majority of its population is covered under its universal healthcare system or insurance program. The government spends a lot of money in healthcare reforms in an attempt to bring the healthcare cost down and reduce insurance frauds with better healthcare reimbursement plans. A large chunk of this healthcare cost is spent in the sourcing and procurement of medical devices. The government tries to reduce the cost burden to the healthcare facilities by reimbursing a part of the cost of medical devices. But procurement processes for these medical devices is complicated as the reimbursement rates cannot be easily calculated.

The complexity of reimbursement plan poses a critical challenge for suppliers as well as the buyers for these medical devices. Here’s how Infiniti Research approaches this problem and offers a definitive solution to concerned stakeholders:

Understanding the Complexity of Medical Insurance in China and Japan

Japan

In order to reduce their overall government spending in the medical sector, the Japanese government has been lowering the reimbursement rates for medical devices over the past three years. They have also made attempts to promote domestically procured medical devices and doesn’t recognize CE markings or FDA certificate. Since there is a lack of private insurers in the Japanese market, suppliers are obliged to clear their products for medical reimbursement. Despite the difficulties and confusing classification of devices, if a manufacturer wants to list his device, they have to benchmark their prices with approved prices based on device classes.

China

China also assumes a similar stance to promote domestically procured medical devices. But, there exists an added complexity in the procurement of the medical devices as they employ tendering and bidding process, which is conducted at national, provincial, and hospital levels. Apart from the rigorous tender and bidding process and lengthy regulatory and reimbursement approval procedure, the system also lacks a standardization procedure as the reimbursement is based on a multitude of factors such as age, place of residence, class of medical device, type of hospital, average employee wages, and local level income. The larger portion of medical device expenses is paid by the patients, as a result of which the Chinese government is making efforts to increase coverage of their health insurance plans.

So Why Should Manufacturers be Concerned about the Reimbursement Scenario?

Gaining an understanding of the reimbursement scenario simplifies and speeds up the regulatory approval process. The manufacturera2 should have a thorough knowledge of medical device classification to benchmark imported medical products with domestic products. In some cases, it is essential to modify products to suit the local requirements and to comply with reimbursement standards. Since the government has made the procurement of imported devices unfavourable, foreign players can look for mergers and acquisitions to increase their survival chances and enjoy reimbursement benefits.

Challenges Faced by Foreign Medical Devices Suppliers in Tackling the Reimbursement Scenario

Japan

  • Presence of multiple regulatory bodies
  • Complicated medical device reimbursement application and review procedure
  • Preference towards domestically manufactured devices
  • Lack of knowledge on the dynamic Japanese medical devices market
  • Regular price revisions and lowered reimbursement rates
  • Lack of proper categorization of imported medical devices
  • Unclear grouping of medical devices for reimbursement
  • Requirement of local influence for survival

China

  • Complex reimbursement calculation methods
  • Low reimbursement for complex medical devices
  • Exclusion of multiple components by government insurance
  • Variation in deductibles and hospital tier level affects the reimbursement percentage
  • Locally manufactured devices having higher proportion of reimbursement
  • A host of factors such as age, income, city of residence, occupation, hospital locality, and family structure for consideration of reimbursement to patients

How Infiniti Research Equips Foreign Medical Equipment Suppliers to Tackle the Issue:

A lot of information is available regarding the medical reimbursement scenario in China and Japan, but it is either outdated, irrelevant, or impractical. The existing reports usually focus on a general overview of medical reimbursement scenario excluding the intricacies and don’t offer scope for new adjustment in regulatory changes. Infiniti Research addresses all these problems and provides a systematic solution for medical device manufacturers to provide product-wise reimbursement information.

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Information pertaining to medical devices is extracted from public registries, government, private databases, traditional media, internet scan, local language resources, and insurance aggregators to create a sound basis for reimbursement models. Research experts at Infiniti Research also assess the reimbursement scenario for each device and start by building models from scratch, making realistic assumptions on inputs from physicians and industry insiders. The models are then validated from KOLs, other doctors, insurance agencies, hospital departments, and regulatory bodies.

