Top Trends in Healthcare: Technology trends

The pharmaceutical, healthcare and medical devices sectors are highly regulated, as are the environmental, social and government (ESG) sectors. However, disputes are not alien to them. As more companies call for public opposition to social inequality, corruption, tax evasion and insecurity, health care providers and pharmaceutical and medical device companies will need to improve their governance.

The following are key technological trends affecting environmental, social and managerial performance (ESG) as defined by GlobalData.

Artificial Intelligence (AI)

Pharmaceutical companies and medical device companies are introducing artificial intelligence to transform supply chains and better manage their operations. Through predictive analytics AI provides increased visibility of supply chains by improving the transparency of costs, logistics, warehousing and inventory. Data are collected from each stage and then analyzed by AI algorithms to improve efficiency and performance.

AI also speeds up the drug development process, which could turn into cheaper drugs for patients. BenevolentAI studies AI to modify the disease in weeks, not months. In addition, AI can improve patient well-being by automating medical records, predicting disease, and increasing treatment effectiveness.

3D printing

For pharmaceutical and medical companies, 3D printing can reduce costs, waste and the burden on the environment. Dexterity from Aprecia Pharmaceuticals, an antiepileptic drug, is the first and only pharmaceutical to be printed in 3D printing that has received approval from the U.S. Food and Drug Administration (FDA). 3D printing is now used for clinical trials and production.

3D bioprinting offers an alternative to animal testing in drug development. 3D fabrics provide a much clearer view of reality, leading to more predictable outcomes for drug candidates and reducing failures in the later stages.

Cybersecurity

The healthcare industry is vulnerable to cyberattacks because of the amount of valuable and confidential data it produces. Since the beginning of the pandemic, there have been cyber attacks on hospitals and institutions in the United States and Europe, especially related to Covid-19 research.

Telemedicine also creates significant privacy and security concerns. Healthcare professionals need to be trained in processes and systems, and patients need to know best practices. Blockchain technology can mitigate cybersecurity risks by preventing unauthorized access to assets such as networks and clinical data, ensuring the effectiveness of systems for healthcare professionals and patients.

This is an edited excerpt from ESG – Main trends by sector – Case studies report prepared by GlobalData Thematic Research.

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