Innovation & Entreupreneurship
Industry: Healthcare
Date: 25th August, 2020
Submitted to: Dr. Srinivas Sriramdas
Submitted by
Group 3
Kondapalli Aparajitha B017 80203190014
Lynette Leo B021 80203190100
Parth Agarwal B027 80203190007
Peuli Das B029 80203190052
Rahul Vaidyanathan B034 80203190180
Sanjana Bisht B038 80203190036
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KEY ASPECTS OF INNOVATION
Innovation can take place in different ways, as mentioned below:
Incremental: There is gradual and regular innovation with respect to improvements
in existing products and services
Sustaining: Innovation aimed at sustaining the position in an existing market by
bringing about improvements in the existing market
Disruptive: This refers to a scenario where a new business model or technology has
disrupted the entire market
Radical: This refers to the scenario wherein a major radical transformation has taken
place which has resulted in the creation of new markets
Sustaining and Disruptive innovation have a higher impact on the market, while Incremental
and Radical innovation have a lower impact. Technological newness is high in the case of
Disruptive and Radical innovation.
THE HEALTHCARE INDUSTRY: AN OVERVIEW
The healthcare industry focuses on providing offerings in terms of goods and services to help
treat patients with care. It comprises of hospitals, trials, health insurance, medical devices,
medicines, etc. It has become one of the largest industries with respect to employment and
revenue as a whole.
In terms of market growth, the industry is expected to accelerate at a CAGR (Compound
Annual Growth Rate) of 9%. An incremental growth of $95.98 billion is expected to take
place upto the year 20204.
In terms of market players, the healthcare industry is fragmented with several players who
hold market share. 37% of the growth is expected to originate from North America. When it
comes to innovation, one of the key drivers for this industry, is the dynamic and rising need
for automation across departments.
TOP BARRIERS FACED BY HEALTHCARE BUSINESS LEADERS
•Lack of supporting government policies & ICT infrastructure
•Uncertain economic Development
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•Cyber Threat & Security Concerns
•Lack of organizational Leadership skills to ideate plan & lead execution
•No Urgency or need to counter industry disruptors
HEALTHCARE DISRUPTION
•Generational Shifts: Millennials & Healthcare-The younger generation expects full
flexibility in the management of their health. This group favors a consumer-first model
•The New Voice(s) -Social media influencers hold sway over a public eager to make
empowered lifestyle choices. Social media influencers hold sway over a public eager to make
empowered lifestyle choices.
•Behavioural Change- increasingly proactive patients are learning about treatment options
and considering critical healthcare decisions before ever stepping into a doctor’s office.
•Machine Learning in Healthcare-AI is an extremely fast-moving field, with the potential to
improve healthcare outcomes by nearly 40% even while halving the cost of treatment.
•Health as a startup-The explosion of startups in healthcare is providing patients with the
level of service that they’ve come to expect in the digital age
CURRENT ROLE OF ICT IN HEALTHCARE
ICT plays an important role in the healthcare sector, in the following ways:
It helps provide extended geographic access to care
It helps in making the process of data collection and surveillance of diseases better
It helps with the diagnosis and treatment of diseases
It helps in the management of health care institutions
It helps in making information available in a better manner and improves accessibility
of medical information
It helps bringing about better security and helps in the prevention of fraud and abuse
DEVELOPMENTS IN HEALTHCARE INDUSTRY
1. Artificial Intelligence (AI) and Machine Learning (ML)
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Artificial Intelligence (AI) is intelligence demonstrated by machines, such as visual
perception and decision making. Types of AI that are being used in the healthcare industry
include robot doctors, dentists or surgeons, virtual nursing assistants, and voice-to-text
transcriptions. Additionally, AI is used to detect diseases and analyse information from a
patient’s Electronic Health Record (EHR) in order to more accurately diagnose their health
problem and come up with various ways to treat it.
Machine Learning (ML) is a subset of AI that uses algorithms and statistical techniques to
enable computer systems to learn and improve with incoming data, identify patterns, and
make decisions with minimal human direction. This allows doctors to make correct
diagnoses, better assess risk, and offer more effective treatments. Moreover, a machine
learning algorithm has been developed by MIT researchers that compares and analyses 3D
scans up to 1,000 times faster than a person. This can help surgeons see if a procedure was
effective while they’re still operating.
2. Internet of Medical Things (IoMT)
The Internet of Medical Things (IoMT) is an infrastructure consisting of connected medical
devices, sensors, software applications, and healthcare IT systems that focus on medical
testing, monitoring, and diagnostics.