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Health care in the US

What is the Affordable Care Act and its Impact on Americans

In the year 2010, the Patient Protection and Affordable Care Act (ACA) was brought into effect by the president Obama administration,Get more info re-vamping the operations of health care in the US. The ACA or Obamacare, as it is popularly known, hopes to improve health care in the US by providing affordable health insurance coverage to all. The ACA has had a far reaching impact on the Americans choice of health insurance and has garnered attention from across the world with the launch of the health insurance marketplace. The United States is one of the few among the developed nations to offer universal health care through the Affordable Care Act to its citizens.

What is the Affordable Care Act ?

This act puts in place a comprehensive set of reforms that aim to improve and expand the Americans’ access to affordable health coverage. The market for health care in the US provides consumer protection, through the Affordable Care Act, to prevent restrictive and abusive trade practices by health insurance companies. The Affordable Care Act aims to achieve the following objectives and goals in the US affordable health care market

  • Improve the quality of health care services and ensure patient safety
  • Ensure coverage protection to insured individuals and extends affordable coverage towards the uninsured
  • Reduce the health care costs and promote high quality, effective, and value added care
  • Encourages the adoption of health information technology in the health care industry

Affordable Care Act and Its Impact on health care in the US

The Affordable Care Act is one of the most controversial legislation pieces from the Obama administration that aims to improve health care in the US. Although there are a few valid criticism points around the Affordable Care Act, it has the following impact on Americans and health care in the US, in general.

  • The Affordable Care Act provides extended coverage for individuals under their parent’s insurance until the age of 26; thereby, ensuring time and resources to young Americans to be financially secure and build a healthy lifestyle
  • It offers more benefits for women under the new coverage options they cannot be refused coverage based on a pre-existing medical condition such as pregnancy or cancer
  • With the aim to provide affordable health care to all American citizens depending on their interest, medical needs, and financial ability, the Affordable Care Act offers four tiers of coverage for health insurance plans namely bronze, silver, gold, and platinum
  • The Affordable Care Act guarantees a range of health benefits and services right from emergency services, prescription and drugs, maternity and newborn care, laboratory services, and hospitalization among several others
  • The health insurance companies will be held responsible and accountable across their range of service offerings under the Affordable Care Act; thereby, ensuring reliable and helpful service to the insured

To know more about health care market in the US

Digitization in healthcare

Healthcare’s Digital Future – The Third Wave of Digitization

Healthcare organizations are planning future strategies towards adopting full digitization of their enterprise. Digitization across the healthcare industry has helped health service providers to create a robust and critical infrastructure by focusing on the patient’s needs. Healthcare’s digital future looks promising as the patients are more comfortable in using digital services for complex and sensitive issues such as health care and medicine. It is a clear indication for providers and payers to embrace healthcare’s digital future by adopting the third wave of digitization.Get more info

Non-healthcare organizations have successfully adopted digitization in its entirety by offering digital products and processes through contemporary channels and increasing its efficiency and effectiveness by leveraging advanced analytics. Digitization in the healthcare industry has transformed the way the providers and patients function and interact; thereby, making medical care services accessible to everyone by ensuring wide availability.

Digitization in Healthcare – How and What?

Digitization enabled by Health Information Technology (HIT) has revolutionized the individual’s perception of health care, changed the way end-users approach and interact with the subject of health and medical services. Adoption of IT and technology in the healthcare industry has transformed the relationship between a patient and a provider, empowering people to participate in personal and family health management actively. From the perspective of the healthcare service providers, to create value, it is crucial to understand the patient needs and the myths surrounding them, and comprehending the market landscape. Healthcare organizations can leverage market intelligence solutions such as customer analytics and big data analytics to identify patient needs.  Furthermore, healthcare organizations must identify their customer segments and position the services strategically to meet the estimated patient need and demands. The key to successfully adopting digitization in healthcare is to gain actionable insights and thereby, adding new services to retain patient attention and drive value.

