The State of Innovation in Healthcare

Innovation in Healthcare

In a recent survey, researchers found that seventy-five percent of hospital executives at a location with 400 or more beds are planning to build an innovation center. According to Gartner, innovation centers can serve many purposes, including building cultural innovation norms in the workplace, providing workspaces for strategic goals, and beyond. But when I read this study, what I took away was the fact that hospital executives are beginning to respond to dramatic shifts in trends and technology in a collateral manner.

You see, perhaps no industry more than the healthcare sector has been impacted by technology changes over the past decade. Which is why global investments in medical and health research and development have grown by more than 13%. Whether we’re looking at the health applications of nanotechnology and CRISPR or just looking at how patients now have access to a wealth of their own digital data, the landscape is fundamentally different than it used to be, so healthcare providers are trying to figure out how to keep up. Here are four areas that we think innovators in the healthcare industry will focus on.

Data. There’s data coming at you from just about every direction these days, which is why every industry is trying to understand how to leverage and manage big data. In healthcare this even more true where data can unlock life-saving information, but also presents unique challenges for privacy and security of particularly sensitive data, both for patient care and for research.

New Technology. My father predicted long ago that he would be treated by nanobots in his lifetime. I don’t know if that prophecy will come true, but I know things like that are definitely on the horizon and healthcare professionals need to be aware of what’s already out there and develop a plan to accommodate those new solutions in their future approach to care.

Patient Access. Everyone at some point in their life will have a healthcare need. How do you distribute those resources around the globe? Will telehealth be the trend that shapes this? Business model innovation? There are numerous ways to start scaling our approach to healthcare around the world.

Cost Savings. People want better care for less money and there’s a lot that healthcare providers and pharmaceutical companies can do to become more efficient. Employees often have easy digital solutions for healthcare efficiencies and what seems like a small change, can result in millions of dollars of savings at scale.

To learn more about innovation in the healthcare sector, download our complimentary infographic on the subject.

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