IoT-enabled medical devices include sticking plasters that monitor your body temperature,
blood pressure and heart rate, and wearable devices like smartwatches and smartphones with
health-related apps that track whether you’re sleeping, healthy or taking your pills, and sends
alerts to your doctor when there are problems. Portable biosensors are used to analyse patient
data for diagnosing health problems, while ingested or implanted sensors can discreetly
measure temperature and transmit this data to your doctor. IoMT can contribute to better
health outcomes.
3. Augmented Reality (AR) and Virtual Reality (VR)
Augmented Reality (AR) doesn’t lose touch with our realness. When you combine AR and
AI together, healthcare apps can be extremely beneficial to both doctors and patients. You
can turn your smartphone camera on your body and check the location of your digestive
organs, skeleton, cardiovascular and respiratory systems, and so on.
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In medical practice, AR can be used to help improve safety, administer injections, and assist
in the performance of major operations. AR can also be used to make certain tasks more
efficient, such as superimposing patient records and vital signs in real time while a doctor is
assessing a patient.
Like AR, Virtual Reality (VR) can also help with training clinicians through simulation,
educating patients, and aiding with treatment. For instance, Cool! VR Pain Relief uses a
virtual world of landscapes and changing seasons to distract a patient from their pain and
offer relief.
4. Electronic Health Records (EHR)
An Electronic Health Record (EHR) allows the patient and their doctor to have permanent
access to patient data, eg diagnostics, chronic diseases, cardiac waveforms, and previous
prescriptions. This can help improve the interaction between the doctor and patient for more
productive delivery of care. An EHR can also reduce the number of papers you have to bring
with you when visiting your doctor. Moreover, various healthcare providers can now access a
patient’s medical information through a shared EHR, which is supported by a mobile app.
My Health Record is an online summary of a patient’s information, which can be shared
between healthcare providers. However, this poses privacy and security concerns. To make
matters worse, an audit found that the system didn’t provide appropriate cybersecurity and
privacy protections. Plus, more than 2.5 million Australians have opted out of the system due
to the controversy surrounding it. In the end, to opt-out or not is your choice.
5. Blockchain and data security
The huge volume of health data generated from wearables and sensors has led to a rise in new
challenges like interoperability, data integrity, security, and privacy. Blockchain can help
solve these challenges by placing the patient in the middle of the healthcare ecosystem and, in
turn, this will help the patient to gain more control over their health data. When it comes to
EHRs, blockchain can help prevent patient data from being changed or stolen by using a
singular secure protocol.
6. Health-tracking apps
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Health-tracking apps provide numerous benefits for both individuals and the healthcare
industry. For example, they can track blood pressure, heart rate, sleep period, distance
covered, and number of steps taken with accuracy. They can also let you see the data in a
readable form, save the data, do a statistical analysis of the data, compare your results with
standard results, and provide advice for improving your health results.
A user’s health data contained in the apps serves as a valuable source for medical
practitioners. They can use it to identify and diagnose health problems, assess risk, and offer
the right treatments. Additionally, doctors are often busy and see a lot of patients, so having
all the information about a patient’s condition in an app can ensure a more organised and
smarter approach to treatment. Healthcare professionals can also conduct medical
examinations and health tests like checking a patient’s heart rate, pulse rate, and blood
pressure by using health-tracking apps.
9. Smart hospitals
A smart hospital relies on a connected infrastructure of smart medical devices for the purpose
of improving existing patient care procedures and introducing new processes. The aim of a
smart hospital is to transform patient data into insight and then act on that insight. For
example, it’ll collect data, use AI and ML to analyse the data, and then make these insights
available to clinicians and other stakeholders through several devices like desktops, tablets,
and smartphones.
10. Robotics
Robotics are AI-assisted robots that help and support patients and healthcare professionals.
They’re used in hospitals, laboratories, medical centres, aged care facilities, and therapy and
rehabilitation centres.
Robotics can perform the following tasks:
· Help with surgeries, e.g. position a digital microscope or cut bone.
· Monitor patient vital signs and alert medical staff when there are issues.
· Disinfect patient rooms and operating environments.
· Deliver medical supplies, meals, and health records.
· Automatically enter information into an EHR.
· Scan health records to assist with the detection, diagnosis, and treatment of diseases.
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· Locate a vessel and draw blood.
· Take samples and then transport, analyse, and store them.
· Prepare and dispense medications in labs.
· Do repetitive tasks like performing blood tests.
· Package medical devices to reduce risk of contamination.
· Help paraplegics move and administer physical therapy.
· Help with personal care and training.
· Converse and interact with people.
