Strategic Relevance
- The Indian healthcare and pharma sector is rapidly expanding due to population growth, rising income levels, and increased demand for better healthcare services.
- To leverage this opportunity, healthcare and pharma need to embrace physical and secure digital solutions. Physical aspects drive trust and care, while secure digital technologies drive scalability, efficiency, and effectiveness.
- The AI market in India’s healthcare industry is projected to grow at a compound annual growth rate (CAGR) of approximately 40% between 2020 and 2025.
Challenges & Opportunities
- Data overload: Digital healthcare generates vast amounts of data, which can be overwhelming and challenging to manage.
- Privacy and security concerns: Collecting, storing, and sharing sensitive personal information in digital healthcare and pharma makes them vulnerable to cyber attacks and breaches, compromising patient and business privacy and security.
- Technical complexity & cost: Digital healthcare systems can be complex and require technical expertise to operate. Cost is also a barrier to adoption, especially for smaller healthcare providers and pharma companies.
Future Trends
- AI solutions will address routine, repetitive administrative tasks, optimizing healthcare operations and increasing adoption.
- AI in Drug Discovery – applying data science and machine learning to massive datasets is transforming R&D, enabling rapid discovery of new molecules.
- Home-based care supported by AI solutions such as remote monitoring, AI-powered alerting systems, and virtual assistants, as patients take ownership of their care.
Best Practices & Key takeaways
- Enable radically interoperable data empowering hyper-engaged customers to sustain well-being.
- Protect sensitive data and ensure cybersecurity in healthcare and life sciences through a holistic approach encompassing technological solutions, robust policies and procedures, employee awareness and training, and regular monitoring and evaluation.
- Implement prospective and predictive care that adapts to the needs of empowered consumers.
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