Adopting Digitization in Healthcare – Going Slow

Healthcare organizations are slowly adopting digitization as the healthcare executives often cite the sensitive nature of medical care as an excuse for the relatively low consumption of digital healthcare services. While in reality, the patients are willing to avail digital service if it matches their needs and ensures high quality. The other reason cited for the slow rate of adoption is the fact that most health system providers often feel the need to be innovative regarding design and features. However, patients don’t expect innovative features. Instead, they seek efficient processes, improved accessibility, and human interaction. Additionally, when adopting digitization in their systems, healthcare organizations can start small, be responsive, offer assistance with routine medical tasks and provide easy navigation instead of building a comprehensive and complicated platform.

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Top 5 Challenges for Medical Device Manufacturers in Emerging Markets

The medical device manufacturers are set to witness growth opportunities in emerging markets with the increasing importance of medical devices and surgical equipment in modern healthcare. Globally, the medical device manufacturers are shifting from a transaction-based approach to an approach that involves focusing on creating value for providers, practitioners, payers, and patients by providing surgicalGet more info instruments and medical tools that are highly cost efficient, innovative, and speak volumes about the product quality. The medical device manufacturing industry is expected to grow by leaps and bounds owing to the rising aging population, increasing health concerns, and sky-rocketing health care costs. As a result, medical device manufacturers are undertaking new product development projects at breakneck speed, especially in the emerging markets such as China and India. However, a key point to remember here is that the medical equipment manufacturing companies would require a proper execution strategy to address the needs and concerns of the key stakeholders in the market.

In the emerging markets, medical devices and surgical equipment are often looked down as cost drivers for limited budget hospitals, although they offer long term cost saving opportunities, create effective healthcare practices and offer improved patient outcomes. Despite the trends and developments, medical device manufacturers must take necessary steps to overcome the challenges pertaining to product quality, regulatory compliance, and data security among several others. Let’s look at the top 5 challenges faced by medical device manufacturers in the emerging markets:

#1 Ensuring Product Quality

Medical device manufacturers must warrant top notch product quality to avoid product recalls. For a medical equipment manufacturer, product recall negatively impacts its brand reputation and the company’s bottom line. Thus, ensuring adequate product safety, security, and reliability are extremely crucial to survive the competition in the emerging markets.

#2 Regulatory Compliance and Government Support

Medical device manufacturers must ensure adherence to product safety standards and regulatory compliance. Medical devices include every equipment right from thermometers to magnetic resonance imaging machines. Medical equipment manufacturing companies must pay attention to compliance and regulatory standards that differ from country to country. Besides this, garnering government support in the form of subsidized research and development, expediting approvals, tax and financial support, and offering favorable tax reimbursements are some of the major challenges for medical device manufacturers.

#3 Localization of Medical Devices 

In the emerging markets, local medical device manufacturers are more successful as compared to their multinational counterparts. This is possible because the local players offer tailor-made products aimed at resolving local needs and constraints. The local medical equipment manufacturers often indulge in market research and leverage the benefits of local operations and a domestic sales force to bridge the gaps in the market.

#4 I-o-T Integration and Data Security

Internet-of-Things (IoT) enabled medical devices and surgical instruments that are high on innovation pose as a technical challenge for medical device manufacturers. The growing concern of medical equipment manufacturing companies is to collect, secure, and manage vast amounts of sensitive data that is stored in a cloud-based infrastructure to prevent data theft and breaches.

#5 Cost of Product Development

The major challenge for medical device manufacturers is to overcome the burgeoning cost of product development as a result of the challenges mentioned above. Besides technology and government regulations, medical service providers evaluate new products based on its price as against factors like patient experience.

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Health economics

Top 3 Technology Trends in the Healthcare Industry

The healthcare technology trends and growing government intervention has uplifted the medical care system, globally. The technologicalGet more info trends in the healthcare industry coupled with clinical professionals are driving an effective and efficient primary health care system for both patients and payers. By integrating health and information technology (HIT) to provide digital innovations, such as mobile access (mHealth), cloud based health records, and additive manufacturing and telemedicine, the availability of new diagnostic and treatment options in the healthcare industry has increased. Health information technology is the need of the hour and helps fulfill the growing demands of the healthcare industry.