GLOBAL LEADERS IN HEALTHCARE INDUSTRY
Leading global companies in the healthcare industry are constantly leveraging technology to
reinvent healthcare by developing and collaborating on new tools for patients, care providers,
insurers that will position them for healthcare domination. Some of the examples where we
can see companies constantly innovating new solutions:
Johnson & Johnson: Johnson & Johnson has always been known for being very
innovative in Consumer Healthcare, Medical Devices & Pharmaceuticals. As an
example, the company has launched 16 new medicines on the Swiss market since
2009. In addition, the company was voted by Idea Pharma as the most innovative
pharmaceutical company in the world for the fourth time running (Productive
Innovation Index).
In order to remain innovative, Johnson & Johnson makes use of the best from science
and technology to find solutions for the most important unfulfilled needs of our time.
A wide range of innovations are provided with support early on in their life cycle so
that they can be developed into products that extend lives and improve the quality of
life for people around the world. Johnson & Johnson innovation centers in four
regional locations (Boston, California, London and Asia Pacific) help in the exchange
and promotion of new ideas that are vital for the development of pioneering products.
UnitedHealth Group: UnitedHealth Group is driving practical innovation to build a
simpler, more intelligent and cost effective health care system for everyone and to
help the people we serve live healthier lives. They provide solutions like the Link
cloud-based administrative platform that reduces manual processes and automates
connections among providers, payers, government entities and others. It enables care
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providers to process the daily transactions that underlie health care delivery – benefit
eligibility and patient copays, claims, appeals and much more – in a way that is
convenient for them and fits how they want to do business.
Osso VR: It is an award winning company in healthcare sector which uses technology
in innovative way to help the surgeons to practice surgery using virtual reality.
SUCCESS STORIES
•Personal Digital Assistants (PDA)-decreased paperwork and increased data accuracy by
making it certain that the data is available in electronic form, even in rural areas with
restricted broadband connectivity.
•HIS-This system develops the capacity of health staff to work on computers which in turn
leads to better governance of the health sector and enhances delivery of healthcare to the
community.
•health programme, ‘Aarogyam’-an end-to-end community-based digital health mapping
project. It allows citizens residing anywhere in India, using any telecom network, to access
their health profile information.
•GVK EMRI-It handles medical emergencies through the ‘108 Emergency Service.’ It is a
free service that is delivered through emergency call response centres.
CHALLENGES
•The Limitations of Data -lack of standardization in architecture, data standards, disease and
service codes.
•Point to Point Integrations-Businesses should instead turn to an integration platform that
provides a common interface for all systems.
•Cultural Hindrances- changing perceptions on data sharing as a whole, to foster a true
culture of integration.
OPPORTUNITIES
•Growing healthcare needs of an aging population, a shift towards community-based care,
•Need for improved quality and accessibility and the longing of people to be better and
directly involved in decisions concerning their health.
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•The Indian healthcare sector provides ample opportunities for low-cost innovation and the
application of technology to improve health outcomes.
•Brick-and-mortar infrastructure gaps, training of ICT-illiterate health professionals, capacity
building and lack of primary healthcare staff.
•ICT can help bridge the information gaps that have surfaced in the health sector in
developing countries like India by providing novel and efficient ways of accessing,
communicating and storing information.
FUTURE HEALTHCARE TECHNOLOGIES
Health technologies encompass all the devices, medicines, vaccines, procedures, and systems
designed to streamline healthcare operations, lower costs and enhance the quality of care.
Artificial intelligence (AI), blockchain, voice search, chatbots and virtual reality (VR) are
among the most promising health technologies.
For the longest time, healthcare executives have been dissatisfied with the lack of technology
stacks and solutions for true marketing personalization. Indeed, technology was still the
number one concern for healthcare marketing professionals in 2018 according to the
American Medical Association.
Health Technologies-
Artificial intelligence: The use of artificial intelligence within the healthcare industry is
expected to grow rapidly at an annual rate of 40% through 2021 – to $6.6 Billion, from
approximately $600 Million in 2014.
AI engines can reduce and mitigate risk of preventable medical scenarios in three critical
ways:
o Automate reminders – Great for helping patients take medication within a specific timeframe.
o Identify people at high risk – Discovering those in need of medical intervention and trigger
medical staff alerts to create custom care plans. IBM Watson currently testing this with
opioid addiction issues.
o Deliver personalized dosage recommendations – Based on each patient’s unique body
chemistry and associated environmental factors.
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Blockchain: Blockchain in healthcare isn’t just useful for the hype it’s ramped up with
bitcoin and other cryptocurrencies. Instead, what is exciting about blockchain is the digital
record-keeping that creates the ledger of transactions that is not only transparent, but
impossible to tamper with.
blockchain to affect the digital marketing sphere with three main key points
Changing data collections: When you use blockchain to collect data, the information you
input, and all your personal data remains with you instead of being stored on servers owned
by an application.
