IANS | 19 Jun, 2024
As the majority (63 per cent) of Life Sciences organisations, across
biopharma and medtech, have connected health products already on the market or
under development, the industry anticipates that connected health will
contribute more than one-fifth of their total revenue (22 per cent) in the next
five years, a new report showed on Tuesday.
According to the IT firm Capgemini, three in five Life Sciences
organisations are currently developing a roadmap for integrating Generative AI,
and over half are already piloting genAI for interactions with patients and
healthcare providers (HCPs).
"Unlocking the power of healthcare data and leveraging the
possibilities posed by breakthrough technologies, such as Generative AI, will
be at the heart of this connected health revolution," said Thorsten Rall,
Global Life Sciences Industry Leader at Capgemini."They can accelerate
drug development, enhance patient care, and have the potential to reshape what
'product' actually means for pharmaceuticals, especially medtech
companies," he added.
The report surveyed 420 industry executives from various biotechnology,
pharmaceutical (biopharma), and medtech organisations exploring connected
health initiatives with annual revenues exceeding $500 million.
The report also found that there has been a six-fold increase in
biopharma organisations with market-ready connected products since 2021.
Oncology, immunology, and cardiology are primary focuses for most
biopharma companies, with emerging areas such as mental health, diabetes,
obesity, and dermatology also showing huge growth since 2021.
According to the report, biopharma organisations have made significant
progress in leveraging AI, Machine Learning (ML) and Cloud in the last three
years.
Biopharma organisations using AI for predictive analysis of real-time
data from connected health products have almost doubled since 2021 from 24 per
cent to 46 per cent.
As per the report, over two-fifths (42 per cent) also have a Cloud
platform in place for data integration from different sources.
However, only a minority of Life Sciences organisations mentioned that
they had an adequate supply of technical skills such as AR/VR and Generative
AI, according to the report.
--IANS