The technology trends in the healthcare industry ensure that the patients receive the right care by the right person at the right cost and at the right place and time. Let’s have a look at the top 3 technology trends in the healthcare industry that has accelerated its growth.

#1 Wearable Tracking Devices

Wearable tracking devices help in monitoring the physical activity of an individual, sleeping patterns, calorie consumption, and much more. The wearable technology and tracking devices have the ability to improve operations in the healthcare industry and drive patient engagement. These wearable trackers serve multiple purposes, are highly convenient, and have a wide consumer appeal. Fitness trackers with heart rate monitors reduce the need for in-person visits and allow physicians to check on the patient’s progress remotely.

#2 Cloud Based Electronic Health Records (EHR)

Health information technology provides remote access and convenience to consumer’s health information. The healthcare industry is witnessing a large scale adoption of cloud based electronic health records as it is more agile, adaptable, and has higher flexibility options for the consumers and providers of healthcare services. These cloud-based health records solutions offer the option of wrapping ancillary business information, thereby enabling the healthcare professionals to focus on practicing medicine and improving the patient’s quality of life.

#3 Mobile Access and Telehealth

Mobile access and telehealth services have opened new avenues to address the issues of the healthcare industry by capitalizing on the network connectivity, thereby making medical services accessible in remote areas. In simple terms, telehealth is the adoption of technology or telecommunications to offer health services. In the healthcare sector, this technology can be used for diagnosing patients through a virtual network and providing general health education.

Technology has found wide application in the global healthcare industry, especially in the US. Healthcare professionals are meticulously working to meet the growing demands in terms of healthcare services, packaging, and changing the payment systems in the medical services market to create a positive and significant impact in the global market.

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Pharma

Emerging Markets – The Next Pharma Challenge

There was a time when the EU5 nations (Spain, UK, Italy, France, and Germany) were regarded as the hot spots by pharma majors. But as the developing countries increased investments in the healthcare sector, pharma manufacturers see immense potential in these markets as well. The interest in the emerging markets was further grown by the fact that governments here have increased the investments in healthcare infrastructure and insurance. The BRIC nations along with Mexico and Turkey are the major markets which most pharma companies are focusing on.

Developing Economies – What makes them the hotbeds for pharma players?

The fact that over the past few years the developed countries have experienced a consistent decrease in the funding for healthcare, forced many manufacturers in the pharma industry to expand their market base. Developing economies already have a huge set of health-related maladies which are either underdiagnosed or undertreated. This situation gives a lot of scope for growth and expansion to the big names in the pharma industry.

Also with growth in purchasing power, the shift of population to the urban areas, and high prevalence of lifestyle-related diseases like diabetes, cardiovascular diseases, and cancer, the developing economies provide huge opportunities to global pharma companies. All these factors have worked together to convert the developing economies into the hotbed for pharma players.

From land of opportunities to a pharma challenge

As the hype surrounding the developing nations being the next ‘BIG’ thing in the pharma industry has subsided, industry experts realize that the developing nations have their own set of inherent challenges. Unlike the developed countries, where pricing and meeting the local demands were the major game changers – the emerging markets pose challenges at multiple levels.

Apart from market access and addressing the local diseases, pharma companies must also comply with the regional regulations, focus on pricing and reimbursements, and most importantly battle out the infrastructure issues. The situation becomes even more challenging for Western pharma companies as they lack the local client base and understanding of the drugs which suit the local demographic’s profile. The absence of local data is another significant barrier that the pharma industry is yet to overcome.

Infiniti’s take on turning challenge into opportunity

To make an impact in the emerging markets, it is crucial that local authorities, pharma companies, and other stakeholders in the industry be considered. Research has already shown that different population groups respond differently to the same drug. Therefore, good amount of research is required before launching a drug in these markets.

However, challenging the situation seems, local expertise backed with a global perspective is sure to give an edge to the players in the emerging markets.