It’s rare to find an industry that is not using the technologies of the 4th industrial revolution to create more personalized services for consumers, but perhaps none have the profound possibilities from doing so as in healthcare. Such a world promises to deliver not only the precise care we need, when we need it, but also opens up a swathe of preventative services to keep us healthier to begin with.
A new report from Arthur D Little explores how such a personalized future might play out, albeit exclusively through the treatment lens rather than prevention. It looks at the scientific and technical developments that promise to transform both healthcare and society.
“Thanks in large part to simultaneous advances in genomic sequencing, data science and analytics, and artificial intelligence/machine learning, our ability to create biological data sets specific to individuals and small groups will provide us with incredible insight into patients’ biological make-ups (genes, cells, bio-markers, metabolic pathways, etc.),” the authors say.
Some of these targeted technologies are already entering the market in areas such as oncology, and the authors expect the number of such treatments to grow considerably in the coming decades. Indeed, the proportion of personalized treatments approved by the FDA recently grew to nearly 40%.
This is set to increase as the company gains access to physiological and behavioral data from consumer electronics and wearable devices. The combination of this kind of data with traditional medical records and genomic data is a topic I’ve touched upon many times, and the authors are confident in the potential for data to transform how we view health today.
An aging world
This is especially important in an aging world that will have a growing number of chronic conditions to cope with. The authors argue that a major challenge for society to overcome will be to find new ways to manage chronic conditions, and precision medicine is one such solution.
“The development of ultra-targeted treatments will lead to a wave of patient population fragmentation characterized by an increased number of marketed treatments and a smaller number of patients targeted per treatment,” they argue. “This will have consequences for drug developers, payers, and providers.”
This shift is almost certain to precipitate new business models emerging in an industry that will require a more collaborative approach than was previously the case. For instance, hospitals are likely to require a fundamental reorganization to be fit for new clinical procedures and an enhanced patient experience. Device companies, meanwhile, are already transitioning towards a more data-driven business model that sees their value being wrapped up in the insights they can provide to consumers rather than the devices themselves.
“Advances in genomics are leading to more precise targeting, treatments are shifting from symptomatic to curative, and digital advances and AI allow for real-time monitoring of patient health,” the authors conclude. “These and other leaps forward demand a rapid evolution. Hospitals are examining their approach to care, staffing, and facilities. Drug developers are experimenting with new commercial models.”
It’s a world that will likely see both drug and device manufacturers innovate at an increased pace, with patients increasingly using the technology at their disposal to manage their own health. It’s a shift that will require a change in attitude, whether from providers or policy makers, with a more cooperative approach at the core of this new world.