Fixing digital display advertising: There are some serious flaws when it comes to online
display ads and they can be expensive to the advertiser. In addition, with Facebook and
Google having ownership of the control of much of the available ad inventory, you will also
be seeing a lack of availability and increased prices.
Ownership and security of digital assets: Blockchain-based content could allow for direct
marketing to their audiences without the need of a media platform.
Voice search: Voice is a huge healthcare marketing technique that has been on the rise since
smartphone and smart speaker were first released. And, more importantly, it can be an
effective tool in the industry.
Chatbots in healthcare: Chatbots in healthcare offers a wide variety of benefits. With the
potential for improvement in the organization of patient pathways, medication management,
help in emergency situations or with first aid, there is plenty that can be done for healthcare
marketing. Offering a personal experience when it comes to healthcare is vital and a chatbot
adds another touchpoint that people really love.
Virtual reality in healthcare: Whether it is leveraging VR to provide an immersive
experience for patients to virtually tour a health facility or using VR to help patients cope
with pain, there’s plenty to be interested in. Healthcare is an industry in which “customers”
are often anxious (think white coat syndrome) so having a virtual tour or example procedure
could be hugely beneficial to calm the nerves of future patients and improve the patient
experience.
Advanced social media: Using real metrics, analytics and user engagement data can all be
used to drive adjustments to the social strategy to each network that your company uses.
Tools such as Sprout Social are great for social media management with a data-first approach
that is key to form and deepen real connections with the people that will build your brand.
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WHY DO WE NEED ICT IN HEALTHCARE?
#Because information is everywhere in healthcare.
#Because healthcare is error-prone, and technology can help
#Because of high-quality patient information should improve care.
#Because healthcare at all levels is fragmented & in need of process improvement
DOCUMENTED VALUES OF HEALTH IT
· Guideline adherence
· Better Documentation
· Practitioner decision making or process of care
· Medication safety
· Patient surveillance & monitoring
· Patient education/reminder
WHY HEALTHCARE IS NOT LIKE ANY OTHERS
· Life-or-death
· Difficult to automate human decisions
· Fragmented, poorly coordinated systems
· Large, ever-growing & changing body of knowledge
· High volume, low resources, little time
OPPORTUNITY AREAS
•Nanotechnology- It can be embedded within the mobile devices for faster at home diagnosis
which in turn will sweep the healthcare world with unprecedented revolution.
•3 D Printing- It allows designing and producing some components that can’t be designed using
traditional production process. There are 3 categories where it can be used or is already used-
Body Parts, Medical Devices & human tissues
•Sensors- sensors are being used to track key health metrics and feed these data streams into the
cloud for analysis or action.
•Genomics- Cancer patients can look forward to medicines tailored to their specific tumour
through the analysis of their genetic material, leading to more effective treatments and
reduced secondary tissue damage.
•RPA- Robotic Process Automation (RPA) can emulate human execution of repetitive processes,
saving time and costs and more importantly enabling healthcare professionals to treat patients
instead.
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LATEST TRENDS IN HEALTHCARE
•Telemedicine
•Internet of Medical Things
•Cloud Computing in Healthcare
•AR/VR/MR
•AI in Healthcare
•Chatbots
•Data science & predictive analysis
•BlockChain
THE IMPACT OF THE PANDEMIC ON THE HEALTHCARE INDUSTRY
The pandemic has impacted the healthcare industry and the industry has witnessed a major
increase, unlike any other, due to the ongoing COVID-19 pandemic.
Some major disruptions driven by AI, in the healthcare industry, post-COVID are -
Virtual Trials: Disrupted clinical trials and the subsequent delay in drug launches will
pave the way for fully virtual trials, and hybridization of patient recruitment,
retention, and monitoring will become pervasive.
Point of care testing powered by AI: An increase in point-of-care testing using AI
models for infectious diseases is inevitable. With the looming change in service
models, alternate testing sites such as pharmacies will become permanent ecosystem
participants.
Analytic systems embedded in devices: The supply of ventilators and critical care
monitoring devices across regions has been uneven during the pandemic, but
embedded analytics systems will revive the mature monitoring devices segment post-
pandemic.
Teleradioligy: A resumption in imaging for the backlog of elective procedures in Q3
and Q4 2020 will be met by teleradiology and artificial intelligence-based solutions
gaining from new investments. Scale-up in capacity, flexible payment options, and
redistribution of the workload to manage deferrals will determine partnerships.
Telemedicine & Virtual Consultations: A tenfold increase in virtual consultations by
healthcare providers is laying the foundation for the new normal. Reimbursement,
physician training, and platform scalability will be key to recalibrate care delivery.
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